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Scandal (and 2011 Estate Tax?) Makes Bernie Madoff Son Choose Suicide

Written By : Jane Jamison
December 11, 2010

Not everyone is in the desperate legal straits of the Madoff family, but I have no doubt that between now and December 31, we are going to see more of these deathly tax dodges. Life, liberty and the pursuit of happiness is being thwarted. This is what Obamanomics is doing to this nation: death is preferable to some Americans now.

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The vote in Congress to bring back the estate tax has created “incentive” for the wealthy to commit suicide before year’s end.

“Too Rich to Live?” Wall Street Journal

Bernie Madoff’s son, faced with the loss of everything, looks to be saving what can or might be saved, for his family ….by hanging himself….on the two-year anniversary of his father’s arrest.

How Hard They Fall: Bernie Madoff Son Commits Suicide

NEW YORK—One of Bernard Madoff’s sons was found dead Saturday of an apparent suicide, according to law-enforcement officials.

Mark Madoff, 46 years old, was found hanged with a dog leash attached to a living-room-ceiling pipe in his apartment at 158 Mercer St., in Manhattan’s SoHo section, by his father-in-law, law-enforcement officials said. A family member notified police around 7:30 a.m. No suicide note was found, the officials said.

Mark Madoff’s 2-year-old son was found unharmed in the apartment, along with the family’s dog.

Law-enforcement officials said Mark Madoff’s wife, Stephanie Morgan, was in Florida, where she received word from her husband indicating that she should have someone check on their son.

Mark Madoff’s death comes as federal prosecutors were ramping up their scrutiny of Bernard’s brother and sons, who haven’t been charged with wrongdoing. Seven people, including Madoff’s top lieutenant, Frank DiPascali, have been criminally charged.

Bernard Madoff swindled a long list of investors out of billions of dollars and is serving a 150-year prison term in North Carolina.

……..

The scandal put a harsh light on members of the family. The financier’s brother, Peter, played a prominent role in the family’s company. Mark and Andrew Madoff both worked on a trading desk at the firm, on a side of the business that wasn’t directly involved in the Ponzi scheme.

A year ago, the court-appointed trustee trying to unravel Bernard Madoff’s financial affairs sued several members of the family, including the brothers, accusing them of failing to detect the fraud while living lavish lifestyles financed with the family’s ill-gotten fortune. The lawsuit accused Mark Madoff of using $66 million he received improperly to buy luxury homes in New York City, Nantucket and Connecticut.

This week, Irving Picard, the court-appointed trustee recovering assets for the victims, filed multiple lawsuits seeking funds from people and firms he alleged were close to the scheme or unwittingly profited at the expense of others.

In February, Mark Madoff’s wife, Stephanie Morgan, petitioned a court to change her last name, saying her family had gotten threats and was humiliated by the scandal.

( Read the rest.)

Read “Life After Madoff’s Big Lie” to understand even better why death was preferable to Mark Madoff.

Remember from last year: “Was Bernie Madoff Assaulted in Prison?”

Complete Madoff coverage from Wall Street Journal

List of Madoff “victims” from Wall Street Journal

See also what has happened to the second biggest scamster after Bernie Madoff. Allen Stanford is in prison, getting assaulted, on medication and unable to assist in his own defense. “Jailed Billionaire Allen Stanford: How Hard They Fall”

Cross-posted at UNCOVERAGE.net

 

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