Guys like Madoff abuse the word "Trust" which is the basic foundation of all agreements. Once this is damaged it causes problems for all following agreements -even legitimate ones. Something the US Congress should heed.

Smokey, Chicago, USA

If making money is all about smarts and business acumn how come so many stupid people have vast amounts of it? I would rather be lucky than smart anyday.

David, London, UK

Most of the people hurt by the Madoff scandal aquired their wealth by doing similar acts or inherited wealth from others who did. ' Behind every great wealth lies a crime' Voltaire.

David, London, UK

Mrs. Bettancourt if she was the only investor lost 8 % of her net worth at worst.
The average investor even with the best balanced financial portfolio has lost 25 - 45 %. It's hard for me to feel bad for these type people people who've gotton swindled.

teebubba, Pittsburgh, USA

This didn't just affect the "super rich", as some of you put it. Within days of this scandal breaking over a dozen charities closed their doors...for good. How many people that are already being affected by the current crisis could those charities have helped? It's easy to let envy blind you to evil

Mathew, Sioux Falls, SD, USA

The fat cat bosses who have invested some of their cash in this ponzi scheme will now want a pay rise to compensate for their loss.

Who do you think will be paying for it? That's right, more cost cutting job cuts at the bottom end of their firms.

Just in time to up their Christmas bonuses!

Fred, Moray, Scotland

Most of you dont really think. if you dont feel bad for the "rich or are in the Rable rable rable rich are bad camp" i got news for you if there are no rich then you have Rich Beaureacrats which are even worse, think Stalin communist Russia, that is what the world is like with out rich people1984

Mark T. Davies, Ft. Worth , Texas

Just a question? Where did all the 'lost' money gone and I am talking about all the crisis 'money'? It can't just dissapear?

Senis, Vilnius, Lithuania

The rich feel it while the poor have no food, I pity you.

whonhung lou, Beijing, China

Some people have not enough food to feed themselves, I feel no pity for these people should of been more wise. Did they not realize that the returns where to high?

bill , Liverpool, England

Does it make you wonder how many others are still doing this? Mr. Madoff could not be the only one!
Out of millions of businesses and foundations? Before this, I never heard of the guy!
Also, one should work their own money! What were these people thinking?

T Andrews, Nashua NH , USA

Apparently, a lot of these people knew exactly what Madoff was doing and, as they say, wanted a piece of the action. Too bad they didn't get out in time.

andrew pearson, Montreal, Quebec

This whole story reinforces once again that you can never trust others with your money, and must learn to take care of it yourself.

Adrian, London, England

Did Madoff or any of his Companies make political donations? Will those monies be returned to The Administrators?

When wealth is created as a result of genuine risk taking business activity, who has a right to complain? When it materialises at the end of "Public Service " in Cash or Pension?

Alan, Florida,

Rest in peace, Mr Villehuchet, clearly you were a good man who took your responsibilities seriously. I hope that you will be missed, and I'm sorry that you felt the need to surrender something that we cannot replicate (life) for something that we can (money).

My condolences to the other victims.

Vicki, York, USA

From what I understand, I don't think the money actually existed anywhere except on paper. Stocks aren't hard currency. Besides, the stock market is a gamble NOT a gaurantee, hence, playing the market. Don't you remember what Grandma used to say: if it sounds to good to be true, it usually is.

Liz, NYC, USA

This fortune has been made largely from putting hydrogen peroxide and amonia into a box in order to change the colour of women's hair.
The products have been tested on countless animals who have suffered as a result.
And all for what?
It's time we got our values straight.

CMB, Tonbridge, UK

A big problem with diversification in a situation like this is that this investment scheme will no doubt affect many other investments the world over. Everything is tied together someway or another and a catastrophic disaster like this will affect everyone that invests in almost anything.

Wayne, Fort Worth, USA

Wealth (money) is evidence that you produced something of value that others are willing to buy. Producing things of value employs others. I love it when I see a rich person and strive to be rich myself.

Viva la Rich!

Cole Thompson, Laporte, CO, USA

There was an article a couple of days ago where the money that was stolen was for trusts funds that were used to help the impoverished. So, he stole from the poor as well as the rich. This isn't just about the wealthy losing their money!

Terri, Hagerstown, USA

Why do the very rich, e.g. Liliane Bettencourt & Madoff's other victims, invest their already stupendous wealth in hedge funds and short-sell securities? Unlike the rest of us plebians who, if we have money to invest at all, use prosaic instruments such as T-bills and CDs? Greed?

Eowyn, Berkeley, USA

Awwwww, rich people losing money - boo hoo. Who cares?

