Disneyland is presented as imaginary in order to make us believe that the rest is real, whereas Los Angeles [is] no longer real, but belongs to the hyperreal order and to the order of simulation. – Jean Baudrillard
How could we have all been so blind? Keith, one of the FBI agents, summed everything up very simply: “I’ve never seen a place like this,” he told me. “You were all living in Disneyland!” - Eleanor Squillari, Bernard Madoff’s secretary, in June’s Vanity Fair
In my ongoing morbid curiosity about my former employer, Bernard Madoff, I read the recent Vanity Fair article by Marc Seal, “Bernie Madoff’s Private World.” It’s the companion piece to the April article also written by Seal. The June article, however, is essentially co-written by Madoff’s long-time secretary, Eleanor Squillari, so you really get an insider’s look at the operations over there. Now, you may know that I’ve been basing all my Madoff posts since Bernie got arrested on this post, which I wrote long before any of this mess hit the fan. Of course, since then I’ve learned that I worked in the heart of the Madoff fraud, probably sending out fraudulent statements to clients/victims. The Vanity Fair article adds another dimension to that, and some – to me – jaw-dropping updates. The article is written in the first-person from the perspective of Squillari, Bernie’s secretary. Here, then, are the relevant portions:
The 17th floor was a different world from where we worked. Whereas the upper two floors were modern, with everything state-of-the-art, on 17 the corporate image didn’t seem to matter. The desks were close together, the computers were antiquated, and the printers were old ink-jet jobs, not the laser printers we had in our offices [tpspn: it's funny that I remembered the main printer in exactly this way, that it impressed itself so clearly on my memory]. …
The two people who ran the floor, Frank DiPascali and Annette Bongiorno, had once lived next door to each other, in Queens. Annette handled Bernie’s seasoned clients and managed her staff on 17. Short, tough, and overweight, she was rigid and guarded at work. [tpspn: compare my description of her in the original post as "She was a completely round woman, maybe 4 foot 8, implausibly round like a circle drawn perfectly by hand. She was an Italian from Brooklyn who had started off as the founder of the firm’s secretary 25 years before, when it was a very small operation indeed. She’d then made the inevitable ascent to office manager and then operations manager, largely behind her tyrannical personality. Some of the impeccably educated full-timers noted bitterly that she’d never been to college. I saw her make at least three of these people cry in the eight weeks I was there."]…[M]uch of her wealth had to have come from Bernie, whom she had worked for since he started his business, in the 1960′s.
Annette’s staff of six were mostly low-level, clerical women, many of them working mothers, who probably made no more than $40,000 a year. They were young and naive, with no background in finance, so they weren’t able to connect the dots. Annette allegedly instructed them to generate tickets showing trades that had never been made, at least two of them reportedly told prosecutors, and they simply did as they were told (Bongiorno has not been charged with any wrongdoing.
I knew these women. Two of them, Winnie Jackson and Semone Anderson, would come up to 19 every day to deliver figures. Whenever I went downstairs, they were always busy doing paperwork while Annette watched them like a hawk. Once, I remember Annette had the phones removed from her employees’ desks after she became concerned that they were making personal calls. She treated them like children. …
In Annette Bongiorno’s area, located across the floor from Frank, were Winnie and Semone and four other women. Every day I would receive a report with all of the figures from Winnie or Semone and another report of wire transfers from the cage.
This is amazing to me because it’s just as I remember it. But more than that. I closed my other piece with the following:
I never really quit that job. I just called the temp agency one Monday and said I wouldn’t do it anymore. The woman at the agency was really upset, since the firm had apparently started speaking to her about hiring me full time, a revelation so absurd that it simply floored me. They hired Tasha instead.
Now here’s the jaw-dropping part. Temp #1, or “Tasha,” in my previous post is Semone Anderson from the Vanity Fair story. She started the same day I did, and they were set, according to the temp agency, to offer me the position that she eventually took. This is curious to me. I get in there and last about 8 weeks before the mind-numbingness of it all finally kicks in, and I just drop it, the whole job. Here’s how that really happened. I was up in Binghamton for the weekend visiting she, who was still in college at the time. I was supposed to take a bus home on Sunday night, but I just said fuck it. We even got to the actual bus station before I decided to stay another day or two. What about Madoff? she asked me. Fuck ‘em, I said. I’ll find something else. I remember calling the agency early Monday morning and telling the rep, who was notably upset, first because I was bailing on a perfectly good revenue stream for the agency (I believe it was called Cross Temps) for no apparent reason, and second because they get some payoff if you’re hired full time. I turned to she when I got off the phone: “I think she’s pissed,” I laughed. Well, they got the payoff for Tasha/Semone. What’s incredible to me is that she stayed there for the remaining damn near 13 years, and is so inextricably mixed up in this now world famous and historical Ponzi scheme that her name is appearing in Vanity Fair and the Wall Street Journal! For a job that I fairly casually discarded on a whim, and pretty much left behind without ever looking back.
It’s an odd thing to think about, I guess. But it also goes to two points. First, these finance jobs are the route to some kind of bourgeois life for many working class people in urban areas. Tasha/Semone started at Madoff by stapling and folding on the same slushy January day that I did. Thirteen years. It was her career, and would have gone on in that manner no doubt for as long as they’d pay her. Indeed, Madoff himself and DiPascali and Bongiorno (the latter two haven’t been charged with anything, of course – though this shocks me) all have fairly modest upbringings, like all the fraudsters in the last few financial debacles. (I also sense a pattern that might explain why they were going to offer me that job, even though I openly considered it beneath me, as arrogant as I was: the qualifying characteristics for taking care of business on the 17th floor seem to be 1) Queens, and 2) a distinctly Italianate name. And in finance, a double major in history and English might as well be “no college.”). But the second point sort of derives from the first. Certainly, this Madoff fraud is outrageous and historical in scope. But it’s Disneyland, see? But maybe with a twist: Madoff is presented as real in order to make us believe that the rest of the mess on Wall Street is imaginary. It functions as the displacement for the whole Madoffian financial system, in much the same way that my colleague over there in Japan right now sees the swine flu as a metonymic displacement of globalization anxieties. We’re crazy about Bernie, to put it another way, because we all work for Bernie. And it goes without saying, I should add, that we all have our money with him.
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