Where Are They Now?
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Getty Images.There’s never a good time to lose $1 million, let alone tens or hundreds of millions of dollars. Still, some of Bernie Madoff's victims are in better shape than others. Among his celebrity clients, a lucky few are already on pace to recoup their financial losses by the end of the year, while still others may never recover. Here's a who's-who list of Madoff's higher-profile marks and how they're likely to fare in the days ahead:
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Image courtesy of Wikipedia.Steven SpielbergSpielberg has long acknowledged that his Wunderkinder Foundation was heavily invested with Madoff. This weekend, the DreamWorks founder almost watched a few hundred million more slip through his fingers. Transformers: Revenge of the Fallen, which was developed by DreamWorks but left behind when his company split from Paramount last fall, earned $387 million in global ticket sales, among the studio’s best openings of all time. Yet, despite losing the rights to the Transformers sequel, Spielberg stayed on as the film’s executive producer — proving his Hollywood blockbuster savvy.
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Handout/Getty Images.Zsa Zsa GaborLosing $10 million to Madoff must’ve been a slap in the face to this Old World glamour queen. Gabor, 91, who last appeared in a Very Brady Sequel way back in 1996, hasn’t seen a paycheck since receiving a $2 million settlement from a traffic accident in November 2002. After suffering a massive stroke a few years ago, Gabor has spent most of her time in a wheelchair. When the Madoff scandal broke, her current husband’s adopted son, who reportedly runs a brothel in Germany, is said to have wired $6 million to the aging actress to help make ends meet.
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Angela George from Flickr.Kevin Bacon and Kyra SedgwickProving that Six Degrees of Kevin Bacon holds true for Ponzi scheme victims, too, this Hollywood power couple was hurt but not “destroyed” by investing with Madoff, The Closer star recently told TV Guide. Earlier this month, Sedgwick got a star on the Hollywood Walk of Fame, as her top-rated show on TNT went into its fifth season. This past weekend, Bacon hiked to the top of Denver’s Pikes Peak to raise money for cancer research in an event dedicated to Farrah Fawcett. Still, Bacon told a local reporter he’s now looking for work “for obvious reasons.”
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Getty Images.Mort ZuckermanThe owner of the New York Daily News and U.S. News and World Report lost an estimated 11 percent of the value of his charitable trust to Madoff. A hit like that couldn’t come at a worse time for a newspaper and magazine tycoon, with ad sales across the industry dropping to all-time lows. It’s enough to put Zuckerman, who studied law before getting an MBA, in a fighting mood. In April, he sued Madoff-linked money manager Ezra Merkin for not disclosing how much of Zuckerman’s cash was invested in Madoff. The lawsuit is claiming $40 million in losses.
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Getty Images.Marc RichA fellow shady financial marketeer, Marc Rich lost up to $15 million with Madoff, according to anonymous tipsters. Like Zuckerman, Rich, who was notoriously pardoned by President Bill Clinton on his final day in office, after fleeing to Switzerland amid tax evasion charges, had mistakenly entrusted his cash to Ezra Merkin, who in turn gave all of it away to Madoff. But unlike Zuckerman and others, Rich isn’t expected to go after Merkin in court for damages. Having failed to appear at his own trial years ago, Rich won’t find a sympathetic ear on the bench, lawyers say.
- A version of this piece first ran in Recessionwire.
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