I have nothing against the finer things in life, but to have grand larceny as a modus operandi for their acquisition is just ridiculous. A few interesting observations about the life of Bernadrd Madoff, the guy who ran a $50 billion ponzi scheme. From Bloomberg:
Two weeks ago, Bernard Madoff stopped by the Everglades Barber Shop off Worth Avenue in Palm Beach, Florida, for the usual: a $65 haircut, a $40 shave, a $50 pedicure and a $22 manicure.
The arrested money manager owns a $21 million home on the Intracoastal Waterway about a mile from the Palm Beach Country Club. He was a regular at the club, where his 9.8 handicap this year has been as steady as the returns he promised investors.
At the Palm, a steak restaurant in East Hampton, New York, manager Tomas Romano says Madoff has been a regular for 20 years. He always insisted on a table in the front of the restaurant, Romano said, and was often surrounded by well- wishers. Many of the people listed as victims of Madoff’s fraud, he noted, were also customers of the Palm.
Madoff lived about 10 blocks from the office in an apartment in a tan-brick building on the corner of Park Avenue and 64th Street that he bought in 1990 for $3.325 million, according to county real estate records. He also owned a 55-foot wooden fishing boat that he bought in 1977 for $462,000. The yacht, built in 1969 by Rybovich & Sons in Riviera Beach, Florida, is called “Bull.”
For the record, I think wealth is a good thing, and most of those who are wealthy are decent hard working people, but this guy is just a disgrace to wealth, and gives rich people everywhere a bad name… Incidentally, in the bigger scheme of things, what he did is no different than what Uncle Sam does when he engages in Keynesian Economics…
Posted by PUMA Pundit
