Madoff's Minneapolis carnage

Categories: Economy

Oh, that Bernie Madoff.

If you thought the beady-eyed huckster's pathological swindling was confined to Manhattan, Hollywood, and Palm Beach, you're unfortunately mistaken. The Twin Cities, particularly the west suburbs, were among the hardest hit.


Cnnmoney.com today featured a lengthy piece on the carnage wrought to these Twin Cities. Turns out, Madoff made a killing among well-to-do members of Oak Ridge Country Club, a predominately Jewish club in Hopkins. Since many of the Oak Ridge victims were charitably active, local philanthropies are feeling the ramifications. 

From the article:

While some regional reports put the losses at $300 million, a local attorney working with victims believes $600 million is a more accurate number. He knows of two families who lost a total of more than $130 million. Dozens of other families lost smaller amounts, representing everything from children's college savings to retirement accounts, while local Jewish-funded philanthropies find themselves scrambling to pay for basic core missions for the poor.

Wow, Bernie. That's a level of depravity that's difficult to fathom, even for us. Is it still too late to add Madoff to our "Top Ten Douchebags of 2008" list?


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