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After her husband was sentenced to 150 years in prison for running a $65 billion Ponzi scheme, Ruth Madoff issued a statement. It begins, "I am breaking my silence now, because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie’s crime, which is exactly the opposite of the truth... I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused." Her full statement is after the jump; earlier, Bernard Madoff told the court that she cries herself to sleep every night.
Last week, Bernard and Ruth Madoff agreed to a deal where they give up pretty much all their assets, including three homes in Manhattan, Palm Beach and Montauk, leaving Ruth Madoff with just $2.5 million. The Post reports that the disgraced financier's wife has been looking for a rental apartment, but prospective landlords don't want such an infamous tenant: A broker said, "She has nowhere to go. No one wants someone with her name in their building. People like their privacy."
The Wall Street Journal took a stab at guessing how far the $2.5 million will go: "When you cast aside the sort of smoke and mirrors used by her husband, a conservative investment portfolio may only earn about 3% a year over inflation. At that rate, and if Mrs. Madoff wants to make sure she doesn't outlive her money, her $2.5 million settlement should give her an annual income of maybe $125,000 a year. That would make the money last all the way to age 100." The Journal adds, "If Ruth Madoff spends a third of her $125,000 a year on accommodation, that will come to about $3,500 a month -- enough perhaps for a (modest) two bedroom in Manhattan, but nothing glamorous. It will rent more in Florida."
I am breaking my silence now, because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims of my husband Bernie’s crime, which is exactly the opposite of the truth.From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts - first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over. Many of my husband’s investors were my close friends and family. And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime.
My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. 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.
In the end, to say that I feel devastated for the many whom my husband has destroyed is truly inadequate. Nothing I can say seems sufficient regarding the daily suffering that all those innocent people are enduring because of my husband. But if it matters to them at all, please know that not a day goes by when I don’t ache over the stories that I have heard and read.
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nice try, bitch. if you didn't know what was going on, it's only because you chose to ignore the obvious.
OH...now that he's convicted you are throwing him under the bus, ay? why don't they prosecute her ass too?
on another note, just how friggin' hard is it to live on a measly $125,00? cry me a river.
there's an apartment in my building she can live in...of course she'd have to deal with the garbage smell in the hallway, the loud ass upstairs neighbors who goosestep up and down the stairs at night, and the fact that it's in Queens...
i feel like we live in the same building. for reals.
So she had absolutely no idea that Bernie was doing something illegal? I find this hard to believe.
Devil's advocate here... why should she have been expected to know how much her husband is supposed to be making a year?
Also, I nominate myself for most awkwardly worded sentence of the day.
Devil ain't that stupid.
I suspect they filed income taxes and most likely filed jointly. If so she had to sign her name at the bottom of page 2. THAT"S HOW SHE WOULD KNOW HOW MUCH HE MADE!
No, that's not what I'm asking. But thanks for the all caps.
What I am asking is: How should she have known what he SHOULD have been making? Obviously she would know how much he was making, but how should she know whether it was too much or too little for a man of his position? Why should she see the red flags? She's just a housewife. She's not an expert in the field of finance nor is she privy as to what salaries in the field SHOULD be.
As far as I'm concerned, all she knew was that he was making a lot of money. I don't think it should necessarily weigh on her shoulders how much or how little one should be making in his position
She wan't just a housewife. She worked for him. In fact, she did the all the office bookkeeping since 1960 when Madoff founded the firm and described herself as "director" at Madoff investments in a kosher cookbook that she published a number of years ago (http://www.amazon.com/Great-Chefs-America-Cook-Kosher/dp/0964125226).
Also, Ruth's father was Saul Alpern. Saul Alpern was an accountant and helped Bernie get the investment business started in the early '60s. After he moved to Florida, Alpern apparently continued in the investment business when, at the age of 80, he registered Onondaga Investment Co., Clinton Investment Co. and Sheraton Investment Corp. in 1984. He also served as a feeder operation very early on in the 60's and 70's.
So yeah, she knew waht was up. Then there was that whole mailing all her jewlery to relatives and taking out 15 million from her "investments" thing that she did the day before her husband was arrested.
AH, thanks for the response. Super helpful and not mean to boot!
That statement and $5.00 will buy you a latte at the Starbucks at 66th and third....Maybe Poor Ruthie can get a job as a "barista" there so she is still in the old neighborhood.
why does she have to live in manhatten? i mean, she can if she wants. its her money. but it seems like it would be cheaper to live almost anyplace else. and she could probably live in someplace in the midwest, and no one would know who she is.. verse here in NY.
shes no more guilty then a lot of places that invested with madoff, and wondered at his amazing returns. but never actually looked into them. greed makes you blind.
Why doesn't she go live in whatever country they hid the money in? Realistically, she'll wait a few years ... then write a book, and add a couple million to her pile of money, and be fine.
Her lawyer sucks at writing. Ruth's money won't matter because she will be implicated and indicted. Her next move will be to Danbury where her cigarettes will lend more financial security than anything she and her husband may have stashed overseas.
Wait, she gets to keep $2.5 Million why? Isn't that stolen money that should go towards to all the actual rich people that it was stolen from?
The feds couldn't tie $2.5 million directly to her.
It was her own idividual asset. Any assets she shared with Bernie were attached in the forfeiture. She was apparently independently wealthy to that degree. And given her lifestyle and tastes, it will last her about a year.
The best thing for her is go away in some small town out in the West. Get a house there and live by yourself with nature.
Bitch, pleeeeease! Is that why you mailed away all your jewlery to relatives and took 15 million out of your Madoff "account" just a day before he turned himself in? Time to send her ass to Corsica.
cry me a river. she should be in jail along with her husband. everything she has is a result of illegal actions. i don't believe for one minute that she did not know what was going on. you don't live with a man for 50 years and not know this.
danvgh
This is the type of woman not to marry. One who encourages you to do wrong will turn against you. She has no ethics. I hope they put her In a with Bernie. Bernie stole money fir a family that cares shit about him
This is the type of woman not to marry. One who encourages you to do wrong will turn against you. She has no ethics. I hope they put her In a with Bernie. Bernie stole money fir a family that cares shit about him
This is the type of woman not to marry. One who encourages you to do wrong will turn against you. She has no ethics. I hope they put her In a with Bernie. Bernie stole money fir a family that cares shit about him
Sorry, I commented from iPhone and it posted thrice
iPhone's are stupid.
iphones are fine. It's just the few ignorant people that don't know how to use them that give them a bad name.
Are those Harry potter glasses she's got on?
Wingardium Leviosa the money, bitch.
you want her to levitate the money?
Is that what that means? I thought it would transform the money into Hermione. I would flunk Hogwarts, fo shizzle.
"Leaving Ruth Madoff with just $2.5 million"
Just $2.5 million?? I'd be jumping for joy if I were given $2.5 million. She should have been left with just enough to get by, maybe $100,000. Let her suffer, too. $2.5 million is neither punishment nor suffering.
I just hope they find that she was participating in the fraud. Then she wouldn't have to worry about housing.
She's best off on the west coast of Florida.
Please tell me I'm not the only one who sees that picture of her and thinks, "yeah, I'd hit that. GMILF."
But then I'm so troubled, because I realize that she reminds me of Ralphie from "A Christmas Story."
Unfortunately, you are indeed the only one who finds Ralphie from A Christmas Story hot.
Don't knock him. I think he's on to something. Did her father drive an Oldsmobile? A lot of people from the Jewish community in Williamsburg liked Oldsmobiles. The four door sedan version as I remember.
Does anyone feel like you're watching "Arrested Development" in real life?