And now the wealthy have a new status symbol: getting ripped off by Bernie Madoff. Because Madoff is said to have only accepted an exclusive group of wealthy investors, saying you got ripped off by Madoff is a subtle way of saying that you've got big money. From those who spend their summers in Nantucket to those spending evenings at the Yale Club, Bernie Madoff has become the new name to drop.
"We'll only be out in Nantucket for two weeks rather than the whole month," a Nantucket regular recently told a friend. "We lost money in the Madoff thing."