You have but one good name in this world, and if you subject yourself to the temptations of money and fame at the expense of integrity, the dark side is unbelievably deep. I'm sitting here trying to fathom the pain that his family, his sons, and his investors are feeling, and it is really impossible. I had a conversation with Dr. Bryne two nights ago, and he told me something I have believed. These guys have opened up Pandora's box. The Wall Streeters never expected this to get this out of hand. They have destroyed millions of lives, trillions of dollars. The fear and hate that are building endanger all of us. And they have put our ability to make a living in this business at great peril. Remember Thursday for the rest of your lives. What you do does effect others, and you have to live with that. There are plenty of riches to be had as an honest man. Avail yourself of that path, and you can sit back, enjoy, counsel others, and hold your head high. Bernie Madoff has been living in private fear and shame for a long time. He'll be dead soon. The stress will kill him, or he'll take his own life. Of course, there is always the possibility that someone, whose life he stole, will avenge that deed. I hope not. Enough lives are already destroyed.
Or he is a narcissist or sociopath and does not care at all. Maybe he is like OJ Simpson and actually believes he did not do it and is a victim of the GOVT. Why these guys do this is beyond me. Can't you live on a $2 million a year income? Does your life change if you make $20 million?
Oh come now. Madoff and his family have lived a very comfortable lifestyle for decades. They live in expensive apartments and mansions. Drive luxury cars. He has homes in Roslyn, N.Y., Montauk, Long Island, an apartment on Manhattan's Upper East Side valued at more than $5 million, and a 55-foot fishing boat, named "Bull." He also owns homes in Palm Beach and France and is a member of the Palm Beach Country Club. Do you really think Madoff and his family are living in shame? Would you rather be a member of Madoff's family living in the house below or a doctor who lives in a cheap $3000 a month studio high rise on the upper east side? I would rather be a member of Madoff's close family right now. I wouldnt mind living this life of shame. Just the service houses where the full-time maids, butlers and security people live in the upper left corner of this photo is far more luxury then some elitetraders will ever experience in this forum. If I didnt know any better, I would think this is one of Saddam Husseins castles and not some securities fraud guy living on Long Island. Oh the shame, the shame of securities fraud...
Looks like Madoff, with a single hand, will cause Wealthy Individuals to think before they invest in Hedgefunds. Will be interesting to see how many Stock Brokers and Hedgefunds are in business in a year. Not because they are crooks but because a lack of faith upon the industry is spreading like crazy.
One only needs so many square feet to physically feel satisfied with their amount of space. In Madoff's terms, it was probably 13x18 (the size of his office). Any amount past this has seriously diminishing returns in terms of happiness you feel. Humans adapt quickly to wealth. Feel much worse on the way down than on the way up. Happiness is much higher amongst some of the poorest... http://news.bbc.co.uk/2/hi/africa/3157570.stm
Is that really his house and where is it? I cannot imagine feeling sorry for people who even worked there, none the less lived there, even for a day?
Also don't forget that "Ignorance is bliss". I'm not saying everyone that is poor is ignorant, but this needs to be taken into account.