Blogs and Stories
Madoff Victim Alexandra Penney on His Guilty Plea
Louis Lanzano / AP Photo
As Bernie prepares to plead guilty to a massive Ponzi scheme, his victim muses on what his refusal to cut a deal says about his insanely grandiose mind and how he might yet outwit his jail time.
So the MF (aka Madoff) is going to plead guilty to all 11 fraud charges—I was sure he’d cop the “aberrant gene” defense.
There is no plea deal.
A plea means the MF has to give something up in order to gain something. The only thing he’s given up by pleading guilty is his disgusting, loathsome, repulsive self, and something in me says that in his insanely grandiose mind, he believes he will still outsmart the prosecutors the way he gamed the SEC and the government.
Will he be in a comfy cell with his “husband” ladling out pasta, to be followed with a vintage Merlot and a prime porterhouse steak, a la Goodfellas?
By not entering into a plea bargain, he’s saved his dirty secrets and implicated none of the others who helped him scheme and steal. He’s also “saved” sweet, innocent little Ruthie and his sons, brother, grandchildren, et al.—a whole slew of his skanky relatives, many of whom, I am beyond certain, are guilty as sin. This is a magnanimous gesture, and the effing MF is given to the opposite—sociopathic selfishness to exponential extremes.
He won’t be sentenced for several months, so in the meantime, where will he be residing? In the glam penthouse? Will he still be able to smoke the cigars little innocent Ruthie buys for him with her millions?
When he finally ends up in jail, will he be in a comfy cell with his “husband” ladling out pasta, to be followed with a vintage Merlot and a prime porterhouse steak, a la Goodfellas?
One last thought: Let’s suppose he’s suffering from a terminal illness, so maybe he knows he’ll croak soon, and that’s how he’ll outwit his jail time and spend his last days not in a cell but a nice hospital prison room where innocent little Ruthie visits often and feeds him his fave Great Chefs’ dishes.
I, for one, am hoping he doesn’t pop off anytime soon.
Alexandra Penney is an artist, bestselling author, former editor-in-chief of Self Magazine, and originator, with Evelyn Lauder, of the Pink Ribbon for breast cancer awareness. She had a one-person show at Galerie in Berlin in April and her work was shown at Miami’s Art Basel. She lives in New York, has one treasured son in Los Angeles and more amazing friends than could ever be imagined.
The Right Dumps Carrie
Jacob Bernstein is a senior reporter at The Daily Beast. Previously, he was a features writer at WWD and W Magazine. He has also written for New York magazine, Paper, and The Huffington Post.
What's Joe's Problem?
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Geithner's Stock Plummeting
Jeff Madrick is a contributor to the New York Review of Books and a former economics columnist for the New York Times. He is editor of Challenge Magazine, visiting professor of humanities at Cooper Union, and senior fellow at the New School's Schwartz Center for Economic Policy Analysis. He is the author of Taking America, The End of Affluence (Random House) and The Case for Big Government.
The Bag Lady Papers, Part VIII
Alexandra Penney is an artist, best-selling author, former editor-in-chief of Self magazine, and originator, with Evelyn Lauder, of the Pink Ribbon for breast cancer awareness. She had a one-person show at Galerie in Berlin in April and her work was shown at Miami’s Art Basel. She lives in New York, has one treasured son in Los Angeles and more amazing friends than could ever be imagined.
The Bag Lady Papers, Part VII
Alexandra Penney is an artist, best-selling author, former editor-in-chief of Self magazine, and originator, with Evelyn Lauder, of the Pink Ribbon for breast cancer awareness. She had a one-person show at Galerie in Berlin in April and her work was shown at Miami’s Art Basel. She lives in New York, has one treasured son in Los Angeles and more amazing friends than could ever be imagined.
The Bag Lady Returns
Alexandra Penney is an artist, best-selling author, former editor-in-chief of Self magazine, and originator, with Evelyn Lauder, of the Pink Ribbon for breast cancer awareness. She had a one-person show at Galerie in Berlin in April and her work was shown at Miami’s Art Basel. She lives in New York, has one treasured son in Los Angeles and more amazing friends than could ever be imagined.
Sorry for your predicament, but are you at all
angry with yourself for putting all your eggs
in one financial basket?
Trusting one person, one source,
with your life savings seems somewhat
personally irresponsible. No?
We've heard your story, and your anger
is beyond understandable to those of
us who didn't suffer similar misfortunes,
but please pack your troubles in your
Gucci Bag and go away already.
Aren't your 15 minutes of calling Madoff "MF" up ?
My dear, you are common.
Somehow in Bernard's twisted mind I believe he sees himself as a martyr who is, even now, trying to do well for his wife and family. Even Al Capone thought he saw a pretty decent sort when he looked in the mirror.
