Monday, June 29, 2009

Ruth Madoff, left with only $2.5 Million

The wife of Bernard Madoff expressed her sympathy for the victims of her husband's crimes in a statement published by Fox News today;
I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.
Perhaps I'd find the statement more credible if it didn't read like a legal statement, rather than a personal note to her former friends and associates. Or, maybe I'm still pondering the news that she will be left with $2.5 million, as reported by Reuters;
In compromise of claims Ruth Madoff would have pursued, the Office (U.S. Attorney) will not contest claim to a sum of money equal to $2,500,000, which sum the Office shall cause to be tendered to Ruth Madoff promptly after she vacates the real property and surrenders all personal property.
Whether she knew of his crimes or not, she surely benefited from them.

Bernard Madoff was sentenced to 150 years in prison today. That seems like 'over-kill' ( 15 years would likely be life sentence for a man his age ), but perhaps the Court was sending a message to others in the financial industry.

The problem I'm having, is what message is the Court sending to those who are close to swindlers and crooks like Bernard?

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