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September 20th, 2012
10:52 PM ET

David Sheehan on Bernie Madoff: "He went after people who were his friends, relatives, known acquaintances...and got them"

More than three years since Bernie Madoff was sentenced to 150 years in prison for bilking investors out of $17.3 million, some of his victims are beginning to recoup their losses.

As checks totaling $2.48 billion were mailed to 1,230 former customers this week, on Thursday "Piers Morgan Tonight" welcomed the three men overseeing the efforts to reimburse those swindled by the 74-year-old former financier.

Joined by Irving Picard, David Sheehan, and Stephen Harbeck for a candid face to face interview, host Piers Morgan asked one simple question:

"What do you think of Bernie Madoff?"

"The way to look at Mr. Madoff, look at who he victimized. That will give you insight," explained Sheehan, Chief Counsel to the SIPA Trustee. "He went after people who were his friends, relatives, known acquaintances, etc. And got them...[He] had no qualms whatsoever about stealing other peoples monies for his own purposes."

Offering his own opinion, Morgan described the man who engineered the largest Ponzi scheme in American history with a question:

"He's a pretty despicable human being, wasn't he?"

Measured initially, Sheehan held off, saying "I don't know that I would go that far."

His colleague, however, wasn't nearly as politcally correct:

"I think that works for me," admitted Harbeck, President and CEO of the Securities Investor Corporation. "Despicable works for me."

Watch the clip, and listen to the interviews, as the three men further elaborate on the Madoff liquidation and their efforts to repay defrauded investors.
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soundoff (One Response)
  1. RJ FRASER

    HI Piers,

    One does not show a picture of a guests ex wife when one is going to have thaT guest on. It was bad judgement and poor taste on your behalf. Your the idiot not kelsey Grammer.

    September 21, 2012 at 10:22 am | Report abuse | Reply

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