Bernie Madoff’s Bitter Recriminations

The lead article in today’s New York Times, “Madoff Says From Prison That Banks ‘Had to Know,’” shows a largely unbowed Bernie Madoff, criticizing media coverage of his son Mark’s suicide, and claiming that large banks willfully turned a blind eye to his Ponzi scheme that consumed up to $90 billion.

Mr. Madoff also claims to have helped the trustee, Irving Picard, who is charged with recovering as much of the assets as possible to redistribute to the victims. It is also worth noting that Mr. Madoff claims that the owners of the Mets, Fred Wilpon and Saul Katz, knew nothing of his scheme. That probably says more about the hapless owners of the Mets and their inability to bring National League playoff baseball to the city than it does about Mr. Madoff’s financial acumen.

Mr. Madoff’s home is now a 12-foot square cell with a window, and he has a roommate, quite a comeuppance for someone of Mr. Madoff’s former stature. He claims that his family knew nothing about his financial wheeling and dealing and expressed sadness about the way the scandal has affected them. So, at least he’s somewhat human.

It’s still rather amazing, though, that Mr. Madoff was able to perpetuate his Ponzi scheme for 16 (!) years without being exposed. It’s a shame that a mind like that had to go to waste.