When news broke that Bernard Madoff had swindled thousands of people out of billions of dollars, many assumed that his family must have known all along. But Madoff's wife Ruth and son Andrew tell Morley Safer they were blindsided when Madoff finally confessed that he'd been running a giant Ponzi scheme. In their first television interviews, they describe how their once-happy family was completely destroyed.
In their first interview about the crimes of Bernard Madoff, the son and the wife of the man who scammed billions of dollars provide the first inside account from the immediate family. Ruth Madoff and son Andrew tell Morley Safer how Madoff confessed his crimes to them, their reaction and the subsequent family strife of the past three years.
While Madoff is serving 150 years in prison, his family has had to deal with the consequences of his crimes. His wife Ruth, divested of most of her great wealth - and derided by a suspicious world. Their son Mark - dead. Driven to suicide by shame and accusations of guilt. Their other son Andrew isolated - trying to live with the disgrace.
Madoff...It is a name that will live in infamy...It's been nearly three years since Bernard Madoff confessed to running a $65 billion Ponzi scheme - the largest financial fraud in history. Thousands of trusting clients who felt safe investing with a financial genius were swindled. He hadn't invested a penny.
Safer: Is it dismaying for you that no matter what you say people aren't going to believe you?Catherine Hooper: I think in many ways it is dismaying, but public opinion has to be something that doesn't matter to us. What matters to us is the truth.
Safer: It's really hard for people to believe that you didn't know, that you must have known.Ruth: I can't explain it. I mean I trusted him. Why would it ever occur to me that it wasn't legal? The business was--his reputation was almost legendary. Why would I ever think that there was something sinister going on?
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