Madoff Blame: For Richer or for Schnorrer?

Yes, Bernie Madoff's former clients were rich. And, indeed, with the likes of Alexandra Penney among them, they have often come across as greedy and despicable (though I'm still hoping the Daily Beast stories are ill-advised satire).

The silver lining for the rest of us: Soon they'll be trying to drink each others' blood as those who got money out early will be hunted by the ones who didn't. In terms of entertainment value, it should fall somewhere between the Giants winning the Super Bowl and being duct-taped to the couch during a marathon of What Not to Wear.

On CNBC yesterday, however, I got in an animated conversation about whether we can blame Madoff's victims--the monied, the country-club culture--for their own pain. In short, as much as we'd like to, we really can't.

That is, we can't if we've ever bought a mutual fund based on past performance or a stock that has risen. Did they know Madoff was doing something shady to get his glittering returns? If the Securities and Exchange Commission hadn't figured it out, why wouldn't most investors go along with it too.

Investors chase gains, and gains are what Madoff purported to produce. Maybe the wealthy Madoff investors should be celebrated for acting like desperate paupers and chasing even more loot so aggressively.

While there is talk already in the media about "victim fatigue," the apparent suicide of a French financial executive who lost $1.4 billion of his clients' money investing with Madoff extends that story even further.

Rich people, we suspect, never really realize they are rich. They become successful and just pile up the trappings--such as the horrific Penney's maids, West Palm Beach cottage, and recreational tranquilizers--before someone like Madoff comes along and separates them from it all.

They aren't an easy lot to like, but that shouldn't make them easier to blame.

Dan Colarusso