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The Bag Lady Papers, Part VIII
AP Photo; Landov
Madoff victim Alexandra Penney on Bernie’s sentencing, Ruthie’s cruel fate—left with just $2.5 million!—and the finer things in her frugal new life: a classic piece from an Upper East Side thrift shop.
This morning Bernie Madoff, aka the MF, finds out how long he’ll be in the slammer. I have not a scintilla of interest in being at court when the judge sentences him. I’ve disciplined myself not to look back or think about him—it’s toxic and a waste of time, and I need every productive minute to get my life on track. But when I read about his lawyer’s plea for a 12 year-sentence, I almost gagged. The gall appalls.
So far the MF and his two-bit accountant are the only ones in lockup as a result of his crimes. I lost every cent of my hard earned savings, but I'm lucky: I have my health [so far] and have been able to write about what happened to me. But thousands of other victims are serving cruel and inhuman life sentences in personal prisons because of him. It’s the old people who have to leave their homes and have nothing to survive on, cops and firemen—whose pension plans vanished into the rarefied air of the MF’s glam penthouse, his many mansions, yachts, cars, and the smoke of his pricey cigars—who are being made to suffer in horrible ways. So where’s the justice in that?
Then there’s the MF’s bride, innocent little Ruthie, who’s been allowed to hang on to $2.5 million of her $65 million stash. I read that she’s the loneliest person in the world and I feel so sorry for her!
Allow me, s’il vous plaît—I know you all delight in my use of Français—to continue this rant for two or three more sentences. (No pun intended.) As the MF awaits fate this morning, there are many others who should be standing alongside him. Although I’m happy that the Securities and Exchange Commission is finally suing Cohmad—owned by the MF and his partner, Maurice Cohn—plus Stanley Chais and three others who benefited stupendously from Madoff, who from the heretofore silent SEC is being punished for lack of oversight? Not one person.
And then there’s the MF’s bride, innocent little Ruthie, who’s been allowed to hang on to $2.5 million of her $65 million stash. I read that she’s the loneliest person in the world and I feel so sorry for her! Brother Peter was an accomplice for sure—he owns 9 percent of Cohmad. And what about the sons? They protest they don't have an inkling of what their father was up to. They could be a bit 'slow', but i pretty much doubt that. And there's Frank DiPascali, another creep in the posse and the MF’s right-hand man, he certainly hasn't been seen in the bracelets I think he richly deserves.
And then there’s the MF’s bride, innocent little Ruthie, who’s been allowed to hang on to $2.5 million of her $65 million stash. I read that she’s the loneliest person in the world and I feel so sorry for her! Brother Peter was an accomplice for sure—he owns 9 percent of Cohmad. And what about the sons? They knew, too, I’m certain of it. So did Frank DiPascali, another creep in the posse, the MF’s right-hand man.
II thought all of them were part of the “ongoing investigation.” And exactly where is this “ongoing investigation”? Not one syllable about that! So where the hell is justice? Or am I being incredibly naïve about that concept?
Life just goes on, and obviously, there ain’t one effing thing I can do about hallowed institutions like the SEC and the justice meted out in the MF’s sentencing or the 'ongoing investigation'. My usual response to intense frustration is to take a cooling-off walk around the block—which I am about to do right now.
In the past I’d idly look into windows and sometimes step into stores. That kind of browsing was a purely visual experience that usually cleared my mind, allowing it to regenerate. I now go downstairs and head in no particular direction. I pass the Italian café where the croissants are better than any I’ve ever had, including the ones at the Ritz in Paris. But a cup of expensive java is not in my new budget. Nor do I expect to see the Ritz again.
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 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.
Madoff Victim Alexandra Penney on His Guilty Plea
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.
Welcome to the new world of discount, thrift shop, ebay, big box and recycled clothing. It's the new chic. Don't toss those worn out JPTods, just dust them off as if they have great patina and wear them.
I have held back for months now regarding Ms. Penney's self-indulgent posts.
No longer.
My bank account holds about $300 thanks to Ebay sales. To pay even $30 for a skirt I would not wear just to make me feel good about myself would be ludicrous. I'd pay the electric bill. I'm SELLING clothes, not buying them. I am on food stamps. I cannot pay my rent and may be living in my 1992 BMW shortly. (Thank God it still runs with 111,000 miles on it.)