Keep it alive Alex! Sharyn and I love your blog down here in Australia. Down with the MF!
Ms. Penney,
I love your blog and am hoping it becomes a page-turning book. But I strongly disagree with one line in your last entry. You wrote in regard to Bernie's chilvaric treatment of his family: "This is a magnanimous gesture, and the effing MF is given to the opposite-sociopathic selfishness to exponential extremes." His behavior towards his sons and Sweet Ruthie is most certainly not "magnanimous," but another shining example of his narcissistic sociopathy: he doesn't seem them as separate entities; he sees them as extensions of himself, so, indeed, it's still Bernie, Bernie, Bernie as number one.
Let us all pray that Bernie Madoff lives a long, long life.
Best wishes to you - and do not feel stupid for your investment. You trusted people, which merely means you are someone who believes people can be trusted. That may be a dangerous thing, but it is not a bad thing. Karma will eventually return you to a place of peace and joy. It may be different, but that does not mean it won't be better.
I have to agree with Sophia5.
You put a nest egg in Madoff's care with hopes of huge returns. I think there is an element of greed on your part that is not being mentioned.
I am sincerely sorry for your loss and I hope this blog gives you some closure. But we're Americans with short attention spans, so it's time to move on.
Bernie is indeed an MF, but, it's not as if he ended lives. He ruined them, sort-of. But he's not a murderer. You're still very much alive and likely thriving, even if you can't see it just yet.
Out of curiousity though... cigars, porterhouses, and merlot, enjoyed while surrounded by fancy digs?
Is this really what upsets people robbed by Madoff so much? Is this even something to be jealous of? It just boggles the mind. I can understand the sentiment, but it just comes off as overtly silly.
Alexandra, you need to pull yourself together if only for appearances sake. Emotionally, this is going to be a nasty rocky road. Get rid of that slouchy picture of you that is shown on the home page of The Daily Beast. I would like to see a recent fresh picture of you. My mother has been through something equally terrible in her life. But, she always looked fabulous. I could see and feel her pain. Yes, it sounds silly and superficial but looking so downtrodden is terrible for your self esteem. That disgusting creep and his nasty wife probably look at all of these websites and have a little smiling party just between the two of them while drinking lovely vintage glasses of wine from their wine collections. You need to be able to tell all of them to Go To Hell.
Also, are you receiving legal help? If so, please describe it. It would be good to read about someone even attempting to make progress for you. Also, write about some pleasant times you encounter. Even if these pleasant times somehow turn sour.
I have sent you best wishes through this site before. I think of you and everyone in your position all of the time. Keep your head up and as my mom likes to prompt me: Good Posture, Please!!!
Dear Ms. Penney, you are dancing to Bernie's tune. He loves your righteous apoplexy and vulgar spoutings, calling for his long suffering on this Earth. He has power over you in a real way. Should you not turn the page and tell us what it is you have learned. Should we not know you are well in your way towards self redemption. Will your well being be dependent. Dependent on your stash, dependent on 'ol Bernie's humiliation, dependent on Ruthie Madoff's comeuppance.
This is an opportunity for you to be free, to reinvent yourself and you choose to be enslaved in so many vulgar ways by THIS?
"Trust but verify" - President Ronald Reagan
Dear hibiscuscottage, Take a look at Ms Penney's last submission if you want to see a recent picture of her. I don't mean to be cruel, but the home page picture of her is far, far more attractive than the face on that feature. Frankly, if that was how she was spending her money before Madoff lost it, she should be grateful for her loss.
God will punish him later, Ms. Penney. It will be nasty.
Completely agree with GrantDevereaux. I think it is pathetic that bankers, SEC, economists and others are trying to palm off their responsibility, their lack of skill, astuteness, understanding of risks, etc, etc, etc, onto working people. They did not do their jobs and they didn't do them for a long time. Like I said in another response on this website: we don't expect a nurse to ask a banker how to give someone a shot, do we?
Love his "MF" nickname and plan to steal it for other deserving Wall Streeters.
there is no way in hell, that i will EVER believe that the folks who invested with madoff, didn't know that something was "too good to be true"!
Tina! Really....is this a 'guilt loan' ??? are u paying for this stuff? There are plenty of good, witty, thought provoking writers who would put something interesting and NEW up here... Like Erin Arvedlund over at Barron's who is writing a surprise filled book on Madoff ... geesh...this self indulgent spew is awful!
Dear Gerontius,
That was a pic of Ruth Madoff, ya goob.
SOME OF THE MORONIC WANT TO BE SEESAW YAW OF THE LAW ATTORNEYS
HAVE SAID
They would be guilty of fiduciary violations, which is a civil matter.
DON'T THINK SO
There is a body of Federal Law about fiduciary duties.
