Ruth Madoff: "Embarrassed And Ashamed"

Disgraced Financier's Wife Breaks Silence After Husband's Sentencing; Says She Feels "Betrayed And Confused"

(CBS/AP)  The wife of convicted scam artist Bernard Madoff said she feels "betrayed and confused" by her husband's multibillion fraud scheme.

Madoff was sentenced to 150 years in prison Monday - the maximum sentence - for what U.S. District Judge Denny Chin called a "staggering" fraud.

During his prepared statement to the court, Madoff apologized to his family.

"How do you excuse lying to your brother and your two sons? How do you excuse lying and deceiving a wife who stood by you for fifty years and still does?"

Now Ruth Madoff is speaking out for the first time since her husband's Ponzi scheme was uncovered late last year.

She said she was breaking her silence "because my reluctance to speak has been interpreted as indifference or lack of sympathy for the victims … which is exactly the opposite of the truth."

Ruth Madoff said she was "embarrassed and ashamed" at her husband's actions also claimed to feel "immense pain" at the stories of victims wiped out by the scheme.

"From the moment I learned from my husband that he had committed an enormous fraud, I have had two thoughts - first, that so many people who trusted him would be ruined financially and emotionally, and second, that my life with the man I have known for over 50 years was over. Many of my husband’s investors were my close friends and family. And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime.

"My husband was the one we (and I include myself) respected and trusted with our lives and our livelihoods, often for many, many years, and who was respected in the securities industry as well. Then there is the other man who stunned us all with his confession and is responsible for this terrible situation in which so many now find themselves. Lives have been upended and futures have been taken away. All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to. I am embarrassed and ashamed. Like everyone else, I feel betrayed and confused. The man who committed this horrible fraud is not the man whom I have known for all these years.

"In the end, to say that I feel devastated for the many whom my husband has destroyed is truly inadequate. Nothing I can say seems sufficient regarding the daily suffering that all those innocent people are enduring because of my husband. But if it matters to them at all, please know that not a day goes by when I don’t ache over the stories that I have heard and read."

Ruth Madoff will feel some of her husband's pain as well. Last week, a judge issued a preliminary $171 billion forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets she had claimed were hers. The order left her with $2.5 million.

The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market as well.

[TheMasses0009]

No one mentioned Ruth being waterboarded as a way to get her to talk.
What's wrong with you people?

[petesis]

Maybe she did not know. It is a good statement. She will still have big challenges ahead. She should move out to the country. Get some chickens and just try to live out her years as peacefully as she could. I wish her well.

[geetha701]

Ruth Madoff is a great actress, I find it hard to believe that she had no idea her husband was swindling billions. For years, people warned the Securities Commission that what Mr. Madoff was providing to investors was impossible. Individuals at the Federal Reserve have known about this for the past ten years and yet due to the lack of regulation, Maddoff got of free until he could not hide anymore. Let's help Corporate Accountability International send a clear message, that UBS deserves to be voted into the "Corporate Hall of Shame" for the role they played as a partner to Mr. Madoff's Ponzi scheme. Please vote here: http://salsa.democracyinaction.org/o/2215/t/8981/signUp.jsp?key=4278

[blitzder]

She is ashamed and hurt. oh my! She loved the free ride and never asked how he got it?? Forget it, no real justice yet.

Maddoff is just the tip of the iceberg. They should go after CHENEY and his multitudes of cronies who plundered the US treasury, and brought the economy of the country to its KNEES. Hope someone in Washington has the backbone to investigate.

[babooph]

Who never the sellout was who agreed to let them keep 2&1/2 mil of the stolen funds should be sued by the losers & pay the money himself-the crooked politicos & the propagandists who grovel to them want this buried FAST!

[formrusmcsgt]

The wife of convicted scam artist Bernard Madoff said she feels "betrayed and confused" by her husband's multibillion fraud scheme.
---
PUHLEASE.

This broad spent 50 years with a thief and had no clue?

She obviously is preaching to the gullible here.....

[stn_sage]

Yeah, MAYBE! I guess I'd find her claims more plausible if she hadn't lived off the proceeds of the scam FOR ALL THESE YEARS!