I received heating assistance that was a Godsend. My savings and retirement are gone. I cannot afford medical care or health insurance and even clinics have a waiting list a mile long. I have no family. I wouldn't ask my friends for financial help. I am perpetually searching for full and part time jobs and the competition is great. Coupled with the fact that I'm 56, they are going to choose someone younger despite the fact that I look younger than I am. Yes, I have a business network, but few are hiring.
I used to own 2 homes. I used to live a lifestyle that included designer dresses and dinners in Charlie Trotter's kitchen. I never stayed at the Paris Ritz but I wouldn't miss that either.
Life is now about survival. Life is knowing I cannot afford to be sick but I can't afford proper preventative healthcare either. I am grateful that Whole Foods accepts food stamps and I can buy decent food. And I try not to think about the fact that there is no such thing as retirement for me and that is being as hopeful as I can about the future.
Shame on you Ms. Penney. You have no clue what a bag lady's life is like. You aren't worthy of the title. Quit your whining and mooch off of one of your wealthy friends for some Beluga and a premier Vodka. In the meantime, I shall go and pick up free dogfood from the local shelter since food stamps don't cover that.
Well said, psaram97. All the best to you.
AMEN!!! Thank you psaram97
I am sorry I don't feel Ms Penney's pain at possibly never seeing the Ritz again. Oh what a shame.
The truth is you were greedy and bought into a sham that was supposed to be reserved for wealthy "insiders" too rich and too good for common people to invest in.
You got conned because YOU were GREEDY. Now live with it and stop whining. I lost a few hundred bucks at the poker table last evening, I am not going to blog about how everyone needs to feel sorry for me.
Thank you Namedujour and bigwurzz. You both "get it". I'm thankful I'm not lying in the fetal position in my manor in the Hamptons wearing my inappropriate Bill Blass skirt. Maybe Ruthie Madoff donated it. Wouldn't that be poetic justice?!!!
God. I feel horrible for you. You are living my nightmare for real. R u in chicago? I just lost well over half, but at least I have what's left..tho far from enough.
Fret not thyself because of evildoers, neither be thou envious against the workers of iniquity. For they shall soon be cut down like the grass, and wither as the green herb ... fret not thyself because of him who prospereth in his way, because of the man who bringeth wicked devices to pass. Cease from anger, and forsake wrath ... For evildoers shall be cut off ... For yet a little while, and the wicked shall not be: yea, thou shalt diligently consider his place, and it shall not be ... The wicked plotteth against the just, and gnasheth upon him with his teeth ... The wicked have drawn out the sword, and have bent their bow, to cast down the poor and needy, and to slay such as be of upright conversation. Their sword shall enter into their own heart, and their bows shall be broken. A little that a righteous man hath is better than the riches of many wicked. For the arms of the wicked shall be broken ... The Lord knoweth the days of the upright: and their inheritance shall be for ever. They shall not be ashamed in the evil time: and in the days of famine they shall be satisfied. But the wicked shall perish. Psalms 37
psaram97, with the exception of a few details, your situation is frighteningly similar to mine. I'm guessing there are more of us out there than we'd like to think and I sincerely hope your life takes a swift upturn and you can spoil yourself and your dog with treats that go beyond the necessities.
However, we diverge when it comes to your criticism of Alexandra Penney and maybe that's because I knew her back in the day and she was an incredible influence on me and my perception of an independent woman.
I met her about 30 years ago when I was an aimless twentysomething between jobs, not knowing what my capabilities or talents were...and she was just starting her freelance writing career after having been in the fashion magazine world. I typed up her manuscripts and proposals and learned about writing style and editing in the process. She referred me to other friends for part-time office jobs while I continued to work for her. While I was doing temp work and looking for a full-time position, she very generously arranged interviews at Conde Nast and other publishing houses because she felt I had a talent for editorial work. I ended up going to a permanent position with the company I was temping for and rose steadily and achieved a fair amount of success while there -- but I never forgot Alexandra's support and guidance at a time when I was too insecure to recognize that I was capable of more than typing up someone else's words.
