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Sheryl Weinstein - Madoff's Other Secret
New memoir uncovers alleged 20 year Madoff affair
As recipient of a Really Bad Boss Lifetime Achievement Award, and possibly the worst money manager in the history of money managers, Bernie Madoff is a frequent target topic at Really Bad Boss (see Really bad boss rule#55: When you’re in charge of managing people’s money and you steal it, you’re not allowed to keep it.) So we were hardly able to contain ourselves when we learned through the Associated Press that Bernie Madoff allegedly carried on a 20 year affair with one of his victims. Talk about screwing someone over.
Sheryl Weinstein apparently found Bernie Madoff irresistible in more ways than one. In her newly released memoir “Madoff’s Other Secrets: Love, Money, Bernie and Me,” Weinstein claims the two met at a business event while she was chief financial officer for Hadassah, a charitable women’s organization that also lost money to Madoff’s scheme. While with the organization, Weinstein had a role in investment decisions. Which begs the question, did Weinstein’s relationship with Madoff influence her, and thereby the organization’s decision to invest with the disgraced financier? Better yet, how much of an influence did the relationship have and did it blind her to the truth about Madoff? It certainly blinded Ruth Madoff. Not only is she still claiming ignorance with regard to her husband’s crimes, but through her attorney she’s claiming to know nothing about the “alleged affair.”
Weinstein, who’s been married for 37 years, says she had to sell her Manhattan home and that her investment losses have ruined her family. I imagine the revelation of the affair also had something to do with the ruining the family part. No doubt Weinstein releasing her book is an attempt to make up for some of the financial losses she suffered at the hands of Bernie Madoff. And while we feel sympathy for those losses, she loses quite a few points for carrying on a 20 year affair with a criminal – a married criminal. Her story serves as a precautionary tale, reminding us that when you lie with dogs, you get fleas.
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