Robert NYC, NYC, USA

Oh no! I shall cry a zillion tears that this poor multi-billionairess has lost a few schekels. Humbug.

Scott, London,

Why isn't this guy in jail. A poor guy holds up 7-11 for $15 and
is locked away for good.
This crook is dining on lobster, shrimp cocktail and the best
french wines.

Then he will appear in that great country of Switzerland, the haven of crooks.

Lock him up.

joe willy, Tampa, FL

Don't feel sorry for anyone in the stock market, funds accounts etc. I'm in it, too. All are speculators. Some went after something that seemed to be too good to be true, and found that it was. Ya ante up, and takes yer chances. But, they learned that if you mess with the bull, you'll get the horn.

BeanerECMO, Lady Lake, US

The name Madoff should have told you something. He had made-off with your money.

jack davis, albany, usa

It's a shame she was swindled, but I guess she will not be claiming any state support. The question remains, what happened to such enormous sums of money?

Colin, Shrewsbury,

For this reason I never invested in any stocks. I just never trusted anyone else with my money.

C.R., Mt Airy, USA

Why are you people so jealous? If you had that much money you would do the same thing try and make it work for you the best that you know how. Why settle for .05% return when you can get 5% or more. If you work smart you invest smart. You should all try and improve and then save the planet.

Donald, Baltimore, USA

As I understand it, Madoff was paying out well over normal interest rates on his 'investments', say 10% when other investment funds were paying 5%. So it seems to me that those who had been with him for some time had been getting an extra 5%, so haven't really lost as much as they think.

David Scrivener, Shepton Mallet, UK

Get out of the American-UK financial casino.

If you have anything left.

And if you leave your remnants there - pity that you are a slow learner.

John Ish Ishmael, Toronto, Canada

Are we so self centered and jealous as human's to think that the rich deserve this. A crime is a crime no matter what income you are. This scheme no only affected the rich but also wiped out many people's retirements and left them penniless. I am ashamed at some of the comments here.

teresa, Dallas, USA

Oy Vay, such a deal.

ppopppy, Dubois, USA

How was this ever allowed to happen, and why did they not follow their investments, sounds like the regulators failed yet again!!! If they can afford to invest billions, more fool them into one fund! I feel for Mr Villehuchet, he got taken in, and commited through shame, cant be nice.

Simon, warwickshire,

And we should have sympathy with her why? Tough luck.

Jim, Dublin,

The wealthy people that put all their eggs in one basket must have a different idea of what is known as investment diversification. It simply means spreading the load in DIFFERENT baskets----- not looking for one BIG basket.

Jay, Houston, USA

TO THE STAFF OF THE TIMES who are working on Christmas Day: Thank you!!!....and Merry Christmas!

Garth Rex, Glendale Heights, USA

If you have $23 billion, why not live comfortably on $1 billion and donate the rest to a worthy charity? Or be like Bill Gates and start your own charity. If this woman had taken an interest in solving real-world problems with her money, she would never have fallen for Mr. Madoff's scheme.

Brian, Washington, DC, USA

As a poor man, if i had $1 in my pocket, i would invest it, but for sure i will track how that $1 is used. As far as i know, Madoff gave them more interest than competitors, come on, when something act diferent than others, it's a sign that something is going wrong. Avarice is to blame, no doubt.

DIEGO, MARYLAND, USA

Sorry fact is those who dont diversify are always punished.

The SEC is also going to break records with all the lawsuits coming.

Bill, Toronto,

I always wonder about those that deride the wealthy. The wealthy provide the funds for investment which provides money to industry and business,and good investments by the waelthy helps us all.
Ask yourself this. When was the last time you were hired for a job by a poor person.

satch, Delphos, USA

This is statistics, not economics ... regression to the mean wealth for these privileged souls' progeny has been expedited by a common criminal.

Franz, Princeton, USA

The "they got what they deserved" comments are not the product of class warfare. Most working class americans as well as those that own small to medium sized companies never have the opportunity for first crack at IPO's and similar investments. Try justifying the bailout of Long Term Cap Groth.

matt, chicago, usa

Frightening to read some of the socialist comments. I cannot understand those who criticize the wealthy. The vast majority of those who lost their investments were quite generous in their contributions to humanitarian causes. They are part of our economy, as well. No one "deserved" this.

Steven Sloane Newburgh, West Palm Beach, U.S.A.

der Warheit: Not all wealth comes from theft. Wealth is generally created when you take something like raw materials metal, glass, wood etc. and create something useful from them. The problem with investment firms is that they don't create wealth. They just stir existing wealth around.

