Saturday, October 16, 2010

Madoff Mansion, Money, Ponzi Schemes, and Thinking

"Madoff's Palm Beach Mansion In Contract"
Developments, The Wall Street Journal real estate blog (October 12, 2010)

"(Updated with price and buyer information)

"In Palm Beach the last Bernard Madoff home on the market has gone into contract in the $5 million range. The 8,800 square foot mansion originally listed last September for $8.49 million and most recently, for $6.5 million.

"The buyer was a California couple whose identity could not be learned. If the deal closes, they would own a five-bedroom home on the intracoastal waterway with water views and a pool. The home is near the Palm Beach Country Club, which counted Mr. Madoff as a member and from which he drew many investors; he is serving a 150-year sentence in a North Carolina federal prison. The Palm Beach home has terra cotta tile floors, vaulted ceilings that reach 22 feet in the great room, atriums and a balcony running the width of the house, according to the listing...."

The sale of that house, and an auction coming in November of more of Madoff's stuff, won't - in the Lemming's opinion - pay for damage done in Mr. Madoff's $60,000,000,000 ponzi scheme. But it's reasonable to try getting some of the money back. Which I trust will go in part to Mr. Madoff's victims.

'If It Sounds Too Good to be True:' THINK!!!

The impression the Lemming has is that Mr. Madoff's Ponzi scheme was so disastrously successful because of a combination of trust, greed, and bureaucratic slapstick comedy. I don't mean to sound vindictive, but on the whole I rather hope that Mr. Madoff is held in custody for the remainder of his life - and denied access to more suckers. I don't think he's a safe person to have running around loose.

There are plenty more Mr. Madoffs around, though, who are quite willing to bilk folks. It's the old story: 'If it sounds too good to be true, it probably is.'

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