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TUESDAY, FEBRUARY 9, 2010
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4

So Where Did Madoff's Wife Get $70M?

Lawyers for scammed clients seek source of Ruth's fortune

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(Newser) – Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of her millions. She had no official role in her husband's business and is known more for co-authoring a cookbook (which was far from a bestseller) than for Wall Street wizardry.

"What did she do to earn that money? I'm wondering what her explanation will be," said a partner at a firm representing some of Madoff's former clients. Another attorney called it "absurd" to suggest that the Madoffs "will be able to protect tens of millions of dollars taken from the many people they have left penniless,"

A home belonging to disgraced investment guru Bernard Madoff and his wife, Ruth Bernard Madoff, in Palm Beach, Fla.
A home belonging to disgraced investment guru Bernard Madoff and his wife, Ruth Bernard Madoff, in Palm Beach, Fla.   (AP Photo/Jon Way)
The Manhattan apartment building on New York City's Upper East Side where Bernard and Ruth Madoff live.
The Manhattan apartment building on New York City's Upper East Side where Bernard and Ruth Madoff live.   (AP Photo/Brian McDermott)
Bernard Madoff arrives at Federal Court in New York earlier this year.
Bernard Madoff arrives at Federal Court in New York earlier this year.   (AP Photo/Stuart Ramson)
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It is absurd to suggest that the Madoffs will be able to protect tens of millions of dollars taken from the many people who they have left penniless.
- Brad Friedman, a partner at law firm Milberg LLP, which represents Madoff customers

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4 comments
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BackAgain
Mar 4, 09 7:58 AM CST
This whole situation is a travesty. Economic murder, hang him in public. Reply
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IN RESPONSE:
jaguarj
Mar 4, 09 10:40 AM CST
Get a rope!!!
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Observer
Mar 4, 09 8:31 AM CST
Why is this thieving prick still walking the streets. Confiscate everything just like the Feds do with racketeers and drug dealers. This guy needs a new lover named Jambone in Attica Prison. Reply
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IN RESPONSE:
wwwonderer
Mar 4, 09 11:03 AM CST
If i get caught selling 2 Kilos of cocaine or meth, they will take the drugs, my cash, my car, my home, my computers, my jewelry, etc.. If I still billions of dollars, I get to keep everything, give my wife some and stay in my $7million apartment . NO ASSET SEIZURE WHATSOEVER!!!! And everyone can't understand why there is n o confidence in the market. It is not confidence in the market, it is confidence in justice that is shaken. No one is being trusted until some accountability is ENFORCED in the high-society/financial sectors. Period. It is not that people are not confident there money will do well. It is that people fear that those who may use their money with gross negligence will go unpunished.
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Ponzi scheme • securities fraud • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities

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