Federal authorities seized Bernie Madoff's yacht in Fort Lauderdale yesterday and then took control of the home his wife owns in Palm Beach. U.S. marshals described "using an element of surprise" to grab Madoff's property, but if you're a Madoff investor, you might describe it as coming, oh, like six months too late.
It was, after all, federal authorities who had investigated Madoff back in the '90s and found nothing wrong with his investment sceme. But don't worry, former Madoff investors, now the feds plan to thoroughly get all of Madoff's stuff. They even took photos of everything in the house yesterday to document all the things they should've seized like a year ago. From a Newsday story this morning:
Manhattan prosecutors said they want to eventually seize all of the Madoffs' pricey homes and accoutrements to pay back investors. But privately lawyers familiar with the case said the federal efforts are only going to amount to a drop in the bucket.
Clearly, lawyers familiar with the case don't know that Bernie Madoff has enough stuff that every investor, I'm guessing here, can be repayed with at least one accoutrement.
Meanwhile, Madoff's wife Ruth is trying to keep a $7 million Manhattan apartment and $62 million in investments that are in her name. For Madoff investors, these assetts are called things that don't belong to Ruth Madoff.