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Mark Madoff’s Suicide

Posted by Larry Doyle on December 11, 2010 2:44 PM |

Bernie Madoff may currently be housed in the Butner Federal Correction Complex in Butner, North Carolina but with news this morning that his son Mark took his own life is there really any doubt that Bernie ‘killed’ his own son? I think not.

I feel sorry for the Madoff family and all those impacted by Mark Madoff’s suicide. Although I believe Bernie is evil incarnate, my faith principles hold that every life is precious. The loss of life–especially a relatively young life–is truly tragic. The taking of one’s own life strikes me as the most tragic. Why do I feel that?

Anybody impacted by death knows that the healing process requires closure. With suicide, there never truly is real closure.

“Why?” “Why?” “Why?”

Why did Mark Madoff choose to end his own life? We may likely never know. Did he have information that could have helped victims of the Madoff scam? Should we read anything into the fact that Mark Madoff took his life two years to the day that his father turned himself in to authorities? While I do feel empathy for his immediate and extended family, I have even greater empathy for others who also have not received closure since December 11, 2008. Who might those be? The truly innocent victims of Bernie’s scam.

While lives may go on, the lives the innocent Madoff victims knew prior to December 11,2008 ended on that fateful day. Those innocent victims fortunate enough to find closure somehow may have been able to move on with their lives. Regrettably, I believe there are so many out there this very day who have not found that closure.

I have untold empathy for these people.

How might they find closure? I personally believe closure for them would be much less driven by monetary rewards — although I will not discount that factor completely — and much more a function of knowledge and justice. What really happened at Bernard Madoff’s operation? Who knew what, and when did they know it? Why was nothing done? Will real justice ever be served?

Is America as a whole and are the innocent Madoff victims specifically supposed to be satisfied by internal self-reviews undertaken by our financial regulators overseeing Madoff’s operations? If there are any innocent Madoff victims reading this, I ask you if the information provided to date has brought you closure?

You deserve that closure. I hope you get it.

Here’s hoping that somehow somebody will come forth to bring a full and total transparency — and in turn closure — to the Madoff scam. Here’s also hoping that there is no more loss of life as a result of the Madoff tragedy.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Larry,

    Your words echoed those that I’ve been saying to each media request I’ve received all morning.

    Your kindness and compassion are so beautifully balanced with your intelligence and ability to see things as they truly are.

    I would like to answer your question, “if the information provided to date has brought you closure?” in the very near future. However, I don’t think today is the day to do that.

    A life was lost, probably as a direct result of greed and selfishness. That is enough to digest for one day.

  • Last month while promoting my book RUTHLESS in Houston, a young woman came out of the audience, tears streaming down her cheeks. She threw her arms around me and whispered, “I’m a Madoff victim.” I had never seen this woman before, but as she clung to me–a stranger–I could feel the torment that consumed her. Yes, she was young enough to start a new life, perhaps find a way to recover from her financial losses. But somehow I knew this wouldn’t happen. She was broken; her spirit was crippled; her pride destroyed; her self-confidence in tatters. She would never fully recover. The Madoffs of this world rob us of more than money: they wreck lives or destroy them entirely. And, from my experience covering Wall Street scams, I am convinced the Madoffs among us just don’t give damn. Something is missing from their soul, and they don’t even know it.

  • disenchanted

    Vincent-I couldn’t agree with you more. We will never know now if the young Madoff could have helped the victims, but we do know that Picard is not. I have stated this before, receivers and trustees bilk the estates or accounts before any of the victims see a dime, and best of all for them, it is perfectly legal. I have witnsessed this on a much smaller scale, but non the less, anyone who was hurt who might get say 70 cents on a dollar, might get 5 cents on a dollar after the receiver gets paid.

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