Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the alleged investment fraud.
Madoff wants to keep Manhattan penthouse
Seeded on Tue Mar 3, 2009 9:52 AM EST (msnbc.com)


He should not be allowed to keep anything until he has paid back the money he has stolen from his victims; it's called compensation, let's do this one right people. You should not be allowed to steal from people and then get to keep your crap. How hard is that to comprehend. Restitution, you have ruined lives, your's should be ruined as well.
I am always amazed at the arrogance of those "at the top" who are caught with their hands in the cookie jar. His life SHOULD be ruined! He should be left destitute. It would be a sad thing to leave his wife in a similar plight but that's what the whole "for better or for worse" thing is all about...isn't it?
He should be allowed to keep everything that is left over after the fraud bill is paid in full. Sorry but you have put many people on the street. You should have a taste of your own medicine.
I agree.
And I think that the same theory should be applied to the banking industry. Why has not one executive of AIG or any of the banks that we've had to bail out been told to give back the hundreds of millions of dollars that they've taken for themselves??
I saw a picture of one Bank Exec's home. It was the size of the Vatican...but nicer...
Let him have $62M in monopoly money while he goes straight to jail.
This guy is still not in prison yet ? He should be stripped of all he owns, plus all his relatives too...
Agree with all comments above, but go one farther. Every stick or furniture, personal possessions should be sold at auction including anyting his wife has as well. Period. He should be sent to prison to make license plates for the rest of his life with his picture posted on billboards of him making those license plates in prison grab. We need to make examples of people like this!
He feels entitled to keep $69,000,000 after he stole $49,000,000,000!!!!!?????
Well, THAT'S the difference between the rich, and ordinary people who have to work for their money. I guess he believes he SWINDLED that money above board, by THEIR rules, so he should get to keep it.
Why is he not wearing an orange "city jail", jumpsuit?! Had he been black, poor, and just "borrowed" a car for a trip across town, he would be.
How does it feel to want?!
TOO EFFEN BAD, Jerk-OFF!
Our government will probably give it to him. He should be SHOT and not breathe ANY of OUR AIR!
He should be in jail and his ill-gotten gains, ALL of them, should be confiscated! If my husband owes a debt (such as taxes) aren't I just as responsible to pay them as he is? I bet the IRS would be after me, too.
He claims that because these assets are in his wife's name, that they are complete unconnected to his crimes? Bull@!$%#! Are we to believe that the money he made from essentially stealing it from others was not shared with his family? His wife makes her own money and buys her own homes and all finances between the two are separate? Not only that but his wife was completely unaware of the crimes he was committing?
The only way she should be allowed to keep this money is if she divorces him and he has no access to it (and that is pushing it). Every asset that he is even remotely connected to should be liquidated and used to pay back the people/institutions he robbed. Following that he should go strait to jail till his dying day (and be made to pay for his own stay).
The big reason why he is not in jail yet is because they do not have any suites built yet for him. While he stole all this money from everyone. you can be sure that the lawyers will not steal any of this money and make sure that all the money will be returned to the owners. Yeah Right
I will be surprised is 10% makes it back to the people. The lawyers will have a feeding party.
Has Obama stepped forward and called and suggested that Maddoff be tried, just like anyone else, and treated, just like anyone else?
Just curious. I'm not asking Obama to say Madoff is a crook (that's for the court cases to decide), but I would like to here Obama say that Madoff should be treated like every single other American.
He makes as much sense as our president..
Our new administrationwill most likely CUT HIM A DEAL and then make him Barney Franks financial adviser being that both of them crawled out from under the same rock.
Gary, hate to sound harsh, but his wife/family deserves the same consideration he gave to everyone else's husband, wife, child since he was ripping off entire families. Families were victims here; his family should not be immune/protected from his crimes. Where is the protection for the families he has stolen from? ALL of his assets should go to the investors, if you can call them that since, as it turns out, they were investing in NOTHING.
I believe his wife is guilty too. What about all the money she withdrew days before he was arrested? She needs to give up her money too!
This is only the first round of negotiation. He wants a 7 million dollar penthouse, let's offer him a 6'X10' cell.
What makes any of us think that they will ever find even a fraction of his assets or his family member assets.
