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Subscribe to RSSBernie Madoff's wife, Ruth, and son, Andrew, talk to TODAY's Matt Lauer about the Ponzi scheme that destroyed their family and stole the dreams of thousands investors, maintaining they bought "the legend of Bernie Madoff" and never suspected that his billion-dollar financial firm was based on a scam.
Bernie Madoff's surviving son Andrew insisted Monday that he was unaware that his father's successful investment business was really a $65 billion Ponzi scheme and said of Bernie, "I'll never forgive him."
Appearing on the TODAY Show to promote a new book, "Truth and Consequences," Andrew Madoff told TODAY anchor Matt Lauer he's cut off contact with his infamous father since turning him into authorities, and has no interest in hearing his side of the story.
"There's no way to explain what he did, the damage he has caused," he told Lauer. "What possible explanation could there be?"
These harsh words could have been just as easily spoken by Madoff's numerous victims. It remains to be seen if they'll extend to Andrew that same chance to explain himself.
Madoff was sentenced in 2009 to 150 years in prison for orchestrating one of if not the biggest, longest-running Ponzi scheme in history. Despite employing nearly 100 people in addition to his two sons, Madoff said he acted alone and had never made a single legitimate investment on behalf of the individual and institutional investors he defrauded. Celebrities including actor Kevin Bacon, and organizations like the New York Mets, all lost money. Madoff's victims also included sophisticated investors and financial professionals, none of whom questioned the consistent, positive returns Madoff pretended to generate.
"I'm not hearing sincerity and remorse in there," Andrew said of the letters he's received from his 73-year-old father, who is serving a 150-year prison sentence for the largest Ponzi scheme in U.S. history. "I try to find it in my heart to forgive him but I’m not there yet.”
Neither Andrew nor his brother Mark, who committed suicide two years after the Ponzi scheme was revealed, were ever charged in connection with their father's crimes.
For years, Bernie Madoff's ill-gotten money was used not only for fictitious payouts that kept up the illusion of a successful business, but to provide his family with a lavish lifestyle. Now living in far humbler conditions, Ruth talked about being estranged from her sons after she stuck by Bernie following his guilty plea and imprisonment.
On Christmas Eve, 2008, Ruth said she and Bernie attempted suicide by swallowing Ambien, aspirin and blood pressure medication. "It just was very spur of the moment," she said, adding that the couple talked it over for about 15 minutes.
"I think it was my idea more than his," she said. Ruth said she didn't remember if she and Bernie said goodbye before going to sleep or what else the two did in what they thought would be their final moments. She told Lauer, "I remember feeling glad" that the plan had failed when she woke up the next day.
Ruth said she felt shame on a day to day basis, and that she recently cut off contact with her husband of 50 years. She told Lauer she no longer missed Bernie. "The villain of this tragedy is behind bars."
Lauer challenged Andrew, saying Bernie's secretiveness about his investing should have been a "red flag" for his son. Andrew said he grew up hearing his father referred to as a "legend" in the investing community, and had no reason to be suspicious that his privileged childhood and affluent lifestyle were funded with other people's money.
Andrew used the word "horrible" multiple times in describing the family's ordeal after the fraud came to light. Ruth spoke of her shame and of being the target for victims' anger.
"From the beginning we have not really been able to speak," Andrew told Lauer. "We were so vilified by the tabloids."
Andrew and Ruth both said they felt sorry for the victims, some of whom were close friends. "I completely understand the way people feel," Andrew said.
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...and we will never forgive you.
His daddy ruined his chances for pulling off a similar scam. That must be terrible!
I watched the 60 Minutes interview last night and have to say that I'm sorry for the burden the father placed on the survivors.
I watched the 60 Minutes about the Madoff's also and as far as I'm concerned they lived a life that most of us can only fantasize about for decades. They may not have been aware of Bernie's actions, but they all benefitted from them. And for Ruth to be left with 2 1/2 million - wow! We should all be so lucky.
I'm sure its painful for Andrew Madoff ... He grew up a atmosphere of wealth & privilege, with incredible opportunities at his feet .................... because of his fathers position & money....... not many childern of the average American family could ever dream of such privileges.
Now, through no fault of his own ... he's a "social outcast" .. almost a "pariah" in most peoples eyes !
Who wouldn't be angry & pissed off?
Sorry Andrew .... But his still your father ..... he was good to you ... he committed a horrendous act of fraud & deceit along the way of life and will pay the price ... by being incarnated in prison for the rest of his life ....
Should Berrie Madoffs family stop loving this person that provided for them all of their lives, who they allegedly loved prior to his exposure?
Hummmmmmmmmmmmmmmmmmm .................................................. Would you stop loving your family if you found that they stole $1000 dollars to promote your life-stile?