I haven't had contact with her in many, many years but I can't fathom that the woman I knew and admired has essentially changed. What I knew and witnessed was a loving, involved mother to a terrific son, a caring and generous friend, a talented and creative writer, and a woman who was independent and fearless when it came to pursuing her craft. She was a whirling dervish of activity, always developing the next book or business project, having meetings and attending business related functions, taking time to spend quality time with family and a diverse set of friends....all while being the most effortlessly stylish woman I ever knew in real life. We weren't all that far apart in years but, in her, I saw the living embodiment of my heroines -- the 30's screwball comedy women like Katherine Hepburn who were smart, sassy, full of energy and style who used their wits to create a fantastic lifestyle.
She has every right to feel victimized, angry, self-pity, hopeless, scared -- the whole gamut of emotions -- after what Madoff did to her and so many others. She worked hard for that money and expected all that hard work to support her at this time and in the future. Although I'm in difficult straits right now, thanks to a series of stupid and ridiculous choices, it does not warm my heart to see Alexandra or other Madoff victims or you in the same boat. I understand her "need" to get that $30 Bill Blass skirt; it's the same "need" I have to buy a bottle of Windex-wannabe at the Dollar Store...for that brief moment, I feel less poverty-stricken, less pathetic, less not in control of my life.
As for her using the "Bag Lady" label, she obviously doesn't mean that literally. Especially for single women with no children or family that one would hope to have around in case their worlds collapse, the term "Bag Lady" resonates very deep and hard. For a woman used to supporting herself, the idea of virtually being homeless and helpless is omnipresent and taps into dark fears of being invisible and unloved.
I could says tons more but will stop now. Alexandra, if you read these comments please accept my long overdue thanks for creating opportunities for me and for showing me that women can be strong, independent, creative and courageous. We all shall survive these hard times and we'll be better people for having toughed them out. Stay strong!
Well, at least Penney has stopped claiming to have founded Self. But I digress. Anyone with half a brain knows the basics of investing--even without an advisor having to explain them: 1) Don't put all your money with one person, and 2) the higher percentage of return, the more risk. Very, very hard to feel sorry for the victims. Greed.
Perhaps she was a proponent of the movie Wall Street..."Greed is Good". I think Alexandra is getting her Karma. As far as moi, all I can figure is I'm making up for a really bad past life.
I truly thank all who have responded to my posts. It's sad that I DO speak for some. NONE of us should be in this position. I always said women in a divorce were 1 paycheck away from poverty. I've been divorced for 12 years and luckily that wasn't the case. I can't blame "him". I am responsible for my situation but being 56 coupled with the economy isn't helping either.
The good news is I might have a consultancy position. Say prayers. Many prayers!!!! Not just for the job but to give me strength. I just don't have much left.
Tangleup8...I am in Chicago. Mesmerism...quit the Bible quotes. I'm spiritual but I'm not a right wing "Christian". NancyD, thank you for your comments about Alexandra. It's very easy to negate the other side of her when one doesn't know her personally. That said, she DOES need to quit the "Bag Lady" headline. There was a woman who wore all black and "lived" in my very wealthy former neighborhood. She had a shopping cart and sat in the street all day. She was mentally ill. My dog loved her. When I would see her all I could say is "All are one". We are all one step away.
As far as AP's investments, she made a choice. I don't judge that. I know the anger she must be feeling but it gets you nowhere. She has resources and the sooner she deals with that, the better off she will be. I don't. It's as simple as that. I don't pity her at all. That's crap. She needs to get off her dead bony ass and make a contribution to life, to society. For God's sake, she is blogging and probably getting paid. $500 would pay my Internet( which I need to do biz), phone, cable, electric and heating bill. I'd be thrilled. And wouldn't be spending $30 of it on a skirt...no matter who designed it. Oh, and by the way, I've got a great black strapless Caroline Herrara on Ebay. Maybe Alex can meet the limit and help me out! Could be a partial rent payment and keep me from living in the car.
I'm glad Alexandra was a mentor for you. I'm glad you are coming to her rescue. But I have a feeling she doesn't deserve you. I have a feeling you did more for her than she did or ever will for you.
psaram97, I am sending you many good vibes over the internet and hope that consultancy position comes through for you -- and STAT!
Hang onto your strength and belief in yourself. I know it's tough to project confidence when you feel your world is crumbling. That is the evil side effect of losing your financial footing -- the equally devastating loss of your self-esteem. My personal strategy has been to channel the old NancyD, the one who was on top of the world, had all the answers, was in the know. I give a Meryl Streep-worthy performance (minus the accents and mannerisms!) and wait until I get home to collapse and feel schizo.
