New Emails Paint Clearer Picture Of Bernie Madoff’s Mindset

NEW YORK (CBSNewYork) — Letters from Bernie Madoff indicate the disgraced ponzi schemer is apparently trying to clear his name. In newly-published emails, obtained by a Madoff biographer, he tries to justify his actions.

Opening day for the New York Mets is just two weeks away, but the big story so far has been off the field. The owners settled with Irving Picard, the trustee charged with recovering money for victims of Madoff’s massive scheme.

“He was desperately disappointed that the Mets’ case didn’t go to trial. He was hoping the Mets’ defense would make the case he’d been making to me — that they had no reason to doubt Madoff,” biographer Diana Henrique told CBS 2’s Rob Morrison.

The Mets agreed to pay $162 million, instead of the billion dollars Picard initially sought. In recent jailhouse emails to Henrique, Madoff had a harsh view of Picard.

“He calls Picard a fool, an amateur, says he doesn’t understand the market, says he never understood the market — that he’s just lost on Wall Street,” Henrique said.

Picard is just one of Madoff’s targets. The emails, published Tuesday on, critique his clients too. In one email, Madoff writes “I can tell you these people were very instrumental in creating my problems.”

“He, I think, just has a pathological fear of failure,” Henrique said. “He finds it much easier to live with himself as a liar than to live with himself as a failure.”

One area where he feels he failed is his family life.

Madoff’s wife, Ruth, and son, Andrew, refuse to speak with him. His eldest son, Mark, committed suicide in December 2010. His daughter-in-law recently published a book.

Madoff told Henrique that he watched his son’s wife discuss Mark’s death in televised interviews.

“He wrote me and said it was every bit as painful as he’d been warned it would be and said…I think really searching honestly, I can’t dispute a word she says. He clearly feels personally responsible for his son’s suicide,” Henrique said.

Madoff also refutes claims that his fraud started earlier — in the 1980’s — rather than the 1990’s because he wants to be known as someone who was also capable of running a successful legitimate business.

Share your thoughts on Madoff’s comments below…

  • Jon

    Forbes’ annual report finds the average value of Major League Baseball teams has increased 16 percent from last year to an all-time high of $605 million.

    The New York Yankees, worth $1.85 billion, lead the way for the 15th straight year since Forbes began valuing franchises in 1998.

    Only two teams’ values didn’t increase: the New York Mets and the Tampa Bay Rays. The Mets lost 4 percent of their value amid legal and debt problems.

    The only thing that saves the Mets in value is that they play in New York City.

  • money

    i love you bernie

  • steve

    time for him to end his !!

  • littlestar

    His investors were just as greedy as he was.

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