Maybe love is (just as Tina Turner sings) .... "Just A Second Hand Emotion..." .. when you have it all ..as the Madoffs did!
1
lmao here, yet he and his mother had no problem taking the money. This family is all involved in that PONZI scheme. They can deny it all they want, but they definitely knew about it 100%, and were pizzed because the money flow was coming to an end for all of them. They all concocted a story to bs feed the people to try and gain some sympathy and to try and sell their books.
IMO, they all should be behind bars.
Ruth and Andrew Madoff knew exactly what was going on. How could they not know? Where did they think all the money was coming from. Maybe they thought that money really did grow on trees.
it is easy to look the other way when the going is good. These people are liars . The son reminds me of an alligator and his mother an old rodent. Talking about animal magnetism. In terms of her son killing himself, I doubt the fact she kept on seeing her husband had much to do with it. He was afraid he would end up in jail like his father and of course....penniless. They are still right now lying to get publicity for their book. I am not buying it.
Oh yeah, they knew and know. Ruth is not sorry, why would she tell Bernie to ask the judge if she could keep her appartment. They would be living in a homeless shelter or on the street if they had ANY sympathy for the victims.
And the kicker is they let her keep a couple million. Go figure...
I watched the interview last night and they should've given every red cent back to the people they devastated. And for the son to think he doesn't owe back the 60 million in the court case, where do you think your father got the money to give you? It wasn't legal and was other people's money. Basically, their whole life was based on corruption and thievery. Even if he had no part in the Ponzi scheme he was still given money which didn't belong to them. And to top it all off, they lived a lavish life and of course the mother is fine and thinking she is glad to have a modest 3 bedroom apartment. She sitting on a couple million that the courts let her have. Talk about total BS. Why should she be able to keep any of that money? She didn't earn it, it was stolen from people. Talk about F'd up!!!
Be as it may, we all really don't know whether they did, or didn't know the facts. Whether they're lying, or being truthful........ they're all being ultimately being judged as....."guilty by association"! It is what it is, since rumors have a way of "sticking" to us.....whether we deserve it, or not! I can empathize with the feelings from those who lost something in this financial "theft". As for the rest of us, though.......it's simply conjecture, and nothing more.
At best, I pity them [not Bernie], and at worst [if they deserved it]...I despise them!!!
How do these people do it? Take billions of dollars, ruin lives, destroy families... then get a GD book deal and a spot on the Today show? I hope these people continue to suffer. I can't believe they didn't know what was going on, it just doesn't make sense.
I don't know why it doesn't make sense they didn't know, after all Bernie Madoff fooled Regulators, Auditors, and many other financial experts for years. Why is it these people could of gotten fooled but his family must of known? I believe the family and they have suffered a great deal, I mean the one son killed himself because of all the shame.
In a weird way I kind of believe them. Why would they think he's doing something corrupt? He fooled everyone. It still doesn't give them a right to keep any of that money. The only thing that they should've been allowed to keep is the education they received. And even that was bought with stolen money.
I kind of believe them, too. I see them as victims, too! However, I also agree that none of them should be able to keep any of the ill-begotten money!
I think that any money that the Madoff family receives from their book deal, should go to the victims of this massive fraud. Why should they be able to profit from Bernie's ponzi scheme?
Well, the victims should not have put all their eggs in one basket. They too are part responsible for their own investing. The victims could also go write their own book and recoup some of their losses.
exactly.
lisa-3322183, when you get raped, you are part responsible for your own sexual assault.
Yes, I would be. Do you have a point to your little story? His clients were all greedy and put everything into his hands. They lost. Sucks to be them. End of story.
Correct advice. The problem here is that Madoff had many institutional money managers as clients. You as a personal investor may have done business with 4 or 5 pros who were in turn investing with Madoff. So even though you thought you had diverisified your portfolio in reality you were not. The answer there is to really take an active interest in where your funds are being invested. Course if we all had that much time - we'd just manage our funds ourselves.
If you spread your legs in front of a person, yes. The people willfully gave their money to this man, no one forced them to. I'm not defending Madoff, either, I don't think that's even possible. But people have to do their due diligence when investing. The ridiculous returns should have been an indicator to really investigate the operation, but unfortunately greed seems to rule our country these days.
Actually, he was investigated several times but the allegations were dropped. He even received numerous awards. He had everyone fooled. To think the people are partly responsible for being robbed is unfounded. If someone breaks into your house and steals your stuff, does that make you partly responsible for having it in the first place? Everyone thought he was running a legit business, where they would make a decent return on their investment. No one knew, not even the feds, that he was running the biggest ponzi scheme. Either way, I feel bad for the people devastated by this corrupt SOB.
Is there any proof that he actually invested any of the victim's money?
