Bernie Madoff earns sweatshop wages in prison
The fraudster says he's making $40 a month -- about the same as Bangladesh garment workers.
Bernie Madoff, whose formerly lavish lifestyle included a share in a private jet and houses in Palm Beach, Fla., and France's Cap d'Antibes, is now making wages akin to those earned by Bangladeshi garment workers.
Madoff told CNNMoney's Aaron Smith that he's making $40 a month by performing menial labor in prison. Because his prison phone account was out of money, he had to place a collect call to the publication.
The convicted swindler is making his meager earnings by taking care of the prison's phone and computer systems. That means Madoff, whose name is now a byword for a grand cheater, is earning about the same amount as garment workers in Bangladesh, as the Huffington Post notes.
Bangladeshi garment workers garnered international sympathy over their treatment after a factory collapse killed more than 1,000. (Retailers including Sears (SHLD) and J.C. Penney (JCP) are said to be reviewing a pact to help fund safety improvements at the country's manufacturing sites.) But few Americans are likely to feel anything approaching sympathy toward Madoff.
That's because he engineered what's thought to be the largest financial fraud in American history, creating a Ponzi scheme that led to the loss of billions of dollars for investors. Those who got sucked into his scam included the actors Kevin Bacon and Kyra Sedgwick and the author Elie Wiesel's foundation.
Madoff also told CNNMoney that he has trouble sleeping and blames himself for the 2010 suicide of his eldest son.
"I was responsible for my son Mark's death, and that's very, very difficult," he said. "I live with that. I live with the remorse, the pain I caused everybody, certainly my family, and the victims."
Madoff isn't earning any more or less than other prisoners. The pay scale for federal prisoners is about 12 cents to 40 cents an hour, according to the Prison Policy Initiative. At Madoff's monthly pay, that means he's earning a quarter an hour, based on a standard 40-hour workweek.
It's likely to be a wage he earns for the rest of his life. Madoff, 75, is serving a 150-year sentence.
Follow Aimee Picchi on Twitter at @aimeepicchi.
It bothers me that he would have access to a computer after what he did.
This post is brought to you by Karma. Karma: What comes around, goes around and bites you in your rump!
All of it needs to go back to the people he screwed... every dime
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
More Market News
The solid report comes a month after the retailer closed all of its Canadian operations.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'