Dear Alexandra Penny, I just read your blog rant on “The Daily Beast” about how you lost your life savings in the Bernard Madoff Ponzi scheme. I’m sorry for your loss; but I have to say, I agree with the comments by those readers who say they just weren’t able to feel outraged on your behalf after reading your story. Obviously we don’t have any idea what it’s like to lose our life savings. Most of us have no savings to lose. We’ve always been where you claim you are now - penniless.
I think maybe why some people feel inclined to shrug indifferently after reading your story is that we get the impression that your idea of being a bag lady is having something like a quarter of a million dollars in bank. Even if we’re wrong, even if all you have in the bank is fifty grand, some of us don’t even have five dollars in the bank.
Don’t get me wrong. I completely understand about the “lifestyle cost” factor. If you normally pay out $50,000 per month in bills for example, a quarter of a million dollars won’t last you very long. In that way I appreciate that you really might be in a predicament.
The problem I had with the things you wrote was that your words made you appear as if you lost touch with reality somewhere along the route from working in a fish market and sleeping on the floor to being able to have someone come in and iron your 40 “classic clean white shirts”. I’ll bet you anything Yolanda hates every minute of ironing those shirts. Ironing sucks. There’s nothing I personally hate more. Yolanda probably whistles a happy tune while she works, and she’s no doubt happy for every bit of the money she earns; but I don’t think it rates up there as one of the greatest pleasures in her life to have to iron your 40 white shirts.
What I’m trying to say here is that most of us can identify with Yolanda. Everyday of our lives are spent doing things we don’t want to do trying to make enough money to avoid eviction. Meanwhile your days are spent in a studio painting. Nothing is wrong with that. Like you told CNN, you earned the freedom you’ve been enjoying. You worked your ass for your money and you had and have every right to expect to live exactly the way you want to live in the style you prefer for yourself; but understand why we cannot identify and why we might be offended by the implications made in your post that life down here is so intolerable you’d rather die that be forced back down to earth.
We don’t like life down here either. We all dream of being able to enjoy the kind of life you were able to enjoy for several decades; but most of us will never own a single pair of Jimmy Choos unless we steal it. Nevertheless we have to go on. We have to endure. We can’t kill ourselves. Sometimes we want to, but then we remind ourselves that there’s always something worse. Like someone pointed out, horrible things go on in our world everyday and millions of people suffer worse than even those of us who have to eat Mayonaise sandwiches because we have nothing else but Mayonaise to put in the sandwich.
Maybe we’d feel the same way as you if we made it big and then fell back down to earth; but the thing is, you haven’t really fallen back down to earth. At least not as far down as where some of us are. Listen to the people who commented on your post. Use this experience to help you get back in touch with reality. What happened to you is unfortunate. You have every right to feel devastated; but you share some of the blame. That you knew nothing about investing and trusted the people who recommended Madoff is no excuse. You put your life savings at risk. You lost your money. That’s the nature of the game. Now you figure out how to rebound, and I’m sure with your background you won’t have to pound the pavement. Someone’s probably already made you an offer for a book deal or something. People are calling offering help in the form of $50,000 checks. Sigh. What I wouldn’t give just to get my hands on $500 right now. I need to get my electric and phone bills paid.
The Bag Lady Papers
Life savings gone, ‘Madoffed’ best-selling writer back at work