They didn't put all their eggs in one nest. Most of those people were very wealthy to begin with and investment chat goes around in that class..."do invest some with that Madoff guy you'll make a killing in return". Sport stars, movie stars, politicians all invested something into it, but not all of their money.
example: Larry King invested $700,000 with Madoff..that guy has millions!
Getting your home robbed or being raped is NOT your own decision. Handing money over to an investor IS your decision. Some of you coming up with ridicilous scenerios are just avoiding that fact that the inverstors giving all their money over to Bernie was THEIR decision. Investing is a risk. If you can't afford it then you shouldn't having been doing it.
Well, John you are probably correct. People did not invest everything with Bernie so then why are we hearing so many are broke going back to work and having to sell their homes etc? They have other monies.
@justboz
From my understanding, he didn't invest any of the money, everything was funneled through him. And he kept tight reigns over it. He wouldn't even let his kids in the office he kept where he was creating the false gains/losses reports and receipts. That's the perception I got from the interview last night. However, it does seem odd that if the two kids were working for him, placing investments then one would think that they were actually buying them. Unless they just sent them to their father to be purchased. Which of course we all know he didn't invest the money given to him. The only thing he did was create bogus statements.
But I bet he will forget every time he goes to the bank. Thanks dad.
I can't believe all his clients didn't know, it just doesn't make sense......
I think that Bernie told people what they wanted to hear (including family) and no one questioned him until the house of cards fell. I don't blame Bernie's wife and kids for HIS actions.
his clients were greedy people who did not care how their money was invested as long as the returns were good. Ironic is it not ? you may just get what you deserve...in the end. I don't have much sympathy for them. They were also naive and ignorant, impressed by the hype about Madoff. How could one of their Jewish brothers betray them ? I could see Madoff as a Robinhood if he did not keep so much for himself. His excesses were pathological.
He had a facade going where he actually had his sons working to bring potential clients though to show them that they were actually making investments. It was a rouse to get their money. If you watched the interview last night, you would've seen how he did it.
We do not get to pick who our family member will be in life. But my advice to him is that he must find it in his heart to forgive his father so that he may find peace in his life to move forward. They had material things, but he was in hell for carrying on such a Ponzi Scheme. Now it also cost the loss of a family member. That was such a cowardly thing to do. You do not leave your wife and children behind.
He was never in hell and now he is actually enjoying jail. His conscience is not bothering him too much. He can blow it right it off. He found guys who like him for his deviant self instead of his money and the services he provided. I think he is at peace.
I truly believe that Ruth and Andrew Madoff did not know of their father's Ponzi scheme. Bernie, at one time, headed the NASDAQ stock market. As Andrew said "he was considered a legend' and had no reason to be suspicious of his father. I am an investment advisor and my wife and two sons don't know what I do or how I invest - other than they know I manage client portfolios. So I believe them - Ruth and Andrew Madoff.
I agree Proud Marine! If they were involved, why would the sons have turned him in? They didn't do that to live under a cloud of suspicion all their lives, they did it because they were horrified at what he had done. I too was an investment advisor at one time, my family had no clue what I did or even what I was talking about when I discussed investments. I believe them too. I'm just sorry Ruth didn't cut off her contact with Bernie before their son committed suicide. It's easy to judge why he did, but none of us have walked in his shoes. Imagine being so proud to be a Madoff to learning the truth. They did the right thing in turning him in. I hope Bernie rots in jail, but it seems he is well liked there. At least by his own words. The investors hold some responsibility as well. If you are getting consistently high returns, even in a down market, somethings up. I hold the SEC to blame as well. Where were they during the decades this went on??? There are a lot of factors involved in this Ponzi scheme of Madoff's that smelled bad, yet no one appeared to care. I believe Ruth, Mark and Andrew Madoff were not part of this scheme.
Exactly.
So if she and her family were sorry, they would keep only about 500,000 for the whole family and give EVERYTHING back.
Keep nothing. They need to man up and pull themselves up by their own boot straps.
There is a complete lack of anger/angst in this people. Zero. Its because they all knew. I dont believe a word coming out of their mouths. This was the plan from the get go --if they ever all got caught. Bernie would take the fall and they would all go on. Thats why no anger. Plan is working.
"I'll never forgive him."
Is that why you visit him at the prison he's in for life??? Its recorded all your visits pal, but not in the book I guess.
I noticed, that they are still living fairly lavishly and that their "friends" and "Family" affected by this are not. Maybe your words would have more weight, if you made it a point of giving all your accumulated wealth to the relief fund to help all those thousands defrauded
"Ruth Madoff, who accompanied her son on the show, told Lauer, "I sort of knew he invested money for people." She said she knew or suspected nothing more, despite having an office in her husband's business."