Timothy McVey
Remember Him? He was tried in Federal Court, as was Madcow, the DA in OKC didn't like the verdict so he was tried again in OKC District Court? HELLO LOL --- So what is the difference from then till now? Madcow can ----- get got -----but who is going to push the envelope to get it done? And all that missing money --- one said that Ms Madcow as his wife could keep it! Well maybe prosecutors on the East Coast might want to wake up and do their damn jobs. Who might be ---- behind the scenes, really calling the shots? Could it be a benefactor of the Madcow Empire that had been a squeaking wheel? And got greased from time to time.
POOR BERNIE MADCOW
Yes he finally got caught ---- so what???? Where is the money Bernie???? I have got a remedy for those that steal big bucks then have selective memory defaults. OK bud--- off to solitary confinement you go with bread and water as your fine meal ticket once a day ----till your memory gets far better than it is now or until your fines are paid that account right now to the tune of $35 billion.
PUT THE MADCOW AWAY---LESS HE INFECTS OTHERS
No need to revolt --- just demand that the LAW WORKS TO PERFECTION
There is now for the first time in the history of mankind and opportunity to settle disputes without bloodshed. We the American people have a way to take back all that has been stolen and bring our Great and Abundant America in clear focus again. We can re-institute our laws that the BUSH BUNCH OF DESPOTS took away in the stroke of a paper mate pen and be back on the road where the RULE OF LAW is not only to be respected but also FEARED. Many lawyers are crooks------- LOL----- they learned how to practice the SEE SAW YAW of the LAW so go figure why we are in such a deep ditch we only can pull our selves out.
BEAT THE DESPOTS AT THEIR OWN GAME.
THE VOICES OF WE THE PEOPLES LOBBY ----- the WTPL
We need your help. We want to replicate what the Grange ---- did way back when---- that has been so successful in many ways for our Democracy.
We need to be associated with others that have plowed that ground before and none is better at that than the Grange. We are in the first birth pangs of getting this huge job under way and we will get there and soon.
FOLLOWING ARE SOME OF THE MATTERS OF MOST IMPORTANCE THAT WE SEE NEEDS ATTENTION
We are about 3 to 5 million strong ---- those of us that helped elect Barack Obama---- many of us were not red or blue but intelligent folks that knew we needed to get saving our Nation.
We have no other agenda than as advocates for the vast majority of Americans. And we know that we must have a POWER PACKED IMPACT in Washington DC or not much at all with happen towards our work to bring equity and normalcy back into our sane and sanguine American Culture.
We are apolitical and not out to publish any kind of religious agenda or any kind of radical change to our Democracy. What we are out to do is from a public funded ADVOCATE LOBBY with long and strong tentacles to help POWER PACKED PUSH or sway many in CONGRESS to work the work that is most needed in America today. And above all obey the wishes of the people and enforce the laws in our Constitution.
For a look see then maybe JOIN IN contact Dwight Baker dbaker007@stx.rr.com
Just relish the thoughts of the MF dealing even the best white collar prison. He's bound to have a few cell mates who loathe him even more than you do. Let him enjoy his cigars and merlot now because you must know that he chokes on every puff and sip just thinking about what is ahead of him. It will be lonely there. Ruth will go into hiding in some distant country and won't send more than an annual Christmas card.
I just read the new Vanity Fair article about Madoff, there is no doubt that he didn't do this alone and that his wife, sons and extended family knew what they were doing. In another article today in the Daily Beast it was stated that the Feds are trying to determine what belongs to the Madoff's and what is client money. I was appalled. NOTHING belongs to the Madoff's, NOTHING. Every asset they have should be distributed among their victims ASAP. Many of these people were not multi-millionaires, but people who invested their life savings with him after working 50 years or more. This operation was a well-oiled machine and he had help, front men, the whole enchilada! They should all go down now. Take him out of that Penthouse and make him eat jail food for the rest of his pitiful life. The man is a sociopath who preyed not only on the super rich, but charitable foundations. Those foundations are now bankrupt and that is going to have a ripple effect through many, many communities. Not just Palm Beach. Although one the victims said "What Hitler didn't complete, Madoff did." He is wearing a bullet proof vest now, I think they should wheel in in and out of court ala Hannibal Lector style!
Nothing personal, as I do not know the writer and of course find no pleasure in her loss, but looking at her artwork on the Berlin gallery website, the writer appears to use disturbing discordant images of women/self/humanity? No comment but to say, where our minds and hearts dwell we may attract in a cosmic messaging more of the same. Just a thought.
Cool - that's the way to get it out. Love it A. Penny. Tell it like it is.
Thank you.
As a first time user, your comment has been submitted for review. It can take anywhere from a few hours to a day or two for your comment to be reviewed, depending on the time of week and the volume of comments we receive.
Please log in to leave comments.