The psychic toll of being broke is terrible. It helps to have a forum like this to share stories and commiserate, so in a way Alexandra's blogs have given some of us an outlet to drop the pretenses and say "I'm broke" without any feelings of shame. Others here have suggested that she should focus more on the other victims and how they're coping but I don't think she has to because WE are writing those stories. We may not all be victims of Madoff but we are certainly victims of the current economy.
Again, lots of luck and let us know how everything works out.
It 's me again, psaram. REally good luck to you...with everything. This is a good forum. My biggest problem with Alexandra, is that she is so dated! I mean when did she come of age? Her verbiage, slang, assumptions are simply from another era. I spend a lot of time in NY and even worked at Conde Nast myself (Vogue), and practically know her, but if she were my friend (and btw, we have plenty in common), I would hope one or two of them would step up and indoctrinate her to the modern world. She is hanging herself with every column she writes. She sets herself up and she's unknowing. I am glad she's out here blabbing away but I could die for her with every column I read. Just incredible. It's like the woman has NO street smarts at all.
Ms. Penney:
I love all your books! You are talented! Keep on writing. xoxo
After reading the story in a recent Daily Beast post about Jeffry Picover - I am totally amazed that his name hasn't been mentioned by more people as we move forward in this case.Rudy Guiliani was on MSNBC this morning talking about the sentencing today and not ONE word about JP and his part in all this....I find it amazing.Also, I just want Ms. Penney to know that I think of her almost every day (I worked at Conde Nast for many years) and wish her the very best.I love the way she lived her life with her small, tasteful houses/apts in places she loved and now it breaks my heart to see her struggle after a life of hard work.Also, her art is fantastic and I hope she finds a way to do more of it.If I weren't living in reduced circumstances, i'd buy one in a minute!
I totally agree about Jeffry Picower. Clearly he must have been blackmailing Madoff for years to get the payouts he was getting.
He absolutely MUST be thrown in jail along with the accountant. He's vast assets should be divvied up among the victims.
Why, your sense of guilt is splashed all over your lazy writing.
Paragraph #4 and paragraph #5 are almost identical, word for word. On the count of editorila laziness you are guilty as charged.
On the other hand, if the inexpensive skirt makes you happy and you splurged on your joy, that's what life is about, you know. You have forgiven for a brief moment your sense of pain and penury. Forgive yourself some more and you might unattach yourself from what no longer exists but in your mind. Is all this worth sounding like an embittered fool for?
Francis of Assisi took off all his clothes in his hometown main square and gave them to his father there. (They were having an argument and the father says everything Francis owns was paid by dad). He owned his life from then on.
A most fruitful, giving life, if I may say so.
"Therefore
let us desire nothing else
let us wish for nothing else
let nothing else please us
and cause us delight
except our Creator..."- Francis of Assisi
Great post. I hope TDB isn't paying this woman for spewing her self-pity across the screen.
Francois? Francais, perhaps?
Lazy editing indeed, though this appears to be part and parcel of TDB articles.
This comment has been removed by The Daily Beast's editors.
I have noticed poor editing at TDB in other other pieces as well. The writers don't seem to have time to read back what they write.
Spasticula,
Francois=mode of the French? In what language? I can't find any usage of the term anywhere.
I don't think it is analogous to Quebecois.
...Talk about editorial faux pas, did you guys notice I typed "editorila" instead of editorial?
I do plead guilty, also, to the pretentious importance of being earnest.
Woh crares abuot editoiral? Was they're cuhmyunicashon? That's the issue.
"Therefore
let us desire nothing else
let us wish for nothing else
let nothing else please us
and cause us delight
except our Creator..."- Francis of Assisi
How quaint Piktor, you being an Obama cheerleader.
It would be nice to be given a choice. This is the life-style Obama has in mind for us. Spend, spend, spend until the money runs out. When we are all poor as paupers he will be content. Then everyone can say, "well, if Saint Francis can do it, we can. It is good for the soul".
Give me an effing break.
It's not good for the soul. It KILLS the soul. You have no clue about poverty. I wouldn't wish it on my worst enemy. Your arrogance is appalling. Karma begets Karma. And I want to be dead before the likes of Sarah Palin run this country. Family values w/a daughter who...
I applaud Letterman.
