Like many other Americans Kevin Bacon and wife Kyra Sedgwick lost a great deal of money in financier Bernie Madoff’s Ponzi scheme.
The “Footloose” actor told Jason Bateman, and Sean Hayes this week on the “Smartless” podcast the family had “most of our money in Madoff.”
“There’s obvious life lessons there – if something is too good to be sure, it’s too good to be true,” he told the hosts.
It is believed Madoff’s Ponzi ruse was worth nearly $65 billion, according to Forbes.
After Madoff’s scheme was discovered and he was prosecuted, the Madoff Victim Fund has worked to recoup losses for those involved. The fund has claimed 40,454 victims have taken assistance and their payouts have exceeded $4 billion.
Bacon said him and Sedgwick have seen a “portion” of their loss come back. “It’s a complicated thing to explain. But, basically, yes, we got a portion of some money back and there was also a lawsuit and some stuff like that.”
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“You get angry, but I have to say, there were a lot of people who were much worse off than we were – old people, people whose retirement funds were completely decimated,” Bacon said.
The actor couple chose to focus on what remained instead of what was lost.
“When something like that happens, you look at each other and go, ‘Well, that sucks, and let’s roll up our sleeves and get to work. We’ve made it this far, our kids are healthy, we’re healthy, you know?’ Let’s look at what we have that’s good. We can still both work,” he told the podcast hosting trio.
“I think people will be not happy to hear me whining about money,” the “Tremors” star acknowledged.
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Bacon currently stars in the Showtime crime drama “City on a Hill.”
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