John Akerson's Thoughts

Business, technology and life

Sad Suicide

Mark Madoff’s suicide touched me. 

On the morning of December 11, 2010 — exactly two years after Bernard’s arrest — his son Mark Madoff, age 46, was found dead in his New York City apartment. The initial ruling for the cause of death is suicide by means of hanging.”   I did not know Mark Madoff or any other member of his family. Mark Madoff profited from an enormous Ponzi scheme that his father ran from a business that MARK worked for – for more than 20 years. He profited from his father’s scheme that resulted in the destruction of billions of dollars of wealth, charitable foundations. It was a scheme that has inspired/caused/incited other people’s suicides.  

Mark Madoff and his brother Andrew probably understood or should have understood what was going on. They were educated and experienced.  One had a degree from the University of Michigan and the other a degree from the Wharton School. Both had worked for their father’s firm since the 1980s.   (Ironically, they worked there from around the time that Michael Douglas’ oscar-winning performance as Gordon Gekko who said that “that greed, for lack of a better word, is good.” in Oliver Stone’s Movie: Wall Street)

Given Mark’s involvement in the family business, it is amazing that he and his brother turned their father in to the SEC. It is possible, as ABC contends, ‘I’m going to say you knew nothing about it, because I’m seventy years old, you’re forty, you’ve got children. So I will take the fall for this.’  It is also possible that they realized what their father did, and turned him in because they felt ethically compelled to do so.  It seems that their family has been destroyed by their decision to turn in their father.

Mark’s Mother Ruth Madoff – his estranged mother – blames his father for his suicide.

I am saddened by Mark’s death. I know what it is like to lose a parent. I know what it is like to feel pressure.  I cannot imagine what it must be like to have an $80m lawsuit filed against me, to have bankruptcy trustees after me, to betray my father in an act that results in a 150 year prison sentence, and to live with the aftermath.   There’s a small list of people who understand that – probably only one now:  Mark’s brother Andrew.  

I don’t for a second condone what his family did and I don’t think anyone should. Yet his suicide still touched me. I feel sad for his family and for his children. His children will now grow up with a grandfather who is in prison and knowing that their father killed himself, hung himself with a dog leash on the 2nd anniversary of their grandfather’s arrest. In committing suicide, Mark picked a final, sad way out for himself.   I don’t think  are any ethical lessons beyond the WAY obvious ones. There’s no techie thing here, no marketing thing, no business thing – just a human thing.

Mark Madoff’s suicide is just sad – just a sad suicide.

December 13th, 2010 Posted by | Business, ethics, Life, People | no comments