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Madoff Worth Over $823 Million
We knew Bernie Madoff was living large. But maybe not this large.
The Associated Press reports:
Newly filed court documents show Bernard Madoff and his wife had a net worth of more than $823 million at the end of last year.The document detailing the Madoffs' assets was contained in papers his lawyers filed Friday in an effort to get him freed on bail.
The document shows the Madoffs owned four real estate properties worth $22 million and had $17 million in cash and a $7 million yacht, among other assets.
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Josh
Zachary
good. looks like the victims will get a little something after all.
they should treat those assets like they do assets of kingpen drug dealers.
March 13, 2009 5:51 PM | Reply | Permalink
Make sure Bernie gets $50 a month - for smokes and Hershey bars...at the prison canteen.
March 14, 2009 1:26 PM | Reply | Permalink
Speaking of rip-offs. Never mind Madoff, he's small potatoes compared to the banking giants. Why is no one busting the bankers?
The biggest scam ever was the subprime mortgage business. Here's how it went: the business was such a money machine that it was impossible to say no to it. And what made these toxic mortgages so powerful was, as the Times’ Gretchen Morgenson (Times, 12/7/08) and others note, the banks, AIG and the mortgage lenders prevailed (actually they were the people who paid them) upon the rating agencies (Moody’s etc) to rate the toxic subprime mortgages as AAA securities. These “troubled assets” were then sliced and diced, collaterized and sold around the world as if they were gold. A trillion dollar scam and no one is busted? WTF?
March 13, 2009 6:05 PM | Reply | Permalink
Yeah I don't understand why the boards and the CEOs are still in charge of these companies and not in jail, including the people at the ratings companies which rated these things as AAA.
Why is it only Jon Stewart has the nuts to go after these criminals? It's the biggest heist in the history of the world and even Barney Frank is too timid to call it what it is.
March 15, 2009 1:40 PM | Reply | Permalink
Follow up on this. Make sure the prosecutors really do follow through and strip the assets that Mr. Madoff stole away from his wife, his sons and all his family members that received transfers of family members. There is no way that these people can claim ignorance or stupidity as to the fact that they received stole funds. That $7M condo should be sold and Mrs. Madoff can work as a hotel maid. Unfortunately the fact that Mr. Madoff is in the federal court system means that he will be enjoying a long stay in a relatively nice prison system.
March 13, 2009 6:08 PM | Reply | Permalink
He's worth millions? Give me a break! He took billions, and he didn't invest it in the stock market! He is worth billions!
It is all sitting in Switzerland! Millions? As my daughter would say: This is so fake!
I don't think it is in the interest of the government to open up this entire can of worms, and that is why they are claiming millions instead of billions. But you have to be totally stupid to think that the Madoff family only has millions of assets.
Who says this? The SEC?
Hey, if nothing else take away the golden health insurance of those in the SEC who were watching porn instead of doing their jobs.
March 13, 2009 6:13 PM | Reply | Permalink
Given all the money this clown took in, how could he not have made some investments for his clients? Taking in billions like that, he could have made money for his clients and some great comission s for himself and his wife. Sounds like a combination of greed and stupidity.
March 13, 2009 7:45 PM | Reply | Permalink
clark_maxwell...remember money went out as "earning" to investors, probably quite a lot of money over the years. That steady 9%-10% return his investors came to love. And I'm sure some people cashed out, too.
March 13, 2009 8:57 PM | Reply | Permalink
The last set of statements said he had $64B under management. If you generate 10% returns, that would only have required $10B of money invested with him in the mid-90s.
But we should also look at the rest of his business -- he claims in his plea that the investment operations run by his sons were profitable, but what if they weren't, and the money in fact went to prop them up?
March 13, 2009 10:51 PM | Reply | Permalink
"But maybe not this large."
I would have thought that Bernie would have wanted to make the "Forbes" Billionaire list. I don't think he would have worried about how that would have appeared. He knew they were asleep at the SEC.
Every penny that Ruth and the boys have, should be seized and accounted for. All property liquidated. All Bernie associations investigated.
March 14, 2009 12:54 AM | Reply | Permalink
Most of the $823 million in assets disappeared overnight. According to this Bloomberg article, Bernie valued his business at $700 million.
The brokerage business is priced to sell at $10 million so it looks like Bernie hung a $690 million price tag on the Ponzi.
He wasn't living high on the hog from cash generated by the brokerage business. Net profit was only $1.1 million last year and I bet Bernie had to stretch to get to that number.
March 14, 2009 7:38 AM | Reply | Permalink
If Bernie Madoff hadn't been a rich, white guy with a lot of 'juice,' who happened to have stolen round $50BILLION, but instead had been a black hustler busted for peddling a couple grams of coke, and had pled guilty, his assets--car, house, and all his gadgets (including the boat), etc--would already have been sold-off by the cops to fund the Drug War.
March 14, 2009 1:08 PM | Reply | Permalink
Mrs. Madoff can go live off social security in Fla, and work in a soup kitchen. Even if she was an unwitting participant, it's still not 'her' money. Mr. Madoff obviously doesn't care about the people he cheated, but perhaps he might feel differently knowing what he did to his wife.
Lie down with dogs, wake up with fleas.
March 14, 2009 1:12 PM | Reply | Permalink
Ruth Madoff isn't going to live on Social Security in Florida anytime in the near future. She is likely going to be criminally indicted for numerous criminal charges. The most glaring at this moment is money laundering. She was an officer of Madoff Securities, she was liable for any SEC disclosure forms that turned out to be phony, as other principals for Madoff Securities, Cohmad Securities. The Madoffs ran the London Office as their own personal investment house, any proceeds from it could be looked up as criminal. She is also going to be hit with tax evasion charges...
She is right in the thick of this, and any salary taken from Madoff Securities has to be paid back during the time the Ponzi scheme was going.
March 18, 2009 10:07 PM | Reply | Permalink
I, for one, feel sorry about Ruth. C'mon. She was alledgely caught grabbing the spoils but ... the rich are not like us. Give her a break.
March 16, 2009 1:09 AM | Reply | Permalink
They are once they get caught.
March 16, 2009 11:29 PM | Reply | Permalink
Pobrecitos. Ahora, pan duro.
March 16, 2009 1:18 PM | Reply | Permalink