.

SmartMoney Blogs

Pay Dirt
A daily look at what we buy, how we spend, and the companies that do right - and wrong - by their customers.

Want an iPad Cover From Bernie Madoff’s Pants?

One convicted felon’s castoffs is another man’s marketing opportunity.

If you have a few hundred dollars to spare, you too can park your iPad in the pants where convicted felon Bernie Madoff once parked himself. You might say it’s the cotton equivalent of melting down a gold bar. FederickJames.com, which sells eco-friendly iPad covers, has made a brisk business selling iPad covers from recycled silk, rayon and wool. They’re the perfect multi-colored beach accessory. But an iPad cover made from Madoff’s old trousers?

At an auction by the U.S. Marshal’s office last year, John Vaccaro, owner of Frederick James, obtained a limited number of personal items belonging to the man who operated probably the biggest Ponzi scheme in history. It costs $250 for his former grey cotton J. Crew pants, $350 for an iPad cover from his old Ralph Lauren Polo chino blue pants and $500 for Madoff’s Murphy & Nye “sailmakers” orange pants. They had a waist size of 35-36 inches.

Vaccaro won’t say how much he paid for 8 of Madoff’s cashmere’s sweaters, 8 wool sweaters and 30 pairs of pants. But if he does make a profit on the covers, it will go to Madoff’s victims’ fund. Thus far, he’s made close to 40 iPad covers. “It’s a very limited edition,” he tells Pay Dirt. Vaccaro manages to squeeze 3-4 iPad covers out of Madoff’s pants and 2-3 out of a sweater. Did he find anything in the pockets? “Not yet. I’m still hoping for a safe deposit key.”

Is this the ultimate in bad taste? Or the taste of sweet revenge?

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (1 of 1)

View all Comments »
    • crap, if only I was working at jadamt oh wait, they give their employees shitty salaries going to be a super combination of mediocre games making lots of money and crappy employment practices sigh

About Pay Dirt

  • Pay Dirt examines the millions of consumer decisions Americans make every day: What to buy, how much to pay, whether to rave or complain. Lead written by Quentin Fottrell, the blog examines these interactions, providing readers with news, insight and tips on shopping, spending, customer service, and companies that do right – and wrong – by their customers. Send items, questions and comments to quentin.fottrell@dowjones.com or tweet @SMPayDirt.

.