Kevin Bacon shares his side of the Bernie Madoff Ponzi scheme and how his family was affected by messy money problems.
Kevin Bacon Was a Ponzi Scheme Victim
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In 2008, Bacon and his wife Kyra Sedgwick lost money in the Madoff scandal. They never shared how much money they lost and never really spoke publicly about the situation. The 64-year-old finally felt comfortable enough to open up about the scandal and the shame he felt behind it.
Bacon appeared on the “SmartLess” podcast hosted by Will Arnett, Jason Bateman and Sean Hayes. It could have been the bro vibe in the room that led to his comfort but Bacon shared some truths about the scandal.
Bacon began by sharing he lost “most” of his money during this time. That’s saying a lot because the actress has continued to work in the business since she was in her early teens.
It’s Not Just Kevin Bacon’s Money
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The actor’s wife Sedgwick has also wrapped her money with Madoff as well. He also has long credits for movies and TV series in the business. In short, these guys have ‘schmoney’ or should we say ‘have’ now.
“There’s an obvious life lesson there – if something’s too good to be true, it’s too good to be true,” Bacon said with them.
“Of course, you get angry and stuff, but I have to say, there are a lot of people who have it much worse than us – old people, people whose retirement funds have been completely destroyed,” he realized.
The Madoff scam is the largest known Ponzi scheme in history. The money manager swindled about $65 billion of other people’s money and lived the high life.
Kevin Bacon Is Not Tone Deaf
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The humble actor is not complaining. “There’s always going to be someone who’s going to have it a lot worse than you,” she admitted, noting that she and Sedgwick just did what they had to do and were thankful they still had a chance to get back what they’d lost.
“When something like that happens, you look at each other and you say, ‘Well, that’s bad, and let’s roll up our sleeves and get to work,'” he insisted.
“We have succeeded so far, our children are healthy, we are healthy, you know? Let’s see what we have it’s good. We can both still work.” Bacon soon realized that he still wasn’t complaining. “I don’t think people will like hearing me whine about money.”
The Bernie Madoff scandal
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Madoff has now passed. The financial manager died aged 82 in prison in 2021. He had served 150 years for his financial crimes. Madoff’s sons turned him in to authorities after he confessed to them his fraud.
According to the fund’s website, they claim that they have returned $4 billion to 40,000 victims. This could be where Bacon recovers his “part” of the loss or he can make a comeback by working. He didn’t say that.
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Source: thtrangdai.edu.vn/en/
