There Are A Few Things That Trouble Bernie Madoff

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Jun 21, 2010

A prison pal of Bernie Madoff's was recently interviewed re: the Ponz Master. At one point, the inmate casually mentions that Berns hid about $9 billion to three "personal friends" before he turned himself in, but the unnamed source who must be credible spends the majority of the time drilling down to what's going on up top, in that big ole dome piece of Madoff's. Apparently, there are some things that upset him. The fact that his sons, Andy and Mark "You're not our real father" Madoff haven't spoken to him in almost two years isn't one of them. I mean, sure, he wishes they did but it doesn't plague him. He figures they'll get over being mad at daddy soon enough. What does upset him are two slightly more serious issues.

The first are the "revelations" made in Sheryl Weinstein's tell-all vis-a-vis having an affair with Bernie and how his penis was "no bigger than a thimble." Apparently when the book came out it was quite upsetting to Ruth and Berns was seriously worried he'd leave her (the inmate doesn't get into specifics but one theory around the ranch is that it wasn't so much that her husband had an affair but the "revelation" about the size of his dick. Remember, Bernie and Ruth started dating when she was a high school freshman. His very well could have been the only piece she ever saw, which, if we know our Berns-- and I think we do!-- he probably convinced her was regulation size. So that's something he's been working through with the prison therapist.

The other thing that's been plaguing Madoff is that perception that he might be a puss.

"Jonathan Pollard and him watch TV together. They watch CNN," the inmate said. "Bernie likes watching to see if there's anything about him on it."
But Madoff "gets upset" if he disagrees with how he is portrayed on television and was particularly disturbed by the reports that he had been assaulted, the inmate said.

I mean, honestly. For the millionth time-- he was not assaulted, he got dizzy and passed out! Do you see the distinction? Fucking media.

News

For about a year now, Bernie Madoff has been holding court with various members of the press about something that's been plaguing him: the fact that few people if any are willing to give credit where credit is due. Yes, he may have pleaded guilty to a $50 billion crime that ruined countless people's lives, including those of his wife and children, one of whom committed suicide as a result, but he did a lot of other stuff too, like run a "successful business" for which he won lots of "industry awards" during his "legitimate years." And, yet, everyone seems to forget all that when his name comes up, much like they conveniently forgot about how Mussolini made the trains run or time, or how Hitler built those wonderful autobahns, or how Ted Bundy made women feel special. And since he's serving a 150 year sentence, Berns has had lots of time to ponder why his years of legitimate achievements go unmentioned and the one thing he keeps coming back to? Irving Picard, who's pulled a fast one on you all, by suggesting that Bernie's crime started wayyyyy before it did, when, in fact, Madoff Securities was only running a Ponzi scheme for barely even 20 years. Examine the evidence Madoff shared with Forbes contributor Diana B. Henriques via email: Jan. 17, 2011 11:05 A.M. … Also remember that the U.S. Attorney admitted that they had no evidence that the crime started in the 80’s and could establish that Montauk and the N.Y. homes in Ruth’s name were not purchased with tainted funds … Mar. 10, 2011 7:35 A.M. … I would love to know what evidence [Picard] has to date my crime back to 1983 … THE FACT IS THAT THERE IS NONE. 8:05 A.M. … I say once again the fraud started in the 90’s … Mar. 18, 2011 9:26 A.M. … I guess I’m obsessed with this START OF CRIME ISSUE. Don't you see, idiots of the media?! That's the real issue here. Not the crime itself but the start of the crime. Do the math. Oct. 11, 2011 7:20 A.M. ... You can do a back of the envelope calculation as follows. From 1963 I made substantial arbitrage profits for the Picower, Shapiro and Chais families joined by the Levy family in 1970. [M]ost of these profits were reinvested and the amounts compounded. In 1970 Saul Alpern formed his partnerships later [run] by Avellino and Bienes. In 1980 I started trading for [French banker] Albert Igoin and his French and Swiss banking associates. All of these accounts averaged about 20% annually and were involved in various forms of convertible arb using bonds, pfds [preferreds], Rts. [rights] and units. [A]nd ALL WERE LEGITIMATE TRADING. THIS CONTINUED THRU THE EARLY 90’S. Nov. 24, 2011 6:51 P.M. … When you look at my RIDDLE [in the Nov. 23 letter], consider the fact that there was in fact no crime until I did not have enough capital in the firm to cover the losses. There is your real STORY The interesting thing here is not that there was an 11-figure fraud, okay? The interesting thing is how long the 11-figure fraud went on. And it stinks to high hell that that slippery fuck Picard and Co. are claiming it dates back to 1983 and that you're all buying it, hook, line and sinker. Come on, people. They're lawyers. Who are you gonna trust, them or a Ponzi schemer? But don't feel sorry for Bernie. Feel sorry for yourselves, for what could have been and what never was. Near the end of that e-mail the clouds of self-deception close in again, and Madoff turns himself into a pitiful martyr: “I made the tragic mistake of trying to change the way money was managed and was successful at the start, but lost my way after a while and refused to admit that I failed at one point.” HE WAS TRYING TO THE WAY MONEY WAS MANAGED! A legitimate way to make Ponzi scheme payments, before it was tragically snuffed out. Oct. 11, 2011 7:36 A.M. … I will never get over the distortions being presented by everyone as to the poor and now homeless when in fact they all signed documents when opening their accounts that they were sophisticated and had enough wealth to withstand the possible losses of short term trading. I wish I had saved the hundreds of letters I received thanking me for how I was responsible for their happiness over the years and their pleading with me to keep their accounts open when I tried to close them … when I worried about the wreckage I might cause if I couldn’t recover. Is the REAL STORY that the investor agreements specifically authorized BLMIS to make Ponzi scheme payments (a totally legitimate type of securities transaction, a short term trade if you will)? Unless someone pulls their head out of their ass, the world will never know. Exclusive: The Secret Madoff Prison Letters [Forbes]

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