Can we say foreign secret bank accounts. Only one Swiss bank agree that maybe they will share the 50,000 plus secret accounts with the U.S. investigators.
But that doesnot include the 400 other Swiss Banks who have secret accounts!!! And that does not include all the other parts of the World where countries have banks with secret accounts.
I'd hazard a guess the penthouse has been pledged to his attorneys to protect them so they can guarantee their fees defending this nutjob.
For the rest of us plebs, we'd have to make do with a Public Defender. The rest of us would already have had our assets frozen and seized in a case were there is such a preponderence of damning evidence (how much more can you get than a confession of guilt). The rest of us would be sitting in a concrete cell wearing orange waiting the 18-24 months for our case to be heard.And if by chance any of us got granted bail, we sure as heck would have been dragged back in and had it revoked the first time we tried to dispose of any assets.
Enough already with this scuzzball. Fast-track the case, convict him so at least we have the satisfaction of seeing him go to prison.
One word to Bernie - "No".
Let his wife move in with the kids while he goes to the Big House. No doubt the Madoffs transferred plenty of funds to the kiddies - some they were forced to return, but the least they can do is put up their momma.
If "SHE" can prove how "SHE" earned that money and how "IT IS NOT APART" of the money that "HE" made, well then yes "SHE" should be able to keep it untill then "NO" "SHE" cannot keep the money. She how dumb do "THEY" think we are????
Take his shorts.
Of course his wife never benefitted from the stolen billions.And I have a bridge to sell in the desert. The man should have enough to hire a lawyer and a million for his wife. Most of us would be happy with a mil but I'm sure she is used to better.
take everything he has, and his wife too. She had to have known what was going on. she should be charged as well.
His clients were as greedy as he was. He was giving them double digit returns when everybody else in the investment sector was losing money in their investments. If something seems too good to be true, it usually is. Clients put too much trust in him, but in all honesty, if he would have been handling their accounts in proper way, they clients would have still been losing money and he would have still gotten his commissions.
He still needs to be punished, but not as badly as many are saying. He's been in business a long time, and majority of his assets have nothing to do with his ponzi scheme. However, he couldn't have run this big a deal by himself. His family had to be involved also.
He doesn't need anything more than a set of blues and a roll up.
And his wife along with him.
" Not only that but his wife was completely unaware of the crimes he was committing?...
The only way she should be allowed to keep this money is if she divorces him ..."
Surely, she knew. Why do we feel sorry for these rich wives of swindlers? Why should they always benefit from marrying wealth, be it crooked or not? They are accomplices. If we jailed a few, they'd change their behavior such as make sure they know who they're married to and divorce on the grounds of wanting to stay out of jail.
DoubleDogs
He should be in jail and his ill-gotten gains, ALL of them, should be confiscated! If my husband owes a debt (such as taxes) aren't I just as responsible to pay them as he is? I bet the IRS would be after me, too.
You are only liable if you do your taxes together. If it is her money then she is entitled to it. But personally I believe that she has used some of that money too and should have to pay it back along with her husband.
Bernie, a lot of people want to be able to keep their houses and assets. You have made it impossible for a lot of folks to do that. When you have paid back all the money that you swindled out of those people, I don't have a problem with you being able to keep what is left over. Just sayin'
He should be required to trade the Penthouse for the "Bighouse" (jail).
Let her prove how she made the money, if she can't SORRY honey, but you'll have to give it back, and we know that's just a small percentage of what he stole from others. Find the worst situation he left to fend for themselves, and let her live like those folks. If it's good enough for others, it's good enough for her. And he can go to jail, big jail, not the usual high-roller Hilton where they usually send the big shots. The American people are done with big shot deals, if you do the crime, you do the time, and not at those RESORTS either. Where's Sheriff Joe from AZ when you need him. Some on judges get some backbone!!!
