Crime, punishment, and the shame of being a Madoff

 

(CBS News) 

When news broke that Bernard Madoff had swindled thousands of people out of billions of dollars, many assumed that his family must have known all along. But Madoff's wife Ruth and son Andrew tell Morley Safer they were blindsided when Madoff finally confessed that he'd been running a giant Ponzi scheme. In their first television interviews, they describe how their once-happy family was completely destroyed.

16 Photos

Bernard Madoff

View the Full Gallery »

The following script is from "Madoff" which aired on Oct. 30, 2011

Madoff...It is a name that will live in infamy...It's been nearly three years since Bernard Madoff confessed to running a $65 billion Ponzi scheme - the largest financial fraud in history. Thousands of trusting clients who felt safe investing with a financial genius were swindled. He hadn't invested a penny.

While Madoff is serving 150 years in prison, his family has had to deal with the consequences of his crimes. His wife Ruth, divested of most of her great wealth - and derided by a suspicious world. Their son Mark - dead. Driven to suicide by shame and accusations of guilt. Their other son Andrew isolated - trying to live with the disgrace.

60 Minutes Overtime: Ruth Madoff: Why she's telling her story
60 Minutes Overtime: Sons called in FBI to arrest Bernie Madoff

Are they innocent or were they willing partners? For the first time since Bernie Madoff's arrest, his son Andrew and wife Ruth speak out about crime, punishment and the shame of being a Madoff.

Morley Safer: It's a tough name to live with.

Ruth Madoff: It sure is.

Ruth Madoff...

Safer: Do you feel the shame?

Ruth: Of course I feel the shame. I can barely walk down the street without worrying about people recognizing me.

And Andrew Madoff...

Andrew Madoff: From the very beginning of this whole episode-- I've had absolutely nothing to hide. And I've been eager, I would say almost desperate to speak out publicly and tell people that I'm absolutely not involved.

Andrew and Ruth Madoff speak out in the book "Truth and Consequences"- a more or less tell-all arranged by Andrew's fiancee Catherine Hooper. An attempt to separate the family from the father's crimes.

Safer: Is it dismaying for you that no matter what you say people aren't going to believe you?

Catherine Hooper: I think in many ways it is dismaying, but public opinion has to be something that doesn't matter to us. What matters to us is the truth.

Safer: It's really hard for people to believe that you didn't know, that you must have known.

Ruth: I can't explain it. I mean I trusted him. Why would it ever occur to me that it wasn't legal? The business was--his reputation was almost legendary. Why would I ever think that there was something sinister going on?

16 Photos

Madoff's Victims

View the Full Gallery »

It was 1954 when Ruth Alpern met Bernie Madoff in Queens, N.Y.

Ruth: I just saw him and I was sort of swept away, I think.

She married him at age 18. They had two sons - Mark, then Andrew. Bernie was building up his money management business - a typical middle class family living on Long Island.

Ruth: We were both solid parents and valued our family and so proud of our boys. It was a dream, really.

Andrew: My father was certainly present as a dad.

Safer: Did he emphasize moral values at all?

Andrew: I wouldn't say that we sort of explicitly discussed values. But we certainly lived what I felt was a moral life, where there was a clear sense of right and wrong.

Deirdre Naphin and Katy Textor are the producers.

• 1
• 2
• 3
• 4
• 5
• 6
• 7
• 8
• Next Page »

[Cole_West]

While I don't wish anyone to die, I am dismayed that we are even speaking to her. She has no story. She is GUILTY! Her husband admitted everything to save the family... Well that did and didn't work. I regret their child killing himself. It couldn't have been that bad. BUT... BUT, why put her on TV and give her time to garner any sympathy. Any money she received (if she did) should go directly to those who lost out. AND SHAME ON HER FOR hoping we would believe her that she was a victim too.

[TheEthicsGuy]

Today the New York Times published a letter I wrote about Ruth and Andrew Madoff:

http://www.nytimes.com/2011/11/02/opinion/helping-madoffs-victims.html?partner=rssnyt&emc=rss

I'd be keen to hear your thoughts about it. Thank you.

[cbsblogger]

Somehow all along the lambs should have expected the Madoff's would be taken care of at taxpayer expense. She attempts to portray herself as the victim and the media goes easy on her. There are other monies out there and she likely knows where it is.

Why didn't she and her son just succeed at committing suicide and will the stolen assets to charity? At least someone of need would have benefited instead of permitting the thief's family to benefit. It is an outrage that she received anything.

[MyEthix]

Ruth and her son did not attempt suicide - it was Ruth and Bernie who allegedly attempted suicide. So you've clearly not paid attention to what is going on here at ALL... yet YOU, Sherlock, have deduced that there are 'other monies out there' and she 'likely knows where it is'. Wow. Your astute powers of observation are... A FAIL.