At this point, I only skim over 'The Bag Lady' because it's too irritating to read the whole missive. Here's the thing that's been troubling: for a woman who seems to have had exceptional skills and success on how to take care of herself and be able to do work she loves (the ultimate professional goal), Ms. Penny always comes across as a jilted lover. Yes, it was a tremendous loss (although many have suffered far greater who did not immediately pick up a writing gig that gave her artwork free publicity). Yes, an enormous shock to the system. But for all her capabilities, she sends out the vibe that she was depending on a big, strong man to keep her viable, as if Bernie were the BMOC of finance and she were dating him. When she got dumped, it's all whining and flailing about and telling everyone what a jerk he is. And Madoff is a jerk, of course. But Ms. Penny, with her drama queen emoting, has done great disservice to the idea that woman can and should take care of themselves - an idea that she had been perfectly demonstrating in her actions throughout her career. Too bad she never really bought into that concept.
Bravo, baubles04! Ms. Penny is nothing more than a first class whiner. She has skills, connections and the ability to make her own way in life. I frankly wish she would get on with it and leave the rest of us alone.
Now, with Madoff sentenced to 150 years, perhaps her well of insipid moaning and gnashing of teeth has run dry. Get a life, Alexandra. If you hadn't been so greedy to start with, you would have recognized Madoff was too good to be true.
My issues with this series of articles are as follows:
1. Ms. Penney seems to vacillate between feeling sorry for herself, and loudly announcing that she doesn't feel sorry for herself. The waffling leaves me with the sense that I don't really know WHAT she's feeling--is this a therapeutic blog? An informational missive? Just something to thrown down on paper to get some cash?
2. We get annoying details about clothing, but not enough details about bigger things that matter more. Did she have to sell her second home? Or is it moldering somewhere in the sluggish housing market? Is she REALLY in danger of not having enough to pay the electric bill, such that a skirt matters? Or is that just something to get our attention?
3. I don't believe her when she says that she doesn't care what kind of sentence Madoff gets. Who is she trying to convince here?
Whatever she's selling, I'm not buying it.
It is pointless to care about the sentence, Madoff only has around a 13 year life expectancy.
This vile lady is tiresome. She needs to take responsibility for the idiotic decision to invest all her savings in one place - a huge no no.
She makes it impossible for me to feel sorry for her and her moniker of Bag Lady is offensive to those who truly struggle financially.
Sunnyflower, This woman had something done to her that is not really any different than someone coming into her home and stealing her things from her.She worked for the money she invested,so why should she not be bitter.It can happen to anyone...Many smart people have been taken and lost everything.The harsh tone is cruel.
[SEC Confirms Internal Investigation of Madoff Case
Topics:Bernard Madoff | Economy (U.S.) | Economy (Global) | Hedge Funds | SEC | Nasdaq | Wall Street | Corporate Fraud | Crime
By: Scott Cohn, Senior Correspondent, CNBC | 16 Dec 2008 | 05:57 PM ET
Text Size
Securities and Exchange Commission Chairman Christopher Cox has asked the agency's inspector general to investigate the SEC's conduct with regard to the alleged Ponzi-scheme linked to money manager Bernard Madoff, CNBC has learned.
Bernard Madoff
AP Graphics
Bernard Madoff
In a statement issued by the SEC, Cox said the review would "cover the internal policies at the SEC governing when allegations such as those in this case should be raised to the Commission level, whether those policies were followed, and whether improvements to those policies are necessary."
The investigation will also include all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by SEC staff regarding the firm.
The Inspector General's office declined to comment on the request, which is expected to come as soon as today.
The inspector general, David Kotz, has issued a number of reports in recent months critical of the agency for being too close to entities it regulates. (See more below.)] excerpted from http://www.cnbc.com/id/28253164/.
So, just like any bureaucracy, SEC's investigation, layer by layer will be painfully slow, could go on for years. In contrast Madoff was able to make one layered decisions, I suspect simultaneously, which is possibly why he was so mismatched.
I thin it is possible Madoff's relatives did not know the source of earnings, many people couldn't figure it out either, and Madoff's accountant if I understand the situation right had been allegedly fraudulently certifying documents leading people to believe they had been audited even though he was able to avoid the peer review cause he said he hadn't been auditing, so I guess layer by layer, people were able to jump around and talk around stuff, obviously we now know they couldn't figure out where the earnings came from, because this was a job a forensic accountant really needed to do, and I guess some people were too emberrassed to admit they couldn't figure it out, assuming the last cause for the future could be the whole scheme was a Ponzi.