Can you believe the nerve of this guy? What is he thinking. It's ok to steal billions of dollars, get caught then run off with more money than 90% of the people reading this will ever earn in their entire lifetimes. Is he real? What makes him so far above the rest of us honest hard working citizens that he feels he's entitled to these funds and properties. And if anyone is nieve enough to think that his wife knew nothing of what was going on then I have some nice land in the Everglades you might be interested in. Apparently, the way this is playing out, he and his family are superior beings that feel they are above the law. It will be more than interesting to see what happens with this jerk. I'm betting he will end up at one of the resort prisons playing polo and golf while his wife takes the assets. If the judicial system lets this @!$%# keep anything then it can only mean that our system is corrupted to the point where crime does indeed pay and it pays very well. I'm still having trouble believing this story it's so absolutely absurd.
Restitution, you have ruined lives, your's should be ruined as well!
The only thing he needs is a roof over his head and that's provided in a jail cell which is where he belongs forever!!!
I wholly agree. It is unfortunately that Madoff was not caught BEFORE he "turned himself in". That gave him who knows how much time to distribute, donate, etc. his assets among family members so that they would not be, in his mind, accessible for restitution. I sincerely hope that once he is convicted (if he is not - talk about a travesty of justice!!!), ALL of his - and his wife's and family's assets - should be up for consideration and sale to serve as restitution to those he and his family profited by their ponzi scheme. I am sure with enough digging, investigators will find a lot of those assets were "Moved" in recent years for protection. Too bad, Madoff, you may just have to learn to like jail and then learn to live like the rest of us!
He shouldn't be allowed to keep any of it. Who knows how much he has hidden in foreign accounts. He also gets to sit in his penthouse AND wheel and deal to hide the funds he and his familY have. PUT THE MAN IN JAIL NOW!
They've probably got more than that spread throughout the world. Safety deposit boxes, offshore bank accounts, metal boxes hidden behind walls, and probably a few coffee cans buried in their various back yards. This guy was a gangster and knew he was breaking the law. I'm sure he hid money all over the place like they all do. It should be found and used to indemnify the victims.
Gives us all an idea how the super greedy think. He's clueless about what real work is, I think he should be put on public display in a cell at Alcatraz next to the CEO of BoA, CitiCorp and all the rest.
He should be in jail...not enjoying other peoples money ina fancy appartment.
They should take everything from him and his wife and kids. They all got part of the money he swindled. Why isn't this guy behind bars? He needs to be put away for a long time, atleast until he dies.
I agree .. Hey, he wants his penthouse? I've got just the place for him .. spacious, many many rooms, privacy (sort of) .. it's called "The Big House"!!! Send him there.. he's a piece of work!
"Let him eat cake"
He'll go as fast as ol' Ken Ley, he'll die before he sees jail. Ley should have gone too, but his rich, powerful buddies kept him safe. Hey Bernie, do you know W.???
Let's also hope that the new administration hires comptetent people at the SEC (Securities and Exchange Commission).
Apparently a person who knew what he was talking about - alerted the SEC - for several years - that Maddoff was a fraud.
The SEC did not listen to this whistleblower until the money was lost.
Karen,
You are right, the whistle blower put the info in front of the SEC's face and they testified in front of congress that they at the time did not believe there was legitimacy to his complaint. That is why I said in an earlier post that they (SEC) should be held accountable for turning their backs.
It also came out that the SEC should have also seen the robbery that involved Lehman Brothers. According to some economist, they had to be blind or turned their heads to what eventually helped to bring that company down. Remember their CEO walked away with a 47 million dollar bonus 1 month before the company filed for bankruptcy, not only that it was uncovered that the same CEO currently owns properties around the country and some parts abroad that value at more than 100 million dollars total.
How in Hell does this guy 'request' that he keep anything that he 'owns'? None of it is his. He would be lucky to be in a jail cell for the rest of his life.....not in a penthouse with millions of dollars in the bank. He's living in a dreamland crafted from other people's money. The Judge should take it all away, give him a 6 X 8 and maybe feed him.
The only thing his wife deserves is a pearl necklace....and I'll gladly give that to her for free!
Give him a refridgerator box and a wool blanket. That's all he deserves.
He doesn't "deserve" anything except a pine box to lay in!
give him an ice-chest and a mixed wool and cotton blanket.
His plea to the court for his wifes money, is JUDGE " I killed my parents, have mercy on me I am now a orphan.
Sorry I not want to waste any pine trees
They make good fire wood
Sounds like Madoff wants to play the "LETs MAKE A DEAL" , Billionaire style.