Matthew Colver, Castle Rock, Co, USA

der Wahrheit has never read John Locke. 99% of American wealth was created, not stolen, by the first person to homestead the natural land and improve it (i.e. turn it from an unproductive, rocking patch to a irrigated farm land capable of growing food).

Joe, Leesburg, USA

Wealth is context dependant One with an income equivalent to 5 eggs a day would be called wealthy in a community with an average income equivalent to one egg in 30 days. Peter c makes a typical socialist comment to say that All wealth begins with theft. Surely forcible sharing of wealth is theft.

Andy D, Ramsgate, UK

"All wealth begins with an original theft..." It is sad to read
the posts that reflect this view. Most wealthy people attain their wealth by very hard work, discipline and thrift...and by using their intelligence and initiatives to produce marketable goods and services. The lazy don't get rich!

Garth Rex, Glendale Heights, USA

Certainly a significant portion of the $50 billion should be recoverable - it didn't simply vanish into thin air. It may take years to ferret out where the money is, but it IS somewhere. Not sure why, but newsreporting on the Madoff ponzi scheme generally has the tone that "all is lost".

Peter, Lima, Peru

How many of you who are complaining about the wealth of the wealthy would give YOUR wealth away? If you won the lottery for 20 million dollars, wouldn't you invest some of it to increase/maintain your wealth? How much would you give to charity? And how much is it ok to be swindled out of?

Cathuy, Freehold, US

If one spends their fortune with no action to replace their expenditure, eventually they will be left with nothing. Perhaps the British still haven't learned this lesson, even as the last generation of your aristocracy find themselves without the vast fortunes their forbearers enjoyed.

Jordan, New York, NY

To be cheated by someone you trust is always a difficult situation. Losing money is also difficult when it comes from hard work. Wealthy or poor is relative. "What shall it profit a man if he gain the whole world and lose his own soul?" These are the words to ponder from Jesus the Messiah!

Roy, Sugarcreek, Oh, USA

I am alone, out of work, about to lose my home, having spent my retirement money and home equity to live - too proud to ask for help - and wondering how I will get by until I can officially retire in two years. And I feel guilty that I may die owing the banks money. Happy Holidays! ;)

Will S, So Calif, USA

easy come, easy go

peter c, Devizes, Wessex

All wealth begins with an original theft - whether it be a "king" and "knights" who forcefully subjugate a population by force of arms and declare a "right" to property, or some sort of clever swindle, such as "buying" Manhattan for a few glass beads from unsuspecting aboriginals.

der Wahrheit, Missouri, USA

It is wrong to begrudge the wealthy their wealth. One has to be skilled & capable to build such fortune, and it is quite right that those who have the ability to do so should become wealthy. They are morally bound, however, to do good with such wealth. That will prove their true worth before God.

DMF, Montvale, USA

IF I understand the scheme correctly those who invested at the start should have made money not lost it.

Andrew G O'Donnell, Sacramento, CA .USA

It's my understanding you had to be somebody to invest with Madoff. Not just anyone could. People who did apparently sought him out. So, most of that money did come from the wealthy, and not from us everyday folks. Guess why? He always showed a profit, even when everyone else was losing.

Ken B, Oak Ridge, USA

Spend your way to prosperity? Humbug! : - @

Joe Rodolico, Taipei, Taiwan

The 50 BILLION dollar question...is: " What happened to the 50 billion dollars?" There has to be much more to this than a simple fraud perpetrated by one man: No one man can reasonably spend anything close to a billion dollars in his entire lifetime. This may be an international conspiracy.

Garth Rex, Glendale Heights, USA

Surely a more appropriate headline would be that M. de la Villehuchet is the latest victim of B. Madoff's criminal activity. Mme Bettencourt merely lost some of her money and some perceived status. M. Villehuchet felt so desperate and trapped that he took his life.

Alison Currie, Abu Dhabi, United Arab Emirates

The Department of Justice needs to go after Madoff's family fortune. Madoff is smirking because he thinks that his family will be able to keep all the money gained from his Ponzi scheme.

Tony, Alexandria, VA, USA

It is greed all the way. The rich wanting to become even richer & some poor wishing to become rich. Against this background, the majority poor become even poorer. If the financial crisis had not occurred, the scam could have continued undetected. Is this a warning from above or Kharma?

Lim, Johor Bahru, Malaysia

All these rich people thought they knew better than the common folk. They had an in on all these high returns and see what happens when you get greedy. So sorry someone committed suicide, you feel for him and his family.

Kay, San Antonio, USA

Pity monsieur de la Villehuchet and his family, this Christmas Eve.

Laura, London,

It is too bad that this man, de la Villehuchet, felt that everybody invested in his fund would sue him. He took too much on his personal shoulders. RIP sir.