[MyEthix]

Just for clarification, I've been a victim of theft on more than one occasion. I've done work for people who have stolen my time and my creative work - to the tune of thousands of dollars - and I'm not a rich person and could not afford to lose that type of money. I've had people in my home who have walked off with things that were precious to me, irreplaceable items. I've had business partners embezzle funds. I know what it's like to lose EVERYTHING financially because someone lied to me. But that doesn't give me the right to wish people and their entire family dead. That type of attitude does nothing but harm the person harboring those types of emotions. "It's like drinking poison and expecting someone else to die."

[MyEthix]

I am disgusted by what I am reading on these boards. The hate and the vitriol is almost too much to stomach. People saying she should have tried harder to commit suicide? What a bunch of sick people. I hope NONE of you have children. How many of you have ever been betrayed by a loved one? Have you ever been cheated on by a husband? Wife? Boyfriend or girlfriend? How many of you know someone who was killed by their significant other out of the blue because they simply wanted to get rid of them - and they never even had a chance or an inkling that this person they loved was even capable of something of that nature? How many of you have had someone close to your family that you felt you knew like the back of your hand molest either yourself or someone in your family? Ever had an authority figure take advantage of you? Personally, my sister was molested by my father... should I have 'seen it coming' and was I, at 11 years old, guilty by association? Would that apply to my sister as well? Should we be dead because of what our father did? Maybe some of you ought to go look up 'honor killings'... they are a part of certain societies that run cross grain to life, liberty and the pursuit of happiness - and maybe SOME of you would fit quite well into those societies, judging by your comments on this board? But in THIS society -- in America -- people are INNOCENT until PROVEN guilty. They are NOT guilty simply because someone close to them committed a crime and 'they should have known'. That is a very DANGEROUS, not to mention IGNORANT mentality. People get deceived by those they loved and trusted EVERY DAY!! What absolutely sickens me here is that this is all over MONEY. Money, people!!! Something that can be replaced. LIVES cannot be replaced!!! You want to talk about VICTIMS? Go talk to the people who are still living through 9/11... those people are truly victims. They cannot EVER get their loved ones back, they have to think about how their loved one(s) died... did they jump to their deaths? Did they suffer? They didn't even get to say good-bye... mothers, fathers, children, loved ones who are never coming back. Bernie Madoff has ruined the lives of everyone - including his wife and his children. Ask yourself this question... you who are playing 'God' and you who are just so incredibly smart and all-knowing (I'll bet not a single one of you people who are clearly so perfect has EVER made a mistake or made an error in judgment!)... what will society say about you 100 years from now? 200 years from now? Who, IN THEIR RIGHT MIND, condemns an entire family and wishes death on them because of what ONE person did? Imagine for one moment (I know it's hard... but give it a shot) THAT YOU'RE WRONG! Imagine if they truly knew nothing... what does that make YOU? The pillar of society? Or does it make you the kind of person that people WARN their children about - you become an example of what NOT to be - the very antithesis of compassion and forgiveness. Sorry, but money or the theft of money should not draw the kind of hatred seen on these boards.

[sarksange]

i sent a comment to mr. safer last night, questioning the merits of all the recent maddoff exposure and attention (guite a privilidged opportunity it seems to me). i haven't heard a response. i wondered what the victims feel about this opportunity that they'll never get. i wonder how it makes them feel to see and read all the nonsense comming from the maddoff family. i am appaled that the media feels a need to subject the victims to this gut wrenching exposure. i haven't read all 170+ comments but i would think there are alot of upset victims as well there should be, and how many haven't bothered to comment, probably in shock that these people are given the stage and the exposure. even the nytimes has published an interview. and i can't believe no one questioned the suicide story. took a few pills (can't say how many, one, two maybe) and woke up the next day. suicide, right. no note, no hospital care, nothing to substantiate it. how many victims actually did commit suicide, i wonder. my sympathies to them and all the others who have to live with their tragedies. i hope you neverr have to see the maddoffs on tv or in the news again. though i'm sur that won't happen as long as corporate media can make a buck off of them. enough said, maybe too much, but i can't believe these people were afforded the exposure with no regards to the victims.

[baileyccc]

have you heard her voice and seen the wrinkling on her face, she has to be a 3 pack a day person. NASTY.

[hotsummerday]

I think they should have tried harder to commit suicide. I wish I never have to see her face, nor her children's face ever again.

[Montana5]

She wants to be rid of the shame? How about returning the $2.5 million of other people's money she was allowed to keep? Nah, she's not that ashamed. And will someone at CBS PLEASE buy some Visine for Morley Safer? His eyes look just like my dog's did after he was sprayed by a skunk.

[hf3210]

All we heard was "Anger, hate, shame, self-pity", but no apologies to the victims, no admission of their guilt and the good life built on crime they willingly enjoyed. CBS should tell publicly how much it paid to Ruth and Andrew Madoff for this absurd interview which is like giving airtime to Casey Anthony for expressing her innocence. They should think about the lives of victims more sincerely.