C'mon, give him a bailout!!!!!!!
OK, Hobo, I'll agree with you there..it WOULD be a waste of resources!
Nothing at all and to bad she picked him all the money returned to victims and then pay for all the government investigation and time. the courts and then Jail for both of them and no country club either Jail the real thing. No special treatment he is nothing more than a crook and I think someone should be looking very hard at the judge that is letting him out now. He confessed time to go and his wife also. She took 15 million out the day before give me a brake she knew. Bye bye to both of them. And for god sake some one check out this dam judge all ready I think he need a special suit and new friends to go with it Bubba comes to mind.
Fat chance annie he won't do any hard time. He'll do time someplace better then my vacation time.
Bernie, Bernie. The good news is you get to keep the penthouse. The bad news is keeping it is incumbent on you availing yourself of the diving board we installed on the ledge.
Yo Ruth!
Not bad at all...you've likely NEVER worked at all yet have amassed $69 MILLION in assets that are "solely" yours.
If you can explain how you did that, we'll take it under consideration.
Your husband Bernie the Baddest ruined untold numbers of lives and directly caused several deaths (for which he should be tried for INVOLUNTARY MANSLAUGHTER).
Your husband and "your" assets are one-in-the-same.
If justice exists, you and he will lose EVERYTHING.
And if your sons/family members were complicit in this inhumaely amoral con, they will too.
So, Ruth, enjoy the view...it's truly only temporary.
Bravo........Hope Ruthie goes to jail. She certainly deserves to. I guess she thinks only the little people have to pay for their crimes (She must be related to Leona Helmsley). I hope her sons and Bernie also spend the rest of their days locked away in jail. They are lower than slime on the street.
Send him to China. They know how to treat their criminals!
Hmmm....let's see..........My money is my money and your money was my money. Makes sense to me!
Sorry Bernie, you played the game got caught and lost. Now you have to pay up by selling everything you think you own. Nothing is yours. How did your wife acquire her fortune? When? Are you sure she's not as crooked as you? I bet she is. Nice try weasel.
Like I've been saying...
IGNORANCE is NOT Bliss anymore!
The next best question to ask is why wasn't he investigated when the guy first turned him in??????? Who was benefitting besides him????? They'll find you, and you AND your buddy Madoff can go to jail. Real jail!!! Not the CLUB.
This worm should be stoned by his investors. Get ready to be POOR.
There is a very special place in hell for people like this.
the entire madoff family should be investigated
The article suggested that officials are in fact looking at each member of the Madoff family.
What's interesting is only $950M has been accounted for of the $50B... that's only 2% so far! Unfortunately Madoff's investors will receive pennies on the dollar.
What's interesting is only $950M has been accounted for of the $50B... that's only 2% so far! Unfortunately Madoff's investors will receive pennies on the dollar.
Actually, they probably won't, that will go to the lawyers.
A crook deserves to lose his fortune. Of course he wants to keep his penthouse - who wouldn't? But perhaps it needs to be sold to pay what he owes! He can find a sublet in lower Brooklyn...
Hahahahaha, that bum got some nerf, LOL. Only things he gets to keep is 1 blanket, 1 sheet, 2 towels, 1 bar of soap, 1 picture of "Bubba" from the most recent cross dressing event at he state penitentiary.
He wants to keep his penthouse, aww..and $62 million in assets, I bet all the people he swindled wanted to keep their money too.
Now, someone correct me if I am wrong.
This guy never, ever bought any securities for his "clients"? He used any and all monies collected from new "clients" to pay higher than normal returns to his older "clients"? He "probably" charged .5 -1.5% for a fee to manage these "clients" monies for them he has the balls to feel that he deserves to be able to keep anything is absolutely astounding.
This guy goes from being the head of Nasdaq right into "stealing" his "clients" monies? Can anyone say - "Under the bridge Bernie, under the bridge"!
Let him and his family keep all their assets . . How does anyone expect them to pay off the investigators and courts if they give all that hard earned money back . . . ?
WTF...Keep their assets. Madoff is perhaps the biggest crook of all time! He also is one of the most arrogant men of all time! Try the man, convict the man, torture him until he tells exactly where every red cent of the $50 Billion dollars went.