I would think, like everyone else the consistency related to the profit as written on paper, soothed most people instead of alarmed them which it should have done.
Deja vu, Mercy Beaucoup.
OOPs I meant because this was a job a forensic accountant really needed to do, and I guess some people were too emberrassed to admit they couldn't figure it out, assuming the last cause for the CONFUSION could be the whole scheme was a Ponzi.
["Our firm has made a fairly decent living as a fast market competing with a slow market," Madoff said, "so I'm not sure it's in our own best interest for everyone to become a fast market."] excerpted from http://www.cnbc.com/id/28253164/.
In contrast SEC's investigation will require to follow rule after rule, possibly defying common sense and related principals.
Length of sentence is not that important in this case, since Madoff has a life expectancy of possibly 13 years, based on stats.
It might take a lot longer for investors to recoup their losses, and for SEC to slap their own wrists.
I, too, cannot read this drivel anymore, only skim it. It is valueless nonsense, devoid of truth about Ms. Penney's real financial and emotional condition. She is simply not believable. And what is this endless shopping riff? This is the best she can do, her adventures in the neighborhood buying some old skirt? Complete with vulgarisms? Awash in self-pity? She is not even worth coming up with some witty retort any longer. Begone pseudo-bag lady!
Anyone else having a problem getting to page 2, and now 3, of the comments? My screen fades out and it never stops trying to load. Have always enjoyed the BagLady comments infinitely more than the blog itself and I want to read all your comments. Does anyone actually work at TDB? This has been going on since day one of Part VIII. Think it will be cleared up before the holiday?
Can't get to pages 2 and 3 of the comments. Type fades out and loading signal continues indefinitely. Always enjoyed the BagLady comments infinitely more than the blog itself. Will this ever be fixed? Does anyone at TDB ever notice anything? This has been going on since day one of Part VIII.
Firewall problem. Solved. What great comments.
MADOFF
Bernie, you're immortal now,
At least for 150 years,
Joining swindler Charlie Ponzi
On the trail--and trial--of tears.
Shall we call you Bernard Hood,
A modern Sherwood Forest elf,
Stealing from the rich (et al.)
And giving all of it to--yourself?
Or shall we make your well-known name
Synonymous with investment trade-off
And call the cur who transmutes others'
Fortunes into his a Madoff?
I think getting an MP3 player will help too, cause it really does give you something else to think about.
Actualy the skirt sounds like a great deal. Moving forward, getting new things, bit by bit will be hard to do, but when there is an opportunity to grab a bargain. Go for it.
Did I really just waste 6 minutes of my life reading the solipsistic, clueless ravings of a rich, white lady who re-gained her peace of mind by buying a $30 skirt? Here's a thought, why don't you go down to your local shelter or food bank and volunteer two hours of your " i can't believe i'm poor now." angst learning what real loss is like. Give me a break...
As I understand it the insurance money owed by SIPC (the Securities Investor Protection Corporation) is in the order of 1/2 a million dollars.
Personally I think all his victims who get the half million should contribute to the cost of his incarceration. Why should the taxes of the average working stiff be being used to pay for the imprisonment of a guy who pretty much targeted rich people in his fraud. Personally I'd let him out if I got a tax break.
I've read Ms. Penney's blog posts hoping to see some of the humanity behind the Madoff losses. Unfortunately she has accomplished the opposite - confirming that the wealthy and privileged in this country are bitter, unhappy, whining people who most often don't deserve the wealth that has been thrown at them. Who really cares about your thrift store dilemmas? GAWD Tina Brown - can you stop promoting this tired old hag's jeremiads? I must say, she got all she deserves and then some.
Reading the comments for the Bag Lady Papers these days is like reading the comments for Vice - people who have never been in a similar position are so eager to dish out hate and condescension.
I'm not sure why people seem to feel that only idiots and/or the greedy are capable of getting scammed. If you - or any of your smart, perfectly intelligent friends - have ever been the victim of a manipulative lover, a damn good liar, a sudden and unexpected break-up, peer pressure, or a horrendously bad idea made to sound plausible, then you ought to know how easy it is for someone to be blindsided.
