It is sad he couldn't find another way. Perhaps eventually he could have found another career to enjoy and provide for his family, but with that last name it might have been difficult to even get a job at Burger King, I don't know. He must have known it would be years and years before all this litigation would be over. And I'm sure it would be difficult to live in luxury for 46 years and then lose some or all of it. Just very sad and, as others have said, Bernie is the one who gave this to his family. He wasn't just cheating his clients. What was going through his mind? How did he live with that every day for 50 years and knowing that it could all come crumbling down at any time. Maybe he's some kind of sick thrill seeker or something.
I am curious about how the whole business worked. If it was based on a Ponzi scheme, then how could the rest of it operate in a seemingly legit manner that the employees wouldn't see the problems? I'm sure a secretary or someone like that wouldn't know, but if he wasn't really investing his clients' money, what were all the financial-type employees doing?
BBM
Bernie did not do this for 50 years. He actually was a REAL star on Wall Street, with a great reputation.
He got arrogant about 15 years ago, he started thinking he would do it for a very short run. and get out of it quick, but greed got the best of him. He was in a very high position in the Stock exchange at one time, and nobody questioned him and should have. This gave him a license to continue stealing, and he knew exactly what the Banks were doing. This man was NO dummy. Just greedy. He himself said that he wished he had either stopped or been caught 8 years earlier.
When Bernie started to do this, his sons were young and would not have known about this.
Bernie separated the 2 businesses and had his sons on a different floor.
However, he did have his wife on his floor several times a week, and she was his first bookkeeper so she had to know things. in fact when she had to move out of her Penthouse and was allocated just enough to
buy a studio apartment to live in for the rest of her life (ONE ROOM) I DID NOT feel sorry for her.
She used to go to my Hair salon, I never saw her, but I know they refused to take her appointments after the scandal had started, so she asked to have someone go to her house and again she was told NO we do not want your business. She goes t the super market late, late at night, because during the day they do not let her in, it creates mob scenes and unhappy customers.
I imagine it was the same for Mark and family. he did say in one e-mail to his wife that he can no longer live with the curse his father put on his family. I think Mark was hurting for his wife and children too.
Not to mention that he suddenly became an orphan. No Parents at all.
The ones who lost a lot of money want it back. MANY who got in with Bernie EARLY on and were paid dividends on a regular basis. GOT their principle out...And will not be getting anything. However, many who invested in the latest years lost out and they got pennies on the dollar.
I do not think Mark would have ever lived as a poor man, but a chunk of his 66 million in assets was on the chopping block. As were his children’s Trust Funds.
I think Mark must have felt that his father would be in prison for life for nothing if he had to lose it all.
He certainly did not go from rich to poor NO! However, he did go from a privileged life to a much-hated one.