Either Ruth Madoff is the biggest moron on the planet, or she is an out-and-out liar. I'm more inclined to believe the latter. Really, how dumb does she think everyone on the planet is? "Sort of knew . . . ," "office in her husband's business," how could she not know what he did for their living? She should be in jail, right along side her thieving husband.
she was an accountant and she worked for him once a week. Are you people drinking the cool-aid ?
Zapper - I agree. I think she knew more than she's letting on. If she had an office in her husband's office, you can bet the rent she knew. What did she care as long as the jewels, homes, cars, boats, and designer clothes kept coming her way. She is still living nicely in a gated community in Boca Raton and how is that? Her stories have been contradictory, so I don't believe her. I'm sure she doesn't give a thought to anyone who was hurt and eating out of a dumpster. All I've seen is the oh woe is me Ruth trying to avoid eye contact with her neighbors. I do not believe the sons knew the truth though. One killed himself because he couldn't deal with the shame of it all not to mention the disappointment in his father who he probably thought was the king of the world. The other one, whom I've seen on TV, seems totally sincere and it was the two sons who turned their father in. I saw a show on Madoff over the weekend and it seems like he still wants to run the show from jail. Some things never change.
In America an embezzler can steal billions, amid his guilt and his family still gets to keep millions of the embezzled funds. Bernie isn't the first nor last, remember Ken Lay? If these people were sorry they would give their stolen money back to the fund.
Being sorry and claiming ignorance puts you in the news in hopes of sympathy but as long as you keep that money we know where your heart really is.
they should be penniless but evidently they are not. That says a lot about our system. Why have they kept any of their money at all ? Such an injustice and they have the nerve to talk on TV interviews.....I really hope no one buys that book.
I have to agree. I try to give benifit of the doubt. Mom nor the son even once teared up. They just acted like it was another day at the office. I couldn't believe the mom used the people who had been hurt by Madof in the same breath as her and her family. "We all just have to learn to carry on." Really? I would have liked to hear more about just exactly how they "are" carrying on. By the way, what was the purpose of the young lady in the red dress?
If they were sincere in their remorse, they would be out with the wall street protesters protesting just the type of life that Bernie Madof perpetuated in this country. There are still a lot of Madofs out there, predators looking to make an easy million on the backs of working class people. Shame on them.
The Madoff sons both are/were worth 10's of millions if not 100's of millions. They justify their wealth because they "earned" that money doing legit work for their dad. Well, all that money came from stealing it from others. They should give all their wealth to the victims. Really, if some one robs your neighbor to pay off their debt to you, do you deserve to keep that money when the jig is up?
Andrew had his own firm that did various things for the U.S. government over in Iraq after the Iraq war. This was separate from his father's business. Andrew has made several million dollars which he uses to help him and his brother's family live. Let's not forget Andrew's brother Mark committed suicide and left four kids behind without a father.
I wish Andrew all the best in life. He has a beautiful fiance and it is my hope and wishes that this new life of his will be full of great things to come. I can't imagine my brother committing suicide over something like this. My father has since passed away from cancer so I know how tough it must be for Andrew to go through this. Can you imagine being vilified in the press? Knowing your father is a convict?
fyi : Mark left 2 little kids behind unless he had 2 more from a previous relationship. His little wifeee wrote a book as well. She changed her name but told the world what it is. Why ?
A suicide is a tragic loss, however, I am more prone to believe Mark committed suicide over guilt knowing about everything the whole time, not because his father embarrassed him and the family.
Also, with out his father's ill-gotten gains and his influential circle of false friends, I highly doubt Andrew would of had the means to start his businesses.
If they are Truly Sorry, why are they still Millionaires? they should have given every Cent back !
This family of grifters all need to be in prison for life. They all benefitted from the ponzi scheme and wereall in on the family business. It's amazing that Ruth would ever even show her awful face in public again.
even though i have 10s of millions of dollars I'll never forgive my father OH BOO HOO ! HOW PATHETIC
They remind me of characters from a Law and Order episode.
There is an old saying --"if its too good to be true, its probably not" The people that invested with Madoff were greedy and were blinded by the greed. Another saying "enough is never enough"
I think i believe his wife but the son is a lier just like his father!!! he should be in jail also.
Matt, Matt, Matt, be for real! Do you think they will confess on national TV that they were aware what Bernie Madoff was doing? Really? Ruth was married to that man for 50 years and worked in his office, she knew something and so did her sons, that's why Mark killed himself. He couldn't take the bad publicity and facing the same fate as his father.
I do not believe that the sons knew anything about it, but Ruth did. I mean the sons turned him in after all. As for andrew still having money i do believe he and his brother had their own very successful business that had nothing to do with their fathers.