Of COURSE! THIS IS YOUR CRONY CAPITALISM!
This is what the neo cons support, a PLUTOCRACY AND OLIGARCHY
Anti- worker, anti- union which means anti American neo cons.
The way to "success" in capitalism=
LIE, CHEAT, STEAL,. RINSE, REPEAT
And guess what? This man won't do ANY HARD TIME. He stole as much as 3 YEARS OF STREET CRIME $$$$ ! How many are in prison the rest of their lives for those?
What a joke capitalism is. You brainwashed Americans have been duped by religion and capitalism.. BOTH ARE BULL @!$%# TO KEEP YOU NICE AND ORDERLY...Go to the light now..
u r a lemming too!
Who's dogma do you follow, Hitler, Marx Tito, Chaves?
Capitalism works - but must be monitored too curtail greed. There are thieves in every walk of life and government. But the alliterative to capitalism is Cuba, Russia, Iran, and on and on.
You have the right to move to any country in the worl that you want to.
urlemmings
Be not deceived, God is not mocked, for whatsoever a man sows, that shall he also reap.  Galations 6:7
God loves you enough to give you the right to decide if you will accept his son Jesus as your savior, he doesn't make you. Do you realize that what you are for (Socialism vs Capitalism) doesn't give you a right to choose? Yes, people have made a mockery of Capitalism, and they had the right to use it and do right by it. Capitalism itself did not spoil them, it was the right to choose how they used it. As a Christian I read what people like you write and I don't hate you; I just pray that those like you will stop hating us. We just happen to believe that "all things are open to him to whom we will someday have to give an account of what we have done with the gift of life that our maker has given us" paraphrase of Hebrews 4:13
I pray God will take the hatred for him out of your heart.
Madvertran, i do hope you find the real truth one day!! Religion is a the largest form of Socialism that was ever CREATED!! One Man calling all the shots for all to obey!!! sounds like Socialism to me!!
I didn't know Osama Bin Laden belonged to this blog. :)
What a jerk this person is. If he isn't an American, why does he give a hoot, and he should just mind his own business, we don't care to hear his hateful, useless ranting. If he is American, GET OUT, we don't want or need you here, if you hate it so bad, just leave. I'm sure some third world nation would be glad to have you, you sound so edumakated and can solve all the problems.
Mike B 802126
You misunderstand God then. As I said, his form of government is not socialism as it is defined by you. His is an association by CHOICE as I said. When half of the people vote for something and the other half have to live under that form of government that they do not particularly choose, that is government by the majority- a democracy (which by the way our government was not set up to be, it was set up as a Republic-- look it up and see that the founders knew that democracy without looking to a higher power would not work and it hasn't. We were set up as one nation, one Republic, Under God. If you do not want anyone ruling your life that is your choice. I have found that God is so good. Why would I or anyone choose to live without him?. "The blessings of the Lord maketh rich (not just in material things), and he adds no sorrow with it". You can not out argue God's goodness to his people. I am a small business owner and I haven't gone without yet. I did go without at a time in my life when I did not trust him as my Lord. But my point is, socialism is not a real choice and neither is forced religion. I know that real Christianity is not a religion; it is a relationship with guidance from one who does know what to do and our country has lost it's way because we have lost our relationship to our creator and to Americas real founder.
hey lemming, live where they practice the philosophy you believe in.....stay happy with all that is given, not earned. Did your government give you the computer you're using too or did you buy it with money you earned? You capitalist!
Neo-cons.....neocons? Uhhh, Madoff is a large contributer to, and is a Democrat.
His wife did not "work" for anyone else, so how did she make those millions??? I doubt she was walking the streets...so...just where did she earn the income from...come on people, if you can't smell the bull@!$%# here, you are brain dead.
The b**ch is as guilty, is lying, and needs to be arrested, or is this another case of the wealthy getting preferred treatment??
Steal a few billion, sit in your multimillion dollar home, with all the luxuries, eating caviar, but if you were black/Hispanic/Asian/Indian, stole a stick of gum from a 7-11, your butt would be in jail, if not shot.
.
He doesn't really need his apartment. We should now have plenty of rooms available in the Caribbean... I heard there are plenty of vacancies at Guantanamo. This way, he can save some money for his legal fees
He should be allowed to keep everything
He stole it all fair and square
You are a cute one, you sly fox.