Retrospect is 20-20, but when all of Ms. Penny's smart, rich, financially savvy friends were singing Madoff's praises, is it such a mark of greed or stupidity that she wanted to participate? I personally probably would have put my money with Madoff and counted myself lucky to be part of a venture that everyone I respected said was exclusive and lucrative.
The Bag Lady Papers are a pretty rare glimpse at something that no one usually gets to see. I know a lot of people are taking secret, and not-so-secret, satisfaction in telling someone who was formerly better off than they were to suck it up. Yeah, yeah, down with the rich. And I understand that hearing Ms. Penney talk about how miserable she is to be in the same position that the rest of us have been in all our lives *is* kinda galling.
But, whether you're protected by the anonymity of your keyboard or not, the Golden Rule still applies. And I sincerely hope that none of you get treated with such a barrage of superior brush-offs if you ever lose everything you have ever worked for.
Ms. Penney, I sincerely hope you can learn to find the beauty in treasuring those rare, perfectly-fitting $30.00 finds, and in the knowledge that the 50 cups of coffee you can't afford make the one that you can afford that much better. Whenever my situation has taken a drastic turn for the better or worse, I find that if I mentally re-invent my image of myself, I can be happy in almost any situation.
Kelly...I disagree. This is not about hate and condescension. It's a wake-up call to this woman. She should be looking inward and not buying a damn Bill Blass skirt to feed her ego. Someone made a comment about volunteering. Despite my situation, I do and find it helps get outside of my own situtation. I get more from doing that than anything else. And it's not about finding someone in a worse situation...it's about making a connection however brief.
François is a man's name, not the language, AP. Also you had some duplications in your text. Obviously The Beast is being as penny-pinching as you if they aren't assigning you a much-needed copy editor.
I can't help but feel that you aren't so concerned about the MF anymore because you don't have to be. You're doing well. The sun is out. The weather is good. Life goes on.
Ms. Penny:
1. You foolishly invested all of your life savings in one place
2. You believed in unbelievable investment returns, far beyond what most reasonable people would expect from scrupulous means
3. You accepted your access to MF as part and parcel of an exclusive membership in a club that rest of us peons wouldn't have a prayer of joining
And we are feeling sorry for you because? Actually, I can and do have some sympathy for you Ms. Penny, but only in that way that any decent person wouldn't wish this kind of ordeal on any other decent person. But my suggestion to you is, in the course railing against MF and the cruel universe, you might also perhaps accept a modicum of responsibility for your own recklessness.
Well played Karla.
Alex, quitcherbitchin and get back to work. You're not dead yet. Show some pluck.
another great read, Alexandra. Keep going!
You have GOT to be kidding.
Lousy article. Lousy series of articles. Vindictive editorials. Which is okay, for what they are. But you made far more than your own share of mistakes (as pointed out above, by investing everything in one place...eggs, basket, hello???). I'd like to say shame on you for writing it, but I save the shame for TDB, who has allowed more and more of this muck to fill up it's electronic space. TDB used to be about smart, insightful reporting, with an insightful, sometimes witty sense of humor. This is just mean and vengeful. Which is understandable on the part of the writer, but not understandable on the part of TDB editorial staff. Shame on you, TDB.
I think this woman already knows that her book will be old news by the time it's published. It will get scalding reviews which will make her feel even more piteous.
Yeah, she has some real worries but they mostly have to do with status. She's not afraid of death, just that it will be a pauper's death.
I guess she's entitled to her worthless concerns,
Sadly Ms. Penney's article only diminishes the sympathy for the Madoff victims. Her idea of suffering is that she can no longer spend a $1000 on an outfit. Perhaps she could read the news about families who are homeless with young children to get some perspective.
Negative comments are just the typical have not's being jealous of those who have. I say to you get over yourself and put yourselves in the shoes of the Madoff victims. People TRUSTED this man with their money. We all, I don't care who you are always want to find a way to make $. So now it is about bashing the rich. Has it ever occurred to many people that some people have money because they SAVE it? Wow what a concept.
Ms. Penney, I love your blogs keep writing and don't listen to the venom spewed on here. You seem to know and have really good friends and family. That is what counts.
God Bless You.
Kate
Fly Over Country
Maybe if they had continued to save instead of invest/gamble they would still have money.
I can't spend the money in another persons pocket so what others have or may have had, has never been a concerned of mine so spare me and many of us the, oh you're just jealous routine.
