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Madoff Family Returns..

To: Irving Picard
From: Mark Madoff
RE: Your Letter

Irv-In reply to your recent letters to various members of my family--the one where you requested that we each chip in and send some money back--I can only respectfully suggest that request is a waste of time.

1. My Mom's fortune is completely unrelated to any purported ill-gotten gains that my Dad might have received in connection with his business enterprise. She's told me this several times and I can only believe her. After all, she is my Mom. As far as making some type of contribution, I think that she's demonstrated how charitable she's been for years...Asking her to make additional charitable contributions in the midst of a recession is ridiculous.

2. Shana has pissed away hundreds of thousands of dollars on pocketbooks and shoes. I'm not sure that any of the purported victims would want to be walking around in old shoes. The re-sale value for those items is a fraction of what they cost.

2a. Nan's Bentley has some dings on the doors and it needs a tune-up. Do you have any idea what it cost to tune up a Bentley??

3. Shana's house in East Hampton really isn't that nice. And its very expensive to maintain. So that's not an asset that the trust would want.

4. My homes in Nantucket were custom-decorated, so it would seem that anybody else would have to spend alot of money to re-decorate. Again--an unnecessary expense from the perspective of the trust.

5. I don't know how much Sonny Cohn or Sonny Delaire may have in various offshore accounts--but going after 70 year olds that have expensive life-styles and wouldn't have a clue as to downsizing their spending habits is a violation of the Geneva Convention. At least that's what Starkman keeps telling us.

6. We're putting a petition together in reply to your letter. When John Thain returns his bonus money, when Dick Fuld kicks back some of his cash to the Lehman trustee, when Countrywide's CEO returns the tens of millions that he received, when Jamie Dimon kicks back that $250 million that JPMorgan redeemed from my Dad's business, and when Eliot Spitzer spits back the money that he's making from selling his story, we might each consider making a donation to your cause.

We'll have the full list of individuals that we think should be returning money they inadvertently received by virtue of activities they participated in the days ahead.

In the interim, you might want to contact Hank Paulson--I understand that he still has the keys to the Treasury's printing press room. Or call Tim Geithner directly. It seems as though there are several government agencies that have no problem printing up money and delivering it to all kinds of people that say they're in need.

If you'd like to discuss...email me back at mdm10012@gmail.com and we can schedule a convenient time to get together. Not this weekend though, I'll be up in Nantucket.

Since my Dad is going to be spending a few more weeks at MCC--you might want to ask him to contribute some of that Soapopular stock that he's got his hands on. I'm hearing that its selling faster than they can produce the stuff.

Mark

Full post as published by Bernard Madoff on May 15, 2009 (boomark / email).