The Most Hated Man in New York

Hundreds are involved in fraud. Many investors colluded with Madeoff using questionable tactics. Here's how. Investor had 100 million to invest. Investor owed 10 million in taxes. Investor erased his/her tax debt by contributing 10 million to a paper charity in Madeoff's scheme and the Investor's remaining 90 million was invested with Madeoff. Madoff took the 10 million from the charity and 'paid' the 90 million account a healthy 10% return; keeping one million for himself (handling charges). The Investor understood clearly and clearly did not care that the charity was just a utility (an instrument to use) with the 10 million existing only on the books. The investor keeps 99 million of his original 100 million which he withdraws at the appropriate time. The charity continues to exist on Madoff's books and is ready to be used by other investors. The charity never really had any money it its account. It is just a paper vehicle of which investors and Madoff used to avoid taxes. Crooked investors were in bed with Madoff from the first. What is so shameful is the unavoidable genetically encoded dichotomy. If you have the blood, you stick with the blood; but ultimately the blood will cannibalize the blood.

If it is proven that what he's accused of actually occured, Bernard Madoff has be considered to be a person devoid of any sense of right and wrong and any morals and values foundation. What he is accused of having done is almost beyond comprehension. I cannot imagine waking up one day and finding out that my lifesavings was gone and that money I thought I had as a nest egg may have, in part, never existed.

What he did was illegal. So why was the government handling of our economy legal? If you all haven't noticed, the national economy is a huge Ponzi scheme. --- CHAS

Your absolutely right Aida,, someone will put a CAP in his ass before long, people out there in the world get caped for a lot less in life. If someone wipes out my life savings,,,, I’m killing that person. Sure I will go to jail for the rest of my life but what the hell!!!!! If I’m in my 70’s or 80’s and someone scams all my money I have nothing to lose at that point, I’ll be dead in a few years of old age and if I’m poor at that age who will care, it’s to late to save up at that point, So I’m just saying if anyone wipes me out financially when I’m old and retired, HE’S A DEAD PERSON!!!

Madoff is lucky that no one has bumped him off yet. There are a lot of well connected, pissed off rich people out there. It's only a matter of time before someone decides to get even with him. And he couldn't have done this by himself. Many others were involved in this, too. The auditors who were supposed to be watch dogs share equally in this blame. Everyone at his company has some degree of guilt, too. If they knew something was going on, they should have said something. You're known by the company you keep.

When people work to make a great living and try to invest to plan for retirement and they get taken to the cleaners it is horrible. They need to take anything that family has or can have and put it towards those that were swindled. Let the boys work to pay the debt of the father. If a farmer has a bad year he borrows money for seed for the next year and if the farmer dies and the sons are the heirs they have a debt why not use the same for the sons.

Cheryl, you made a mistake. The title of the article actually is .......... The most hated man in America!

Here in Brazil hundreds of rich people discover being Madoff's and the SEC's victims. They naturally will keep quiet, for tax reasons... But whom they will/should blame are those incompetent Swiss bankers who provided them with "introductions"...

Many people understand and are successful in one area of business. When they honestly succeed and would like to keep their success, in order to do so they are told to diversify in their investments to support their families and charities. They did not make money in diversified fields, they made money in specific fields they know, therefore when they invest outside their area of expertise to save their money, they need to trust someone to help them within other areas of business. That is where people loose their money or make more money. One must rely on others because they can not know all areas of investment and that's where someone can take advantage of others. It is sad to hand someone your hard earned money to protect for your future, your families future and maybe the future of their community. Shame on anyone that does not take great care with you and your investment. end.

Here is an idea offer Mr. Madoff a plea deal for the rights to his story. All proceeds from the books and movie go to a fund for the charities this guy ruined. We can scam him out of the plea deal in the end for a taste of his own medicine.

WHO CARES!!!! If rich millionires loose their money on a scam, if you have 10 million dollars and you lose 9 million to a scam YOUR STILL A MILLIONIRE!!!!! sure your less rich but your still a millionire. HELLO!!!!!!

He might be the most hated in certain circles of the elite in New York. He would be far from the most hated person for the average Joe on the street in New York. It is just another example of the media's disconnect from the rest of us. Osama Bin Laden is still the most hated man in New York.

Is it possible Mr. Madoff is simply the sacrificial lamb to distract us from the other 5,000+ thieves that need to go to prison with him? I suspect so.

I watched a wonderful documentry on Madoff on CNBC a few hours ago. It went into detail about the Ponzi Scheme and how it came about. What surprised me about Madoff was his coolness. But I'm wondering how deep the Madoff rabbit hole runs? And are there other Madoffs out there who took advantage of Investors alike?

"Who else was involved?" More than a few people at the SEC. New Motto at the SEC: "No, no! We're not crooks! We're just incompetent!"