60 Minutes: Ruth Madoff Describes Hearing Bernard Confess

Oct 30, 2011
J. Webster
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As crazy as it may seem, I have to say I believe Ruth and Andrew Madoff when they say they had no idea that Bernie Madoff was running a Ponzi scheme. They certainly should have known, and it’s amazing that they didn’t ever ask any questions or dig deeper, especially when there were people who suspected that Madoff was running a scheme, but they seem like they are telling the truth.

Ruth Madoff tells Morley Safer that after her husband confessed to running a massive Ponzi scheme the couple attended the company Christmas party.

Ruth: He called from the office and said, “I’m coming home with the boys, I have something to talk about.” Came in, we went into a room, four of us, and he said, “I have a confession to make. I’ve been running a Ponzi scheme.” He said, “$50 billion dollars.”

Andrew: He said– “Everything I’ve been doing is all a big lie.” He said– he said, “The business is– is a Ponzi scheme, and it– the firm is completely insolvent. And I’m broke.” And then he just started sobbing. And I was– I– I was shocked. I– it was– I felt like my head exploded. I mean, I– I don’t think if he had told me he was an alien I could’ve been more surprised. He said that the firm had liabilities of $50 billion dollars. It never occurred to me that his business had anything like that under management. It was– it was shocking.

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