Miss May, Chattanooga, Tennessee, USA

You have to realize that while some billionaires lost portions of their wealth this also affected individuals who were not wealthy enough to retire as well as some excellent charities, some having to close their doors for good. Don't assume that every investor involved was fabulously wealthy.

Scott Emory Pace MD, Muskogee, OK , USA

The Love of money is truly the source of pride. These people had so much they thought that they were deserving of it. Unfortunatly we will hear of many more in days to come. Madolf however will keep whatever he has hidden for himself but will not see any of it.

Kenneth Kehl, Corona, USA

Compassion is not one of my weaknesses, but I find it nearly impossible to feel or comprehend compassion or sympathy for the ultra rich and their downfalls. Most of them have little to no clue as to the real world . Whenver disaster occurs, most would retreat deeper into their world.

R Reyes, Reno NV, USA

I do have sympathy for the folks that invested with Madoff, especially those who invested their life savings with his firm. He played trusting people who had no reason to figure he was a criminal of herculean proportions. This whole episode is not only tragic but his behavior is truly baffling.

TAL, Portland OR, USA

I'm sure nobody feels bad for these very wealthy people. Some of them lost a lot of money, but they still have much more then most people could ever dream of having. The really rotten thing is that Madoff also ripped off lots of charities. This guy makes Scrooge look like Santa Claus.

Ryan R, Columbus, OH, USA

People, Charities, and Firms have been ripped off and the admitted thief, and his family, continue to enjoy the fruits of their illegal gains. Under House arrest in a 8 million dollar apartment, and his sons still free and living the good life. Just doesn't seem fair to me.

Bill, roch, usa

While in the past I'd have shared these harsh views I've been really close to lose everything I had in the Icesave collapse & can now understand what they are going through. Yes, some of them are scandalously wealthy, but they've still been victims of a crook and let down by the regulatory system.

Anna, Leeds, UK

We need to replace resentment toward the rich with a new resentment toward the able but non-working poor. People who have abilities but no work ethic are soaking up resources that could be sent to the truly starving in other countries. They are a demanding and insulting lot.

Clyde, Alberta, USA

I have never read so many socialist comments on one article in my life. Yes, many of these people MAY be self indulgent and arrogant. Yet by their daily actions, they help people. BIg restaurant tabs, builders, grocers, florists,clothiers, gardeners, maids, driver, etc are able to feed their family

larry , Dillard, usa

To say that the wealthy create jobs is a distortion, a bit hannity-esque. Businesses create jobs. Wealthy people placing huge amounts of money in an "investment" is not creating jobs. it is hoarding.

Edward Benoit, Morristown, NJ, USA

The wealthy are easy targets since so few truly reach that status. I would be considered rich by many, however I took huge risks and worked 80/hrs/week to get there. I pay my employees extremely well, give much of my time and money to charity, and mentor others, yet you would cheer my misfortune?

Steve, Phoenix, AZ, USA

I do not mean to sound harsh or petty, but I am having a terrible time finding sympathy for these people. The news coverage is doing them no good, as the only detail is the titillating numbers of their fortunes held and fortunes lost - not a single word of whether they did good with that money.

Rebecca Whetstine, Portland, , OR

Although that the sums involved are huge, these people or parents of them have at some point also worked very hard long hours and given up a great deal in their lives to build these huge empires. They are victims in this case to people who couldnt be bothered to do the work, freeloaders.

W Tsang, Dudley, UK

All is well with your comments. Because us have wealth some are against us. What we see in the story is that we are all equals no matter the amount of cash we have. And, that someone is always trying to abuse our trust. Until integrity steps in, this will carry on. Let us bring back integrity.

Michael Anderson, London,

I am suprised at the bitter tone of some of the respondents to this article. It should be remembered that scandals like this effect the actions of every investor, large or small and the outcome of this is likely to be significant disinvestment with subsequent implications for jobs and industry.

David Nammory, Liverpool,

I don't understand sooooo many people. Whether "Rich" or "Poor" most people are putting life on this planet in the category of "how much money does one have". It mind boggling. ...."money is as money does" and surely is ONLY material goods.

annie, Apex, USA

I don't feel sorry for someone who's greed overrides their intelligence.

john Hernik, Montreal, Canada

I would love to lose a billion or two - it would make my day!

Tim, Rome, Italy

"Would someone tell me why the world's wealthiest millionaires and billionaires found a need to improve their wealth status."

Because this is America; and everyone has the right to pursuit wealth and freedom.

Bob, New York, USA

It was said long ago by a French philospher"Behind every fortune is a crime"......

