Mad money

By Megan McArdle

I hadn't seen this before, but yes, it sure does look as if Bernie Madoff is trying to shelter $62 million from creditors by leaving it in his wife's name.

Bernard Madoff is seeking to keep a $7 million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion. In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.

This is--what's the word I'm looking for?  Oh, right--the words I'm looking for can't be printed on a family blog.  It is true that the money will not do much to make $50 billion worth of investments whole, but a little money is better than nothing, and those investors certainly deserve it better than Ruth Madoff, who has been living high off of ill-gotten gains for years.

This article available online at:

http://www.theatlantic.com/business/archive/2009/03/mad-money/1264/