Madoff Victim, 90, Is Back In "The Market"

After Losing $700,000, California Retiree Stays Positive And Takes Job At Grocery Store

(CBS)  At the supermarket in Ben Lomond, California, the newest employee is also the oldest - though you might not believe just how old.

"I'm 90, and I'll be 91 in May and, uh, so what!" says Ian Thiermann.

At 90, after 30 years of retirement, Thiermann is back at work for $10 an hour, handing out the weekly specials, reports CBS News correspondent John Blackstone.

Thiermann is here because he lost, big time, when Bernie Madoff was arrested for running his Ponzi scheme and Thiermann's investment manager called to say: "I have lost everything! You have lost everything. And he just almost fainted on the phone," Thiermann recalls.

Thiermann and his wife Terry live in a modest home. Their $700,000 in retirement money seemed like enough to keep them going with some left over for charity.

Blackstone asks: "So you go from being a donor to the food banks to being…"

"A recipient," Terry Thiermann laughs.

Their long term investments turned out to be a long term fraud.

"Every piece of paperwork we received was a lie," she says.

A court document listing Madoff's victims in tiny print runs to an astounding 162 pages. Many on the document lost millions. The Thiermanns though are not focusing on what they have lost, but on what they still have.

So Thiermann, who once owned a large and successful tree care business in Los Angeles, is now selling groceries.

He never complains, says store manager Ron Clements.

"He is that right person. He's that special person," says Clements.

Thiermann's secret may be that he has seen this before - old enough to remember the 1930's when his family lost everything.

"You gotta be positive," he says. "Otherwise life is too short."

Ian Thiermann seems to prove that old saying: tough times don't last, tough people do.

[Tyler51773]

harbinger09, you are a true idiot. You pissed me off so much I actually registered, I never register. An idiot doesn't live till 90. I doubt you will live to a significant fraction of his age. Just look at him he is in excellent condition/health for his age, he looks like he is in his 70's. As far as living for only minutes I think you should consider your attitude and know that that with it you will not live very long and I wouldn't doubt it if he out lives you. To rob a man of his money without ever meeting him takes some skill, to make meager attack's on an elder's emotional well being takes an *******. The bright side of this story is that society is privileged to be in his company out in the public.

[sockpuppet4]

I would be pleased to see financier Bernard Madoff get off Scot free. I would like to see him keep his home and money and all charges dropped.

Financier Bernard Madoff has become a FOLK HERO of sorts for me. In all this darkness he has become a small ray of joy for me. I have gained some pleasure from his antics.

Financier Bernard Madoff has done to the RICH what the RICH have done to the working class.

Financier Bernard Madoff should be able to walk and enjoy life no less than Former President George Bush. The George Bush who scammed and twisted all things moral and good for personal gain for himself, his family, and his friends. The George Bush responsible for all the pain and agony going on in the United States and all places on this globe. It would be much more fitting to see the Bush/Cheney team, and all their cohorts facing life in prison than it would be to see what is going on with this one rogue man.

Yes, financier Bernard Madoff has become a modern day FOLK HERO and should be set free. He is no less of a wholesome figure than Robin Hood, comparatively speaking.

VIVA LA FINANCIER BERNARD MADOFF !

May his victims rot in hell.

[bosque8]

As a business owner, I think this grocery store should be commended as well as this man and his wife%u2019s positive attitude. It%u2019s a shame that most of the working society doesn%u2019t have more of the same outlook. Thank you Ben Lomond Supermarket for your support of this community and country during such hard economic times. May God bless you, your staff, family, community, and the USA.

[huron60]

I admire this man who went back to work at 90. He easily could have applied for welfare. Maybe the babyboomers will learn from him. There is a lesson in all of this obviously," People never learn from history". History always repeats itself.

[axelahk]

No anger and this guy keeps on going. It's no accident. Maddof's victims who are hateful and resentful are most likely dropping like flies. Hey, life is life isn't it, life in a mobil home still affords one the chance to see the sun rise every day. Is the sun brighter when one is in a posh condo?

[kcsteak2]

This man has been retired for thirty years? If this is true, then the man should feel blessed. I will say this, I don't believe this story one bit.

[ramos937]

"I'm 90, and I'll be 91 in May and, uh, so what!" says Ian Thiermann.

At 90, after 30 years of retirement, Thiermann is back at work for $10 an hour, handing out the weekly specials, reports CBS News correspondent John Blackstone.
-------------------------------------------
I love folks like Mr. Thierman. He is 90 years young. I am 71 and still own and operate my own small business with 36 employees. This year we should be up to 50 employees. I tried retiring once and hated it.

The secret to staying healthy (besides the usual BS) is to stay active physically and mentally. You have to have a worthwhile reason to get up in the morning. Don't stay around "old" people all the time. All they do is complain about the world, their kids, grandkids, etc. I plan on working until the Good Lord takes me home.

