Property Grunt

Thursday, December 10, 2009

Not too bright.

Not Exactly a Résumé Highlight: Madoff Work

Out of work since federal agents arrested their father, Andrew and Mark Madoff have been wrestling with what to do next, according to people who have spoken with them or other Madoff family members.

Mark Madoff, who worked at Bernard L. Madoff Investment Securities LLC for more than 20 years, climbing up the ladder to director of proprietary trading, recently met with at least two Wall Street contacts to get their opinions on whether he could find another job in finance, people familiar with the discussions say. He talked about working on a trading desk or in trading technology, asking one person to keep him in mind if he hears of any openings.

"He's untouchable in any firm that deals with the public," says someone who talked to Mr. Madoff. He was near tears while describing his feelings about his father, the person added, asking why anyone would bring his son to work at a crooked investment firm. Another person approached by the 45-year-old Mr. Madoff was told by his lawyer not to respond.

Honestly, these guys have more balls than sense. They are branded for life for what their Dad is "solely" responsible for. They should take a page from the book of their former employees.

"I'll never get a job in finance, and I'm one of the lucky ones," says Eleanor Squillari, Bernard Madoff's assistant for many years. She went to beauty school this summer and plans to look for work at a hair salon while selling her handmade jewelry.

Ms. Squillari, 59, lives in a two-bedroom apartment in the New York City borough of Staten Island, near the house she had to sell earlier this year. It makes her angry that former co-workers linked to the fraud still have their big houses and expensive cars. (Ms. Squillari co-wrote an account of her time at the Madoff firm for Vanity Fair magazine, for which she was paid about $50,000.)

Sometimes you have no choice but to walk away and start elsewhere.