And, I simply do NOT believe her or the other close relatives didn't know
what was going on! They DID!

She's only sorry that the 'GREAT TIMES' are over and the public is P.O.'d at her and her husband! That's all!

[deweyhowe]

Dude,

I wouldn't trust Madoff with my money, but I'd trust him with my daughter. Bill Clinton, on the other hand, I wouldn't trust with either.

[mswolfestock]

She needs to get a job - at McDonalds.

[babooph]

She should grovel to the crook -she gets to keep 2&1/2 million$ [plus what is hidden],just for him keeping his mouth shut about the politicians in the scam with him.The scammed ones are often destitute!!!!!!!!!!

[shoebox119]

While I have sympathy for the victims of this Ponzi scheme, let's not forget that the vast majority of them are Jewish "brothers" and "sisters" who thought they had a financial genius of a brother who would guarantee them double digit returns year after year after year, defying all odds and just good common sense. Even Steven Spielberg got in on the action. In some respects, the victims share some of the blame for what appears to be greed on their part.

Now, before someone starts mindlessly calling me an antisemitic or some other nonsense, what part of my stated observations above are NOT true?

[tothestars2]

Funny, the government does the same thing (social security) and it's legal, the private sector (Bernie M) and it's the greatest crime against humanity ever conceived? HYPOCROSY?

[pete_in_az]

The people who lost their money were a bunch of dumshits for investing in something that seemed too good to be true.

[saturn05]

oh my god! Does she think we are idiots? What a lying piece of #####.

[johnbrown8888]

A financial swindler who's a Democrat? That's unusual! It's usually the Repigs, like Stanford, who excel at that.

Perhaps Madoff had a little social conscience left. He mostly only swindled the rich.

And people who thought they could get something for nothing.

Repigs have been cheating everyday citizens for decades.

Look at how much Bushit stole from us to give to his billionaire pals as tax cuts.

And Bushit has a nice retirement home in Texass.

[stickdog3]

This whole thing is so predictable,what I mean how these women will say "I didin't know he was like this" come on. You living in a $7 million dollar penthouse apartment in NYC, you have a $11 million dollar house in Florida, you own a multi million dollar yacht, he's put $80 million worth of money and assets in your personal account, and yet you never ask or say "honey you're doing real good, but, honey are you doing that good"? Maybe you did ask but, you never followed through because you're living a privileged life, theres no way you're going to ask, are you kidding me? Reminds me of the line in that movie coming out this week, about John Dillinger, he was pursuing this girl who was a hat check girl in this club, anyways, she was pretty smart to ask questions up front, anyways she asked "just what do you do"? I guess after seeing him with the signs that he probably had money. Anyways he answered "I rob banks", simple as that, they became a couple shortly thereafter, at least he was straight up and she was straight forwad in wanting to know. Wonder if Ruth ever asked that question?

[pw08-2009]

stickdog3, You're exactly right, but please remember that eventhough these women know more than they'll ever admit, they are all poor little victims of mean men...and as victims, they need as much money as they can keep because, after all, they do have to keep up appearances...

[dartplayer501]

Darthcheney you are an insult to the name, and considering he's the lowest low-life this country's ever let get into power, that's saying something.

[bluharley]

I have a room for you Ruth, you're still hot, I'll take you..

[lyndar2]

Are you kidding me? How many single Moms are there in the world right now because the Dads won't take responsibility? You're an idiot who sounds like he won't take responsibility. And, can anyone tell me why this woman is shown sitting in the subway when she has 2.5 million?

[CLoverNYC1]

by pugster June 29, 2009 1:19 PM PDT
I find it funny that she gets to keep 2.5 million.
____________________

Yeah, that's $2.5 million PLUS the money and valuables her husband transferred to her for safekeeping just before he was indicted.

She's just ashamed and embarrassed that she's going to have to live on a measly $2.5 million until the inquiries die down.

[dartplayer501]

Obviously you can't read. All her possessions are part of the $171 Billion judgement. She gets $2.5 mil and that's all. To her this would be like the average American being left a quarter.