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Defending Andrew Madoff's $16million estate-Dead Men Tell No Lies

Regarding the "just revealed" news that my recently-deceased son Andrew Madoff left behind an estate valued at $16 million (give or take), let me say this about that:

1. One could argue whether the estate, approximately 1/3 of which represents the value of residences he acquired courtesy of personal loans that I extended to him in the year preceding my firm's collapse, should be subject to "claw back" efforts by Irv Picard.

2. One could further debate whether the additional $11 million in "personal property" was attained via smartly investing the income he made while working for my brokerage firm. Yes, that firm was not so profitable during the 5-7 years leading up to its closing, leading some to question how he could have earned so much from his job if the firm was not really very successful, and certainly not to the extent that his out-sized compensation could be justified.

3. What many might further wonder about is how Irv Picard and Co have never been able to claw back the millions of dollars that his account at my firm grew to after an initial deposit of a few hundred thousand that I put into that account.

4. Did his side investment in a sport fishing equipment company produce outsized gains, or just some Cod? Did his foray into other private investments produce Icahn-style returns? 

4. Because Andrew insisted, up until the day he died, that I was effectively dead to him because of the shame I brought upon my house, I was still his father. And, as his father, I think its unfair to speak poorly of the deceased.

5. More important, he's leaving behind a hottie girl friend who is surely entitled to $50k a month for her living expenses. After all, she stayed by his side throughout the past 6 years without even having an understanding of what she might inherit in the event of his death. And let's face it, it costs alot of money to have a nice lifestyle these days.

6. And let's not forget his wife, who filed for divorce the day I turned myself in (thanks to the the advice of some shrewd lawyers) and who since withdrew that motion in February of this year, is surely entitled to be compensated for the embarrassment she suffered from, as should the two daughters Andrew left behind. Nobody should have to work too hard, and nobody should have to subsist on a few measly shekels, and certainly, everyone should have something to look forward to as a cushion.  

Full post as published by Bernard Madoff on September 13, 2014 (boomark / email).