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90-Year-Old Madoff Client Goes Back to Work

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Posted on Feb 27, 2009
Thiermann
cbsnews.com

Even though this CBS report seems to want to make a feel-good story out of this one, it’s more the stuff of nightmares, despite 90-year-old Ian Thiermann’s good-natured take on his fate. After being retired for 30 years, Thiermann discovered that he’d lost his entire retirement fund due to Bernie Madoff’s shenanigans, and now Thiermann is working for $10 an hour in a California supermarket.

CBS:

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By Ben Takin, March 2, 2009 at 8:30 am Link to this comment
(Unregistered commenter)

A sociopath with great emotional intelligence. 

http://www.salon.com/env/mind_reader/2009/02/26/bernie_madoff/?source=newsletter

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By Crystal Clear, March 2, 2009 at 7:36 am Link to this comment
(Unregistered commenter)

Ellen,

Unfortunately, I don’t think you can teach common sense.

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By Ellen Grebinger, March 1, 2009 at 4:20 pm Link to this comment
(Unregistered commenter)

What an appalling collection of responses from CJ, Purple Girl and M. Currey.

CJ is angry with CBS, shareholders, the grocery store manager, & exploitation of Mr. Thierman by them for purposes of “manufacturing consent,” aka maintenance of the American myth of rugged individualism & independence in support of the flag (patriotism.)

Without questioning his patriotism, I don’t think Mr.T’s first concern here is the flag.  He got stuck with a problem-theft of a big part of his income-& sought a way to solve it with dignity & self respect.  He may be a victim, but he doesn’t to want to make it a career.  Is he sad, worried about appearances?  I think he is a practical man with 90 years of experience living, giving him an enviable cool & self confidence.  Other people worry about appearances, not him. 

CBS exploiting Mr.T is far fetched.  I don’t for a instant believe that they would support or excuse Madoff’s activities.

The grocery store manager may or may not have been motivated by sympathy (shame!) but appears to have gotten a good deal.  I don’t refer to the $, but to Mr.T’s attitude, abilities & willingness to engage with the job & the public on behalf of his employer.  I worked in retail & service for many years.  Mr.T is an unusual & valuable employee.  Lucky (smart) store manager. 

Further, Madoff is NOT a fall guy/stand in/symbol.  He is an evil,/amoral individual responsible for his own choices & actions.  Justice needs to be the focus here for Mr.T & the country.  Madoff deserves as much retribution as the law can dish out, including depriving him & family members, friends & associates of any profits gained by his actions & received/concealed by them.

Purple Girl: By your reasoning when people retire or get old, they lose their rights/equality with you.  You suggest family members need to step up & remove them from society into eternal dependent care.  You suggest they should resign themselves to whatever level of comfort a Social Security check may or may not provide.  Or you suggest, if they were really decent, responsible people, they would sell their homes, because they bought them so long ago, they should apologize that they might be worth more now.  “Put cash in their pocket faster that $10 an hour.”  Is this a get rich quick scheme-sell your home, don’t work for a living, live off others? 

You suggest Mr.T’s debt & family obligations aren’t as real as a young person’s.  To suggest that a man who is willing to return to work at age 90 for $10/hour after his total retirement savings was stolen is only a money grubbing, self indulgent, dilettante puts shame on you, not him.  If you or someone you know is seeking a job, you would do well to replay the video & take lessons from Mr.T on how to be a great employee.  Mr.T is a 90 year old citizen of this country, with all rights thereof & same right to exist as anyone else.

(An aside: assume Mr.T earned 4% on his $700,000 = $28,000/year.  At $10/hour he must work 2,800 hours to earn that.  This means about 54 hours/week for 52 weeks/year.  This is not “cushy.”  And what is minimum wage?  We need a LIVING wage, & unions to get it.)

Margaret C.-  Mr.T &  wife live in their “modest home,” not a retirement center.  Why expect him to “move down the economic ladder” because his retirement savings were stolen?  He is as entitled to work to support himself & his aspirations as anyone else.

There are plenty of things to anger us in the current economic situation, & hopefully enough anger in us to insist on change.  My immediate reaction to the video is to wish Mr.T & wife well for the future.  What happened to them is unforgiveable.  If we want a silver lining here, it’s Mr.T’s life lesson to us all in these times of great personal insecurity that we don’t have to cede control of our lives.

“Yes we can.”

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By Crystal Clear, March 1, 2009 at 12:32 pm Link to this comment
(Unregistered commenter)

If he gets seriously ill—the cost of his medical care will take every last asset; he won’t even have his modest house. You have to be indigent to get Medicaid.

Actually Madoff should be the one handing out flyers for $10.00 an hour—on second thought; maybe Madoff should only receive the minimum wage.

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By Margaret Currey, February 28, 2009 at 5:16 pm Link to this comment
(Unregistered commenter)

It seems that he could make ends meet but that would mean he would have to move out of his retirement center and live in housing owned by HUD, but some people cannot move down the ecnomic ladder so they would rather take a job from a younger person with a family.

But that is up to the manager of the store.  Maybe he wants a senior person to do the job he does.

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Purple Girl's avatar

By Purple Girl, February 28, 2009 at 9:48 am Link to this comment

Does he not have a family? Does he not have a Social Security check? Does he not have some other assets which could be used.People his age bought their homes for what would be considered a ‘Song’nowadays. Wouldn’t selling it even in this economy still make them a profit? Put cash in their pocket faster than $10 an hour.
No doubt those who have no other means of survival, should be given an opportunity to work.But those who just want a little more ‘cush’ need to step aside and let those who have real debt and real family obligations to take those jobs.
I got a personal gripe with those who seek paid employment just to retain their nesteggs, make life a lil’ cushier, to Reduce Retirment bodedom or assure an inheritance for their kids while others are having a hellova time just putting food on the table for their family, or keeping a roof over their heads.
Sorry in Normal economic situations I’d be cheering him on for his vhim & vigor, but frankly considering the dire straits so many young families find them selves in, this atricle just makes me think, Who’s job did this guy just take?

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By CJ, February 28, 2009 at 12:27 am Link to this comment

The network of acutely conscionable Edward R. Murrow has by now sunk to unconscionable shamelessness with which McCarthy carried on back when the same Murrow called a right-wing demagogue spade a despicable spade.

Apparently, at the time, backed up by CBS management (at a time when managers were still allowed to run operations without interference by know-nothing, coupon-clipping shareholders). That management by now become even more yellow-bellied than grocery-store manager who appears in this pitiful bit of propaganda, delivered up as feel-goodism by means of exploitation of Mr. Ian Thiermann and his wife.

Nightmare, indeed. Obviously to any half-aware of the ways by which media exploits for purposes of (Chomsky’s and Hermann’s) manufacture of consent, aka, maintenance of myth. Namely, the myth that claims that Americans are a tough-but-also-giving/loving people perfectly able and willing to suffer any injustice, any indignity so long as on behalf of the flag (big capital hiding behind flag).

Mr. Thiermann has now been exploited for the third time: First, by Bernie Madoff (who is merely fall-guy stand-in for any brokerage and/or bank); second, by mealy-mouth store manager; and now, third, by CBS.

Is Thiermann really so remotely cheerful about it all as he appears? Or does he appear as he believed he was supposed to appear? All the while in tears on the inside.

THIS piece of crap is seriously wrong!

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