It's More Than The Money With Madoff's Madness

 

Bernard Madoff

The case of Bernard Madoff and his appalling ponzi scheme hurt many people on different levels. As U.S. government's trustees begin plans to make financial payouts to the victims, albeit inadequate ones, as much of the money was squandered, one is reminded of the terrible personal and emotional toll the case took on innocent people. 

While some feel sympathy for victims in the case, others do not. A few people have stated the victims are rich or greedy and deserved to lose their money to Madoff's mad schemes, but this is not correct. Some of Madoff's victims were charities and middle class folks that were not wealthy.  

The Judiciary Report took a good look at the case and is sympathetic to the victims and here's why. For many, it was more than losing their money. It was having to come out of retirement at an old age, after decades of working hard, to take difficult menial jobs that paid very little, simply to put food on their tables. That seems quite unfair.

For others it was the loss of their children's dreams of going to university, which is sad. For some it was the loss of their business and laying off workers, who depended on their salaries to feed their families. For many it became terrible depression, after being wronged and robbed of all they had worked for in life. For others it is feelings of betrayal at being viciously deceived and defrauded by a man they thought was decent. 

 

Society can do without such behavior and it is sad that there are more Madoffs operating in the financial sector, who have not been caught yet. The Madoff case was more than just money. His conduct destroyed dreams and people's peace of mind.  

 

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Ponzi schemer Bernard Madoff, his brother Peter Madoff and sons Andrew and Mark in 1995

As the New Year begins, after a tumultuous 24 months of ponzi schemers and fraudsters being exposed, with more to come, businesspeople need to take stock and a long look at what has happened to the economy. Ask yourselves, are you raising the next fraudsters. When you teach your kids to be ruthless, heartless and greedy, putting self before all else, what kind of example are you giving them and will it bring them down in the future.

Ponzi schemer R. Allen Stanford

Most families do not start out that way, but wrong turns are made and kids go on to do the unthinkable, damaging many in the process. In an age of greed, it is an easy message to foster, but not the right one. Teach your children the value of hard work, respect, human decency and integrity. Teach them to respect others property and their own and what it takes to lawfully acquire it.

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Incarcerated ponzi schemer, Bernard Madoff, is partly responsible for the death of his son, Mark Madoff, who committed suicide last week. He will not be allowed to attend his funeral, due to prison rules. Mark Madoff was broken under a two year torrent of press and public abuse, over his dad's ponzi scheme that unraveled and was the financial ruination of many, leading to the death of an investor, who committed suicide.

Mark Madoff was used to being treated like a king, with people fawning over them, due to his dad's alleged financial acumen and brilliance, making him the talk of the investment world, but it was all a sham. Mark Madoff could not come to grips with the ensuing fall that made them one of the most hated families in America.

The entire Madoff family denied culpability in their patriarch's schemes, but the Judiciary Report is of the belief they knew what was going on and did very little to restore what they stole from defrauded investors. Case in point, the Madoffs continue to live lavishly and so do the women that married into their families, clinging to investors' money they have siphoned off into private accounts.

Mark Madoff's wife changed her married name and that of their children to "Morgan." Andrew Madoff's wife divorced him the day the scandal broke. She left him, taking $14,000,000 in stolen investor money and continues to live lavishly off the family's sins, while investors suffer.

The Judiciary Report is not a money loving website, but the Madoff case goes beyond wealth. It represents charities helping the community being forced to shutter. It represents kids college tuitions being wiped out. It represents businesses employing hard working people collapsing in bankruptcy, adding to the unemployment crisis.

It represents tired and infirmed elderly investors in their 60s, 70s, 80s and 90s, who should be retired after many years of hard work, having to rejoin the workforce, taking whatever employment they can find, in places such as supermarkets, for paychecks a little above minimum wage, after losing all their money to Madoff. It is completely unjust.

Mark Madoff was said to be in the dark regarding his dad's ponzi scheme, working on the trading desk of the company, but a report released this year revealed, no trades were made. Therefore, how could he not have known something was amiss and the funds his family had been living lavishly on, was apart of an illegal, fraudulent scheme.

The entire Madoff family, heirs and in-laws, must be made to return every single penny of the stolen money and face financial fines. This was not a family born into money. All the funds they are living on stem directly from a criminal ponzi scheme that destroyed many lives.

Many charities, companies and families lost everything. Restitution needs to be made, as much as possible, in light of the fact the SEC and FBI failed miserably, allowing the criminal scheme to run on for over a decade after they were first apprized of its criminal existence. Bribes were issued and taken, people looked the other way and it allowed the ponzi scheme to grow to unprecedented heights, usurping greater funds.

Madoff taught his family greed was the way to prosperity and in the end, it claimed the life of his son, Mark, at the age of 46. Mark Madoff, with $66,000,000 in ponzi scheme money in the bank, committed suicide, under the weight of guilt and shame, using a dog's leash to hang himself in his plush $6,000,000 apartment.

Money is not everything in life and no amount of cash can restore a life lost. Suicide is not the answer and neither is greed. Both have killed many. It is better to be poor and honest, than rich and wicked, as there is no peace or rest for the latter when avarice takes its toll.

"The love of money is the root of all evil" as the Bible states. This case proves it. Bernard Madoff made a deal with the devil for money and destroyed many in the process, only for it to end very badly for him as well.

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