A court filing in U.S. Bankruptcy Court in Manhattan made public a 162-page document listing his various clients, which include Hall of Fame Pitcher Sandy Koufax, actor Kevin Bacon, and the Wilpon family, owners of the New York Mets.
The amount of money invested with Madoff, whose brokerage was actually an elaborate Ponzi scheme, was not disclosed.
Madoff is still under house arrest in his penthouse, says the AP.
Actors, baseball legends on Madoff client list [AP]
(Photo:David Shankbone)
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I know my parents taught me something that seemed too good to be true almost always was, in fact, too good to be true. Apparently Kevin Bacon’s parents were not so proactive.
@nicemarmot617: Actors life a surreal life. When you get that rich and famous, you get surrounded by ass-kissers and “yes” men. You lose touch with reality, and you assume no one would dare screw *you* (AKA God) over.
@nicemarmot617: Here’s the thing-his returns were just low enough to be reasonable. If someone tells me they doubled their investment in 3 months, alarm bells go off. 10% in a year? Not so much.
@nicemarmot617: Apparently your parents gave you a healthy dose of smug, too. Kudos to you for your compassion toward a hard working man who suffered misfortune.
@Kekaha: My parents gave me many things. A sense of humor was especially key…
@nicemarmot617: whoa, hey, I knew Kevin Bacon’s dad. Proactive is a word that defines that dude. Instead of making baseless remarks about people and their parents, try actually doing some research.
@nicemarmot617: My good sir, I can state with utter certainty a finer gentleman never graced the face of this earth. Kevin Bacon, his parents, and his parents’ parents are beyond reproach. Hang your head heavily in shame! Perhaps next time you will think before you so crassly criticize the scions of the noble Bacon line.
Definitely a lot easier to play Six Degrees of Kevin Bacon now.
@DerangedRoleModel: Damn, beat me to it.
@DerangedRoleModel:
If anyone needed to connect Kevin Bacon to Sandy Koufax in 3 degrees or less, here you go. You are welcome, players.
Better call your brother up and get working on the newest Bacon Brother’s CD and tour.
This guy probably brings in tons of royalty money every month. I mean he was in Animal House!
Call it retribution for showing too much skin in Hollow Man
@Ash78:
“Call it retribution for staring in the stalker’s wet dream & invisible nudie fest that was the movie “Hollow Man”
I think that sums up the movie better.
@Ash78: OMG I had erased that movie from my memory…it’s all coming back now T_T
@Ash78:
I thought it was called “Hollow Plot.”
Somebody Made-off with the Bacon!!!
I had to do it.
Koufax threw 57 career World Series innings with a 0.95 ERA and a 0.82 WHIP. But it sounds like he was easy to steal off of. Ohh!!
@MeSoHornsby:
Comment of the day, right there.
@MeSoHornsby: Oh ho!
I feel bad by all those who were affected by this jerkoff. I’m not too caught up in everything, but they do have Madoff in custody right? And he’s going to get the electric chair w/ no water on the sponge?
@Jenkinsbball: Yes but just house arrest, I love how pseudo-celebs get special treatment.
@Jenkinsbball: They’ve punished him for the moment by slapping a fashionable ankle bracelet on him and making him stay in his New York Penthouse, until they decide which minimum security resort to send him to for a while. If it were you are me, we’d be under the jail already.
@bmorg003: Especially because he tried to dispose of property (watches) as Christmas gifts.
Either put Madoff in Rikers, or put a dozen drug dealers/robbers/child molesters in his penthouse.
How did someone with a surname “Bacon” get invited into a private jewish investing club?
Time to break out the VHS tapes and rent Quicksilver. A story about a stock broker who loses all his money and has to become a bike messenger to make ends meet.
@AcceleratedDragon: Married into it?
A court filing in U.S. Bankruptcy Court in Manhattan made public a 162-page document listing a bunch of idiots.
Fixed that for you.
Instead of a country club prison, Madoff needs to be sent to a “Cool Hand Luke” style chain gang. Hard time is what that old crook needs to serve. If he can’t survive in that situation, well, too bad.
@kwsventures: Sometimes I like to jump into fantasy land too, where white collar criminals get what they deserve. But then they have a pro-longed multi-year trial and are sentenced to the leanest and lightest institution possible.
Don’t worry though, there are always poor people willing to fill those spots.
I just did a little quick math from the article.
162 pages, 84 lines per page, $50 freakin’ billion
162*84/50 000 000 000 = $3 674 309 and change per account
Ouch!
I love how many people like to say they’re so financially savvy that they’d never EVER have fallen for something like this. We all like to think we’d be skeptical. But with a guy at this level of community and industry standing, who had been doing this for decades, the normal suspicion just might not kick in. And anybody who thinks they’re incapable of being taken is more likely to end up being played for a gool someday.
@picardia: And, how many of those people actually manage their own finances? They hire accountants, financial advisors, and agents to deal with all this stuff.
I am just shocked more things like this have not come to light.
@picardia:
I’m just not, and never will be, rich enough to have to worry about my money being stolen in this way. That is short of the government being the one to steal it, which is always possible.
I “manage” my own money (pay bills) with my mortage getting whatever is left over.
Once you get rich enough so you hire somebody else to manage your money you are ripe for a fleecing and if your accountant isn’t the one to take it, somebody else will.
@Josh_G: And yet there seem to be plenty of people whose money is managed well, or at least honestly.
By the way, did you have a point?
@Josh_G:
There’s nothing wrong with hiring someone to manage your money; you just have to stay on top of it.
Six degrees of fail!
I have a whole drawerful of tiny violins. Anyone want one?
If you have never been taken by anyone you are a lucky fool and you can laugh at the rest of us. Just remember to laugh at yourself when you get burned by someone you trusted.