Nobel Laureate Wiesel Was A Madoff Client
The Novelist And Nazi Death Camp Survivor Recalls "Good Impression" Of The Fraudulent Financier
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Play CBS Video Video Famous Names In Madoff Case The number of investors who may have been scammed by Bernard Madoff contains more than 13,000 names, including talk show host Larry King and actor John Malkovich. Kelly Cobiella reports.
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Video Back In The Daily Grind Ian Thiermann enjoyed 30 years of retirement, but after being swindled out of $700,000 by Bernard Madoff, at the age of 90 Thiermann is rejoining the workforce. John Blackstone reports.
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Video Madoff's Wife Took Millions Ruth Madoff withdrew millions before her husband turned himself in, suggesting she knew about Bernard Madoff's Ponzi scheme, reports Meg Oliver.
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Holocaust survivor and Nobel laureate Elie Wiesel, left, and Harvey Pitt, former chairman of the Securities and Exchange Commission, participate in panel discussion hosted by Portfolio magazine Thursday, Feb. 26, 2009 in New York. Wiesel's charitable foundation lost millions to Madoff. Weisel invested his own money as well. (AP Photo/Startraks, Bill Davila)
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Photo Essay Madoff's Victims A look at some of Bernard Madoff's famous clients.
Notable Victims
Hollywood
Wunderkinder Foundation Amount Unknown |
New York
Mets Owner Fred Wilpon Amount Unknown |
Connecticut
Fairfield Town Boards $41.9 Million |
Spain
Grupo Santander SA $3.2 Billion |
When Elie Wiesel met Bernard Madoff over dinner about 20 years ago, the topic of money never came up. They talked about history, education and Jewish philosophy, and the then-revered money manager urged Wiesel to leave his teaching post at Boston University and join a New York college.
Madoff "made a very good impression," Wiesel recalled Thursday. "We spoke about education. ... Not the economy."
The Nobel Peace prize winner and Nazi death camp survivor joined a legion of well-known Madoff clients by investing millions of dollars from his charitable foundation - and his own money as well - with the charming financier.
At a panel discussion in Manhattan, Wiesel recounted how he lost it all in perhaps the largest Ponzi scheme in history, providing a glimpse into how Madoff wooed one of his most prominent victims.
Wiesel, 80, was alternately disdainful and bemused, calling Madoff "a crook, a thief, a scoundrel" and chuckling as he recalled taking up one of his favorite subjects with Madoff: ethics.
"Yes, ethics," he said.
Asked by moderator Joanne Lipman, editor of Conde Nast's Portfolio magazine, how Madoff got the trust of "so many established and intelligent people," Wiesel admitted he bought into the Madoff mystique.
With Madoff, there "was a myth that he created around him that everything was so special, so unique, that it had to be secret," he said.
One wealthy friend who was a "very, very close friend of Madoff" encouraged him to invest. "Years ago he came to us and said, 'You work so hard, what are you doing with your money?"' he said.
At first, Wiesel and his wife only put in personal funds.
But "because we did so well, we said, come on, we have so many projects," he said. "Everybody told us in the field of finances, you can do much more ... because of Mr. Madoff, the savior."
Over the years, he and his wife received monthly statements showing Madoff had made stock trades. Investigators now believe no securities were ever bought or sold.
Wiesel said he ended up losing $15.2 million in foundation funds, plus his family's investment.
"It was a personal tragedy for me and my wife," he said. "Everything was gone."
Looking back, he suspects he was being scammed from the moment he met Madoff.
"Was he already a crook? Probably," he said.
As for a fit punishment?
"I would like him to be in a solitary cell with a screen," Wiesel said. "And on that on that screen for at least five years of his life, every day and every night, there should be pictures of his victims, one, after the other, after the other."
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The secrets of tennis legend 
Posted by mdalerwill at 11:19 AM : Feb 27, 2009
Except that crooks like Madoff are EXACTLY what the federal government is supposed to catch.
That's what the SEC is supposed to do.
The failure to pursue and stop Madoff - over TWO presidencies - represents a monumental failure of our federal government to fulfill its purpose.
Which makes me wonder, WHY are they getting paid so much not to do their jobs, and WHY do they have more job security than us ordinary folks.
And it makes me think that's why we're in the mess we're in now.
AND THEY SHOULD NEVER BE PERMITTED TO ENJOY THEIR VICTIM?S MONEY!
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Since Madoff's family members have received and have become greatly enriched by the funds which he defrauded his investors out of, not only Madoff should be imprisoned and put to hard labor, but also members of his family and his close associates should be constantly monitored, incarcerated, deprived of freedom, and be made to perform community benefits for the rest of their lives.
In addition, special legislation MUST BE enacted to apply CAPITAL PUNISHMENT for such massive ruination, and for Madoff?s destroying lives and futures of his victims.
Next, and as a logical and just follow-through, world govts ? especially the US Federal Govt ? should hold Madoff?s and other fraudulent financiers? and investment bankers? lawyers, their accountants, and other of their accomplices accountable for their willful participation in such investment schemes and scams!
Then, go after the secret and offshore bank accounts, [and possibly invade Switzerland and the Cayman Islands, etc] for their decades of providing refuge, encouragement and support for the world's crooks, thieves and terrorists!
I never heard of Jew on Jew crime before.......
Let us see. Exxon & Mobil - Clinton. Wells Fargo & First Interstate Bank - Clinton. Norwest Bank and Wells Fargo - Clinton. Citigroup & Smith Barney & Travelers - Clinton. Texaco & Chevron - Clinton.
WOW! All of these mergers which reduced competition and caused consolidation of power all happened by Bill.
I know your reply, so please save it. Blame Bush. I knew this was coming next libbie's.
Posted by independenti at 8:42 PM: Feb 26, 2009
So you?re saying that Clinton forced these companies to merge? He nationalized them, merged them, and then released them back to the free market? How does that work? Should he not have allowed the mergers? Come on Mr. ?Free Market Solves Everything.? Explain how the Clinton caused these companies to merge!
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The faces would have no effect on him, because clearly he has no shame.
If he felt anything, he would feel proud of himself, and he would feel contempt for the "suckers" who were so completely taken.
Just solitary would do the job.
"Yes, ethics," he said
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And to think, Madoff was turned in to the SEC in 2000, but they did nothing.
How things could have been different if he wasn't just doing the same thing as everybody else was in the Clinton years. The years when rampant accounting fraud was considered "normal and accepted practice."
Enron Worldcomm Andersen Accounting. Madoff was just another face in the crowd.
No wonder nobody thought twice about him in 2000.
A hanging would be more suitable.
- by rat_cheer February 26, 2009 8:47 PM EST
- On another board, texasbeta posted that he had s*x with my children.
- Reply to this comment
See all 12 CommentsI reported him for offensive posting. I posted that I reported him.
The result: I was banned. My post was deleted, and my login name was banned from posting.
This is seriously messed up. texasbeta is still posting his offensive spew, and I got banned.