Report: Madoff Scammed His Own Sister Out Of Millions

[babylonsister]

MADOFF BLISTERED HIS SISTER

January 11, 2009


Bernard Madoff didn't even spare his own family.

The Ponzi schemer scammed millions from his sister, who is now desperately selling her Florida home, sources told The Post.

Sondra Wiener, 74, "has nothing," said one of her neighbors in the BallenIsles Country Club, a gated Palm Beach enclave where she and her husband, Marvin, live alongside such celebrities as Serena and Venus Williams.

"She lost millions in this whole thing," said a source who estimated her loss at $3 million.

In response to questions about their financial straits, Wiener's son, David, said, "Yes, my family's a victim. More so than anybody else. It's very painful."

more...

http://www.nypost.com/seven/01112009/news/regionalnews/madoff_blistered_his_sister_149681.htm

[leftstreet]

1. LOL This guy is almost as entertaining as Blago

As reality News TeeVee goes, this stuff just gets better and better.

[BlooInBloo]

2. I wonder if this is part of some kind of ploy to get his sister to roll on him...

You know - a Law&Order style gimmick?

:rofl:

[Ilsa]

3. Maybe she can poison him with turkey dressing next Thanksgiving. nt.

[JerseygirlCT]

11. I hope she has to deliver that dressing to the jail, though. nt

[madrchsod]

4. i was looking for a suitable punishment for this guy

and i found that one.




there`s another drawing but it`s a bit graphic for the children...

[MindMatter]

5. The story not being told is this ...

What Madoff did was probably not all that unusual. We call it a Ponzi scheme, in that he stayed afloat by cooking the books to give the impression that earnings were keeping up with the payouts. But ultimately this was a super-leverage scheme and that stuff is happening throughout our system. Do we seriously think that Madoff is the only guy who is cooking the books to keep the leverage scheme afloat?

His is the latest one that has had a meltdown. I bet there are hundreds more just like his that haven't yet reached the meltdown point.

[Cronopio]

6. He essentially outed himself by telling his family.

The safe bet is that most scammers are more careful and they're not investigated. If the SEC investigation stops with Madoff I'd say its a certainty that most scammers will still be operating for a while.

[JDPriestly]

9. You are so right.

And the way the bail-out was handled, it rescued the worst of the worst offenders -- to free them to cheat again. Horrible, horrible. The "bail-out" is the frosting on this putrid cake.

Basically, those of us who always paid our bills and borrowed only what we could repay are rescuing those who did not pay their bills and lived way beyond their means. The folks deciding whether we qualified for credit were far less credit-worthy and we were. There is something very wrong with a system in which this could happen.

[MindMatter]

13. Exactly the point. The only difference is that Madoff was too small for a bailout.

These were ALL Ponzi schemes. It was all funny money that nobody, not even the CEO (according to their own claims) actually understood the transactions.

We should have let them all go up in smoke. The average public didn't benefit by their Ponzi schemes and we didn't benefit by bailing them out. These were not people who were providing capital to honest work-a-day businesses. These were casino operations -- like Fantasy Football for the super-rich and super-well-connected.

[sam sarrha]

7. he is a psychopath... who on wall street isnt OCB about looting society in general, taking profit an

not adding any value to a product...

[Neshanic]

8. And?

[DJ13]

10. Dozens of stories about this fraud, designed to make us feel for the rich

But hardly a word by the same MSM about the millions of workers who have lost most all of their 401(K)'s, or the daily struggles the average American faces in dealing with the increasing hardships brought about in trying to stay afloat in this economy.

Pardon me if I refuse to shed a tear for the wealthy who got caught up in a get rich quick scheme.

[GreenPartyVoter]

12. I think you meant to say

"get _richer_"

[cvoogt]

14. he madoff with a lot of people's money

with a name like that ... what did people expect he'd do? ;) (sarcasm)

[rvablue]

15. Every time I hear his name on TV, all I can think to myself is how could you trust someone with that

name with your money???

It's like some kind of celestial/kharmic warning or something.

The first time I heard it said, rather than reading it, I couldn't believe the sheer irony of it.

[GreenPartyVoter]

16. LOL

[cbc5g]

17. Social security is the biggest Ponzi scheme of all

not saying that's a bad thing

[MindMatter]

18. It is, but that works because

the government has the authority to compel participation and deposits can be increased to maintain the health of the system.

The main thing that makes it NOT a Ponzi system is that there is no con game involved. It is well documented how the system works. It is transparent. There is no attempt to deceive people into placing deposits under false expectations.