Ruth Madoff is not a fool. At least, I didn’t used to think so. She understands what is at stake once her husband Bernie Madoff is indicted and then convicted of securities fraud. And what is at stake is her distributive share of the marital assets she owns with Bernie, which, as it now stands, amount to zit.
So, you know what she did? She took matters into her own hands and preemptively usurped $15 million dollars from Cohmad Securities Corp, a Massachusetts company co-owned by her husband Bernard Madoff. She did this back in December, in two separate transactions.
I just read the following on Crains “Secretary of State William Galvin says Ruth Madoff took out a total of $15 million from Cohmad Securities Corp., which is co-owned by Mr. Madoff. Mr. Galvin said she made withdrawals on Nov. 25 and Dec. 10 — the day before Mr. Madoff turned himself in on charges he swindled billions from investors. He cited reports produced by Cohmad as proof of the withdrawals.”
Lordy, Lordy. How is Ira Sorkin, Bernie’s attorney, going to explain this one? So far he hasn’t made any comments, and Ruth has not been charged in the case, but this doesn’t sound too kosher. Know what I mean? Even for the magician Sorkin, these Madoffs – Bernie and Ruth – are just too slippery. He’s not going to be able to hold on. I don’t think. Ira, I mean. Ruth and Bernie are going to slip right through Ira Sorkin’s fingers. He’s gonna lose them to the Feds.
I mean, I understand the predicament Ruth is in. She stood to come out of this confession of her husband’s with nothing but the clothes on her back. She, they, knew this thing was going to be the biggest thing in this country since 911. But how did she expect to get away with this? This withdrawal of money, such a big chunk of it? Especially with the timing of the withdrawals – the eve of his turning himself in? Who advised her to do this? What was she thinking?
I mean, yes, she was trying to get the most money she could, to get the best “divorce settlement”, even though, technically, she wasn’t getting divorced. She was trying to make the best of a really bad set of circumstances. But Ruth, you shot yourself in the foot! Now, not only are you not going to be able to keep any of this money, but you, too, will probably now be indicted! Jesus.
Where are your sons? Why aren’t they helping???
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