Ruth Madoff Breaks Silence, Denies Involvement In Ponzi Scheme

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.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on June 29, 2009 2:21 PM

Comments [rss]

Manitoba

Does anyone feel like you're watching "Arrested Development" in real life?

r1b2

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."

farleft

Unfortunately, you are indeed the only one who finds Ralphie from A Christmas Story hot.

Snoopy

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.

Mr Mel

She's best off on the west coast of Florida.

harrisgraber

"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.

farleft

Is that what that means? I thought it would transform the money into Hermione. I would flunk Hogwarts, fo shizzle.

farleft

Are those Harry potter glasses she's got on?

Wingardium Leviosa the money, bitch.

Outter Burrougher

you want her to levitate the money?

felixthecat2

Sorry, I commented from iPhone and it posted thrice

Manitoba

iPhone's are stupid.

Snoopy

iphones are fine. It's just the few ignorant people that don't know how to use them that give them a bad name.

felixthecat2

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

felixthecat2

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

felixthecat2

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

felixthecat2

danvgh

faprilano

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.

Clarice City

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.

Steven

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.

eveostay

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?