This may be the most arrogant person I have ever encountered. One question why is this thief still on the streets? If a drug dealer goes to jail he loses all of his illegal money and possesions. He doesn't get to set his family up in luxury. This animal is no different than a drug dealer. Take everything he has and let his wife get a job, if she can find one.
I would just like to guess that the people that trusted him with their money would like to keep everything they had, but guess what????? He stole it from them and now they are facing hardships. Let him get a nice room in prison, and not one of the blue collar ones that cater to the likes of the rich and famous convicted, but a real one, where he does get to make license plates and plant vegetables to be donated to the now homeless and stuggling investors. His wife, so sorry, but "for better or worse" she may have to get a job at McDonalds and work like the rest of us! No pity for this family.
Certainly they are kidding ! The wife certainly knew of his fraud scheme. Everything in his or her name should be conficated. And why is his ass not in jail awaiting trial.....could it be pay-offs ? What the hell is wrong with our justice system?
Money talks, bull@!$%# walks. That's what's wrong with our justice system.
Well, why should we be surprised if the judge does allow him to keep what he wants? After all, true justice is only available to those who have the money to afford it!!!! If it was a poor guy who did this he would be locked up and the key thrown away! The social elite of this country are protected by the government that they bought and payed for!!
A poor guy would not have been in a position to do this. That's why they (poor) get different treatment than blue collar crimes. Somehow their crimes are more ingenious than just going and robbing a 7-11. The only difference is the magnitude of the crime. The ripples of Madoff's crime are on going. Somehow I think the rich think, "How brilliant, why didn't I think of that?" So Madoff continues to sit in his mulit-million dollar penthouse suite. Greed, that is what our economy is based on.
There are two systems of justice in America; one for the wealthy and powerful and one for the rest of us.
Conservative Dem,
It certainly appears that way, doesn't it?
Again, some people can't write anything without getting into POLITICS!!!!
Unfortunately this is all tied in with politics. You can't really discuss Madoff's crimes without acknowledging the cronyism, in fact, the downright incestuous relationships between big money people like Madoff and our elected officials. What else explains the SEC's absolute REFUSAL to investigate Madoff even when they were handed on a silver platter the evidence of the extent of his fraud?
And I completely agree with Conservative Dem - there ARE two systems of justice in this country - you see it in action all the time. The rich live by different rules than everybody else. I doubt things will ever change....
Nothing political about the observation. Just the name. . . what's your problem?
Madigotcaughtoff should be in prison along with his enabling, thieving wife! I'm sure all the people he stole from would like to have been able to keep their apartments and houses too!! If the average Joe did anything like this he would already be in prison!
Some poor kid living in a tiny house with a wife and two kids gets caught selling a couple of ounces of pot to a couple of undercover, they take his house any assets he might have and throws his family out in the street. He gets out of jail two years later the IRS shows up and wants back taxes for the hundred thousand he made being such a big time dealer. Your right C D two different systems working here. I say throw them out on the street just to be fair.
Surely it cannot be that difficult to trace the source of the funds of Ruth to purchase the apartment or fund the accounts that Madoff's lawyer is not trying to protect. There are probably more accounts, real estate etc. that was placed in the name of other family members which now should also be forfeited.
If Ruth wanted to keep the assets in her name only, she should have filed for divorce when she first learned of the Ponzi scheme, which, it seems likely, was quite a while ago.
Let's see where the investigation leads.
Good point, she really should have filed for divorce.
This is totally nuts! When it's done, this man should have nothing left. Where is the logic? There is no way, he's in his right mind. I'm speechless!!!!!!!!!!!
Okay. Everyone's being too nice. How do you spell @!$%# YOU? And please note, it was the server that scrambled letters into symbols. But you all get the idea.
And people in hell want ice water. He deserves to sleep on the street.
He deserves to be sleeping in Jail, not out on bail in a multi-million dollar penthouse.
America wants him and his wife, who new exactly what was going on, to go to prison. No liency, they both swindled money from alot of trusting people including their own friends. If the supreme court has to step in to do it, then do it, but please, put these criminals in jail where they belong.