Alexandra Penney—a New York artist and former editor of Self Magazine—lost her life savings in the Madoff debacle. Now she shares her wrenching trauma in a Daily Beast exclusive.
Last Thursday at around 5 p.m., I had just checked on a rising cheese soufflé in my oven when my best friend called.
"Heard Madoff's been arrested,” she said. “I hope it's a rumor. Doesn't he handle most of your money?”
Indeed, he did. More than a decade ago, when I was in my late 40s, I handed over my life savings to Madoff’s firm. It was money I’d been tucking away since I was 16 years old, when I began working summers in Lord & Taylor, earning about $65 a week. Not a penny was inherited.
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