God Bless.....

[Cas2dy]

He's doing great. My garndma will be ninety in two months and she just barely knows who she is and she doesn't know who any of her children are. Well, except my mother, but if she doesn't see her and you mention her name, she will say "Who's Shirley?" If you try to remind her, she just shakes her had sadly, sighs and walks away, because it's useless to try to remember. She only remembers her if she sees her and that's because my mom is the one who lives in the same house as her. She doesn't recognize either of her sons and doesn't even remember that she ever had children. God bless this man and keep him in good health.

[sabre1111]

-You should be ashamed of yourself. Did you even read the article? The man WANTED to work. He doesn''t care and his attitude is great! You could learn a lot from him and his life example if you ever learn how to drop your stubborn selfish pride!


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Posted by TRUTHin20091

You dumb f*ck, he HAD to work, he had NO CHOICE.

You are really a sick person. You care more about supporting the Republican lifestyle of making money at any cost than a 90 year old that as to go back to work. Disgusting.

[mrs_worral]

Why are they paying him $10 when they can employ an illegal alien for $5? That manager doesnt have much business sense.

[sabre1111]

If you spent one million dollars every day since the day Jesus was born, up until today, you still would not have spent as much as what the Democrat Congress and Barack Hussein Obama just passed into law as a so-called "stimulus" bill.

From here on out, anytime you hear the word "Democrat", remember just what criminal acts of wasteful spending and a doubling of the National Debt the Democrats are heaping upon America, at a time when our economy is in crisis.


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Posted by CBSisPravda1

If you spent one million dollars every day since the day the first pyramids were built, up until today, you still would not have spent as much as what the Republican Congress and George Bush just spent over the last eight years, makng the rich richer.

[neoconrcrazy]

From here on out, anytime you hear the word "Democrat", remember just what criminal acts of wasteful spending and a doubling of the National Debt the Democrats are heaping upon America, at a time when our economy is in crisis.

Posted by CBSisPravda1


pretty asine thing to say considering the reason why we're in a crisis is because of "republi-neocons" who've managed to put us into hock in the first place!

[neoconrcrazy]

I wish all those Jewhaters who forget their Christianity and that Jesus himself was a Jew, to burn in hell.

Posted by cafruit1


if the bilked billions are in israel (israel discount bank, NYC).... the "jewish" state may have some answering to do - if that's the case, we're not talking about jew-haters, rather israel-haters.

shalom

[quickthought]

AT AGE 90?!? IS THAT HOW TRICKLE DOWN WORKS?!?
Posted by quickthought at 12:21 AM : Feb 20, 2009


Limited vocabulary?
Posted by wvu74621 at 01:20 AM :

Why type volumes when a snippet will do? (Hence the name quickthought....or did you not pick up on that?)

[ahrats]

The Madoff's (if your stupid enough to believe Bernie was in it alone) should lose everthing like the people they bilked out of the life savings. Thanks George W and the SEC for letting the rich off easy and not checking up on them.

[cafruit1]

Of course I am sorry for all the victims of Madoff, but there are some very hateful reactions here against Jews, even advising to exterminate them. Isn't it true that there are more so called Christians who deceived other Christians (and others incl. Jews)? There are more Christian criminals of all kinds than Jewish ones. There are so many greedy Christians, but only if a Jew appears greedy, it is not okay? I wish all those Jewhaters who forget their Christianity and that Jesus himself was a Jew, to burn in hell.

[guest173]

CBSisPravda1, what do the Republicans care about the national debt? they started it

[guest173]

will the victims get something back after the state attorney general sues or whatever? I once get a check for being a victim of a phone scam from the attorney general, and it was piddly compared to Madoff.

Also, Mr. Thiermann didn't follow sound financial advice putting all his eggs in one basket. I am sure he will be fine though. He isn't in a third world country.

[dakotaclark]

Hmmm...

I really do have some empathy for the victims of Madoff.

However, there is one BIG underlying issue to all of this; and, that is greed.

People have a tendency to see something in print and believe that it is legal or legitimate. Nearly all of the Madoff investors were wildly crazy about the promises of very high returns on their investments.

They could have made the choice to invest in very safe, but lower interest, investments. Instead, many of them risked all. They put all their eggs into one basket, and that is a cardinal no-no when investing.

Therefore, now, because of their greediness and gullibility, they must face the music.

It truly is a sad situation. Mr. Charles Ponzi must be laughing from the depths of hell...
http://en.wikipedia.org/wiki/Ponzi_scheme

[joule18]

Trickle down doesn't work when it means taking from the poeple who worked hard for it. It gives no one the incentive to work hard and earn what they have when you just give to those who want everything the easy way.