No one cares people are rich but we do tend to get annoyed when their hypocrisy and self pity shows because they lost their vacation home while we scrimp to hold on to our one and only and their bank account drops from 6 figures to 5 while we work our butts to the grave and actually manage to save a few bucks to get our accounts up to 4, so our kids will not have the burden of burying us. (which makes us luckier than some)
so ....boo hoo, I feel sooooooo bad......NOT!
You are SO WRONG. Yes, I would feel awful and used if I too had fallen victim to Madoff. I'm sure he was a highly skilled manipulator. Many people who SAVED and worked lost money in this financial situation. Or had to use it to survive. Your lack of understanding is very despicable. I hope your trust fund or husband's salary keeps holding out. God forbid such a princess ever has to work at Walmart for $10/hr. And see how many friends you have when you can't afford your country club. No one is safe in this economy and you are not exempt. I give you one word: Empathy. Look it up.
Great artilcle. You capture your plight without wallowing and I admire that. You've got the balls necessary to dig out, it's just a matter of time.
Madoff's bride should not receive a buck out of this barrell of stolen money. Her public relations "poor me" ride on the subway the other day was a laugh seeing it for what it was.
I enjoy your writing - it's your ladder out of the pit. Keep it up and enjoy the dress.
Evin
I never think ms.penney as anything more than mildly funny. $30.00 dollars for skirt!! she is 79 years old. I am sur if she is that poor, you can use thirty dollars for something more important. I really wonder how her life style is now. she has something to write about and I actually wait to read it!! welcome to the real world fellow readers. ms. penney is brain candy
Last week the engine light in my 1992 Saturn came on and I was told I needed a catalytic converter. After calling around and finding the least expensive price and best mechanic for said price, I made an appointment and sat down to figure out how I could rob Peter to pay Paul and pull the money together. Public transportation or walking is not an option in my rural area and having an 89 year old mother with Dementia means a running car is not a luxury but a must.
The morning of the appointment I walked out to find a flat tire (what a great day I was having so far) after putting the space saver on I drove slowly to Wal-Mart. (Whatever their issues they have cheap prices, what can I say) As I pulled in I saw a sign that said, 35 dollars for discontinued tires, sounded good to me but of course they were not the right size for my car so I had to look at the 65 dollar tires instead. Next thing I know I'm getting the dreaded look from the guy who is going to put the tire on, you know the look, the one that says, you have another problem. Next thing I know I'm looking at another tire that is worse than the one that went flat. Now I'm at 65 bucks times 2 and I still have an appointment to get a new catalytic converter or my engine will blow up (so everyone keeps telling me)
Finally I'm on my way but feeling panicky as hell because I'm too afraid to check my bank balance to see if I can still afford to pay the next guy. I took a deep breath, pulled into the parking lot of the bank, wrote a check for cash and chatted with the teller like an idiot praying if by some chanced the money wasn't there, he would feel sorry for me and give it to me anyway. I almost peed on myself with relief when he handed over the cash.
My car is now running smoothly in spite of the 90k plus miles I have accumulated but it belongs to me and not the bank. I have two new back tires and my front tires have about 40k miles worth of tread. (I could not spare the extra 17 bucks to have them rotated) I have three dollars in cash left and still too chicken to check my bank balance but I'm glad you were able to buy your 30 dollar designer skirt and skip paying your electricity. The last frivolous purchase I made was a 7 dollar wallet. My old one literally fell apart in my hands one day and the rubber bands holding all my stuff in was becoming too embarrassing even for me. My new wallet was so cute and I marveled at it for several days before the clasp broke and I had to crazy glue it back on.
However, I feel pretty good because while I was waiting to get my car fixed I listened to some poor guy complain about the 430 bucks he shelled out for a catalytic converter (twice what I had to pay) and his car still was not running.
I complained, vented and ranted because I had no shoes until I met a man who had no feet. Oh and btw, welcome to my world for most of my adult life. The memories of thumbing through magazines looking at exoitic places I doubt I will ever have a chance to visit are lovely this time of year.
Ms Penny, I do not begrudge the life you once and I do have sympathy for the place you now find yourself but grow up already. I'm blessed and luckier than many and you're more blessed and luckier than me. What the heck do you really have to complain about? You could be that 90 year old man who had to get a job working as a greeter at Wal-Mart but even he has a positive outlook on life.
Thank you.
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