Bernard Madoff Story Leaves Front Pages, But Becomes Still More Amazing

The press is moving Bernard Madoff back from the front pages, but every day the story becomes more and more amazing.

To me, the Bernard Madoff story becomes more and more amazing, not less so, so I am surprised to see it move away from the front pages.  While it doesn't affect most people directly, it has destroyed everything for many.  It is not only the biggest Ponzi scheme in history but a sad reflection on our society and the lengths to which some people will go in their quest for untold wealth.

We are now more than 4 weeks into the story and I find it extraordinary that the press is camped outside of Madoff's house, yet nobody else has been implicated at all, including his kids and wife who were clearly a part of the inner kabal here.  How could one man have placed over a million fictitious trades a day, while travelling between his homes in Manhattan, the Hamptons, Palm Beach and France?  The trail of a Ponzi scheme of this magnitude and length must be wide and long, and there have to be more involved. 

Madoff and his kabal have wiped out everyone from the widow with $1 million in Palm Beach to the Eli Wiesel Foundation.  I still cannot even begin to contemplate how sick not only the man but everyone who had a clue about this needs to be to been to have done this to so many.

It is absolutely extraordinary that within days of his exposure as a fraud, Madoff was still taking money, including $10 million from a Long Island family that he may have told that he would hold the money in escrow until January 1 (raising a whole series of issues for the trustee).

The most amazing thing of all of course is that he is still under house arrest on Park and 64th.  Who the hell gets to live on Park and 64th after so clearly committing the biggest heist of all time?  (By the way, around 1PM yesterday on CNBC this topic was discussed between the reporters on CNBC when it was raised by Michelle Caruso-Cabrera.  Bill Griffeth, being the heavy hitter that he is, actually said that Madoff should be allowed to stay in his house becuase he hasn't been charged with anything.  When Michelle took him to task, he responded by saying that he doesn't really know, he is only reading the teleprompter).

Jason Rodgers
Jason Rodgers: Jason Rodgers was an experienced research analyst for a major bank prior to retiring to run his own investment consultancy in beautiful Lihue, Hawaii. Jason contributed articles to BestCashCow from 2008 to 2014.

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Comments

  • JRodgers

    January 04, 2009

    By the way, I have tried unsuccessfully to find the January 2 exchange between Michelle Caruso-Cabrera and Bill Griffeth. If you can find it, please post here. Thanks.

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