Jun 29, 2009 8:04 pm US/Eastern
Elderly LI Couple Crippled By Madoff Scheme
Reporting
Cindy Hsu
CEDARHURST, N.Y. (CBS) ―
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Bernard L. Madoff leaves U.S. Federal Court after a hearing regarding his bail on Jan. 14, 2009, in New York. Madoff will remain free on bail, a judge ruled Wednesday, rejecting a bid by prosecutors to detain Madoff pending trial.
Timothy Cleary/Getty Images
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While nine victims were able to face Bernard Madoff in court Monday, thousands of others watched the sentencing on television.
Thelma Goldstein, 81, was on the phone with her son the minute Madoff was sentenced. She had hoped to face him in court today, but couldn't afford the long ride into the city.
She's been so crippled by the losses of her investments with Madoff that she can't afford any luxuries these days.
"You cut out everything, except food and medicine, and you pay your taxes," she says.
The Goldsteins had been investing with Madoff for more than 20 years, and on paper thought they had about $2 million. Now the couple is relying on social security and Thelma's pension after teaching elementary school for more than 30 years.
Thelma's husband is diabetic and has a long list of medical issues. He takes 20 medications a day, and the cost is eating up what they have left.
"I spent $600 last week for two bottles of medication, and that's being on Medicare and with GHI," she says.
Thelma's greatest regret involves her 5 grandchildren. She had planned to pay for their college education, and now has no idea how they'll manage it.
As far as Madoff's sentence, Thelma says it's a waste.
"If they could illicit from him some of his talent and direct it to benefit our country, benefit the investors who are losing and hurting so badly, that would make more sense," Thelma says.
Goldstein retired from teaching school 20 years ago, but is thinking of trying to earn some money as a substitute teacher, and says she knows how to live poor.
"I came up the hard way, during the Depression, and I learned to be economical from the time I was a little girl," she says. "My parents lived on $10 a week."
The Goldsteins have been married for 61 years, and while their finances are now a mess, they say they still have each other.
Goldstein says after years of feeling secure about their future, she now has to take a sleeping pill every night to get to bed.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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