Savage, Boston, USA

I sense some jealousy amongst most of the comments and satisfaction that billionaire or millionaires have lost huge amount of savings. Many of these super rich give very generously to charities and it was also charities and pensions that lost huge savings. This is a major financial disaster.

daniel, london,

a billion in manhatten,a million in london,one hundred thousand in liverpool,one thousand in tunisia,one hundred in eygpt,ten in kenya,one in sudan,one cent in zimbabwe.decide who loses the most or mabye who gains the most?

danmark scot, juesminde, danmark

Would someone tell me why the world's wealthiest millionaires and billionaires found a need to improve their wealth status by following the richest groupies to Madof. My heavens. If you can get 6 % on each of your millions, is it greedy to want 12 %? Absolutely. Feel sorry for them. No way.

Shirley, New Port Richey, FL, USA

Unfortunately the wealthy investors are also those who employ many, many wage earners. So when the wealthy lose money, however it is lost, everyone loses. Where does your 401K or retirement invest your constributions? Be sure of the facts before saying you aren't affected by schemes like Madoff .

Elaine, Kansas City, USA

Once you put money in someone elses hands, then be prepared to never see it again. End of Story.

wayne, boston, usa

Inevitably, some people would say they don't feel sorry for the rich losing their money. Stop and think, will ya? Some of these people did not inherit their billions, they worked hard for them. Fraud is fraud.

Sam, Tampa, USA

This whole crisis lends creadence to my theory that, "If you use a broker that is what you will soon be". If you don't have time to manage your money -- just exactly do you have time for? These money managers all read the same reports by the same lame analyst

Martin, Blair, USA

That might be so Farrukh and very noble of you. However, some of these people didn't get their money by working for it, only by exploiting a system where the ordinary guys earn the money for them: through GOOD HONEST WORK. The rich guys take the pickings and favours all the time.

Andy, Bangkok, Thailand

Why do so many of you begrudge the wealthy? Class envy has been drilled at the working class for hundreds of years and comments on this board seem to reflect that it has worked. How many of you would turn down a chance to be a billionaire?

Steve, Crete, USA

Should we criticize Madoff, when the US government does the EXACT SAME thing with the Social Security "Trust Fund"?
Oh, the HYPOCRACY!

Wendy Weinbaum, Dallas, TX, USA

Not good when anyone is cheated, however, I have just seen an ad for loans against car ownership, it only charged 437% apr!

So the cheats and life suckers are still out there, feeding on greed, fear or outright need and desperation.

Be very careful!

Tom Taylor-Duxbury, Ludlow, UK

How is it that I can't feel sorry for these over-rich people whose fingers have just been severely burned? Is it the pursuit of yet more wealth on top of what they already have, when what they already have is more than you or I can dream of? Just feel that a little karma has been revisited.....

Ian Dickson, Brighton, UK

A crime is a crime, whether its abuse of resources resulting in poverty and hunger or theft. If you recognise one but not the other then YOU become the reason why the world is suffering, just as much as those who horde their wealth. Justice is for everyone, not only the poor and impoverished.

Farrukh, Woking,

Previous commenters seem to miss the fact that although these super rich people may not miss a billion or two, it is the less well off amongst us who will. 'Investors' put their money into funds that are then used to buy companies that support our jobs. Who owns the company you work for?

Kieren, London, UK

'Greed is good' well maybe not for these people, higher than average returns tempted them & now they have to pay the price. It is no wonder this world is in such a mess when the rich only want to become richer at any price.

paul, measham, UK

Guess she's not 'worth it' anymore.

Peter, Sittingbourne,

Suicide because of losing money?. They should try living on the minimum wage for a bit.

P. Auper, Hull, UK

It's only a small part of her fortune - she should be able to eke out an existence on the rest.

My true sympathies are for those who have lost everything, or who feel they have to commit suicide through shame.

Ian Tinn, Slough, England

So even if she had 90% of her holdings in the scam, she would still be far richer than 99% of the people that read this article. She would still have more money than she would ever need - i wonder why i am having trouble feeling sorry for her!

Dave, Cambridge, UK

For these mega-billionaires, a billion here or there does it really matter.!!! She most probably wont even miss it.

louis, Liverpool, UK

Such wealth is positively indecent for one human being (no matter how it was acquired) when there are thousands of people in every part of the world who suffer poverty, homelessness and degredation. I have no sympathy for such individuals. Easy come...easy go

Arthur, Kings Lynn, UK

I don't wish to be churlish in any way, but the sums talked about here are so far removed from the majority of people's lives as to be meaningless.
There are millions starving and dying every day on this sick planet, the tribulations of one ridiculously wealthy individual are irrelevant.

mike rigby, blackburn,