Membership Has Its Penalties

摘要

Palm beach is ground zero of the madoff affair. The posh sliver of land is home to a high concentration of those bilked by the brazen alleged Ponzi artist. Bernard Ma-doff maintained an 8,700-square-foot mansion north of town, and prospected for marks at the exclusive Palm Beach Country Club, where he was a member. I spent last week in the area-hardship duty, I know-and it left me thinking that this is as much an anthropological story as it is a financial one. For Madoff was able to separate so many smart-money types from their hard-earned cashby fiendishly exploiting the unique, clubby culture of Palm Beach, Fla.-and of the global jet set that congregates there.Palm Beach is one of those places where having a nine-figure net worth is no big deal. "It's easy to make money," a part-time resident billionaire told me a few years ago, as we sat in the home office of his ocean-front mansion-a Rubens on one wall, a Gainsborough on the other. Discreet elbow jabs and subtle nods alert visitors to the presence of the famous rich-Ronald Perel-man! Rod Stewart! Matt Lauer! -and to the more anonymous local magnates. The guy sitting by the pool might own a sports team, or his own fashion label.