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Bacon Lost Cheddar in Mega Ponzi Scheme

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posted: 170 DAYS 4 HOURS AGO
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(Dec. 30) - Kevin Bacon and Kyra Sedgwick work notoriously hard for their money, but now the actor has confirmed he and his TV star wife have lost some of that cash to a devastating Ponzi scheme that has rattled investors from Wall Street to Rodeo Drive.
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The Daily Intel blog from New York magazine has been told that the famous duo "lost everything except for their checking accounts and the land they own" in the alleged $50 billion scam headed by Bernie Madoff, but Bacon's rep doesn't go that far.
"I can confirm that they had investments with Mr. Madoff -- no further specifics or comment beyond that," Allen Eichorn told the site.
How much did the star of 'Mystic River,' 'Rails and Ties,' 'Sleepers,' 'Hollow Man,' 'My Dog Skip,' 'Apollo 13,' 'JFK,' 'Tremors,' 'Footloose,' 'Diner,' 'She's Having a Baby,' 'Flatliners,' 'The Woodsman' and an indeterminate amount of 'Guiding Light' episodes really lose? Until he reveals his losses, there's no way of knowing.
His latest film, 'Frost/Nixon,' is in theaters now. Sedgwick stars in the hit series 'The Closer.' They were married in 1988 and have 2 children.
Other Hollywood heavies that have seen their coffers shrink because of the scandal include director Steven Spielberg and Dreamworks chief Jeffrey Katzenberg.
>> Get the latest on the Madoff Ponzi mess here.
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Naomi Watts

    **FILE** This Oct. 23, 2008 file photo shows actors Naomi Watts and boyfriend Liev Schreiber as they attend a Cinema Society and Dolce Gabbana hosted special screening of 'Filth and Wisdom' in New York. It's another boy for Naomi Watts and Liev Schreiber. A representative for Watts tells People magazine the couple welcomed their second son on Saturday. (AP Photo/Evan Agostini, FILE)

    AP

    NEW YORK - DECEMBER 8: (ITALY OUT, NY DAILY NEWS OUT, NY NEWSDAY OUT) Actress Naomi Watts (L) shops with her mother Miv Watts in the West Village on December 8, 2008 in New York City. (Photo by Arnaldo Magnani/Getty Images) *** Local Caption *** Naomi Watts;Miv Watts

    Getty Images

    NEW YORK - DECEMBER 8: (ITALY OUT, NY DAILY NEWS OUT, NY NEWSDAY OUT) Actress Naomi Watts shops with her mother Miv Watts in the West Village on December 8, 2008 in New York City. (Photo by Arnaldo Magnani/Getty Images) *** Local Caption *** Naomi Watts

    Getty Images

    NEW YORK - NOVEMBER 24: Naomi Watts attends the New York premiere of "Australia" at Ziegfeld Theater on November 24, 2008 in New York City. (Photo by Brad Barket/Getty Images) *** Local Caption *** Naomi Watts

    Getty Images

    In this photo provided by Starpix, Naomi Watts and Liev Schreiber attend a special screening of "Milk" hosted by Focus Features with the Cinema Society in New York, Tuesday, Nov. 18, 2008. (AP Photo/Dave Allocca, Starpix)

    AP

    In this photo provided by Starpix, Naomi Watts and Liev Schreiber attend a special screening of "Milk" hosted by Focus Features with the Cinema Society in New York, Tuesday, Nov. 18, 2008. (AP Photo/Dave Allocca, Starpix)

    AP

    Actress Naomi Watts and actor Liev Schreiber are seen on the streets of Manhattan on November 5, 2008 in New York City.

    Marcel Thomas/FilmMagic.com

    Actress Naomi Watts and actor Liev Schreiber are seen on the streets of Manhattan on November 5, 2008 in New York City.

    Marcel Thomas/FilmMagic.com

    Naomi Watts and Dr. Jane Aronson attends the 4th Annual Worldwide Orphans Foundation benefit gala at Cipriani Wall Street on November 3, 2008 in New York City.

    Soul Brother/FilmMagic.com

    Naomi Watts attends the 4th Annual Worldwide Orphans Foundation benefit gala at Cipriani Wall Street on November 3, 2008 in New York City.

    Soul Brother/FilmMagic.com

2008 AOL LLC. All Rights Reserved.
2008-12-30 12:38:40

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Skankywaiz2

11:56 PMJan 03 2009

movie stars and greats have so much money but they don't know about real life, only a fool in real life will invest in a person's name and not a solid institution, at least with a bank of some sort, you will get your money back somehow. the minute you hear the word, investor, give your money to some doddle wink you hardly know. they crap with their big mouths. sorry to hear bacon got hit, he's a great actor, only so natural how he does it.

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(1)

Radchillday

07:06 PMJan 02 2009

" Footloose " Kevin Bacon Looses his foot. that will be a better title.

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(2)

Aper8now

03:15 PMJan 01 2009

Look at the list of BANKS and CHARITIES that lost money. This is a man that was able to scheme and scam the world and he did it for forty plus years. It wasn't greed on the parts of individuals. It was the greed of Madoff and his ability to deceive.

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(1)

Dtate38

02:57 PMJan 01 2009

Not saying that Bacon or Sedgwick are examples of excessive greed in our society, but they do illustrate how excessive greed by people like Madoff can destroy peoples lives and perhaps an entire country. We have become a country of excess and the quest for it.

AVG RATING:
(2)

UFOBUCK

01:32 PMJan 01 2009

"Bacon Lost Cheddar"- what a headline--- hahahah you clown you. YOU DESERVE A BULLET HOLE IN YOUR GD MF FOREHEAD YOU WORTHLESS BASTARD !!!!!

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(2)

Tri2sli

12:00 PMJan 01 2009

ThisOLServicSuks 09:30 AMJan 01 2009 Hey Martbild, I think the official name of the ponzi scheme is whatever they are calling the $700 Billon bailout of the financial institutions and the $15-$30 Billion for the little 3 foreign car manufacturers, Ford, GM & Chrysler. The little 3 might be American Owned, but their crap is foreign made. Buy AMERICAN MADE with pride Toyota, Honda, Nissan! Hopefully America's first half white president elect Obama can get things straightened out! Move over Jimmy Carter, I think you are going to lose your well deserved title as Americas worst president ever.I believe that title belongs to that idiot you voted in the last 8 years, Brainless Bush

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(1)

Quentin225

10:56 AMJan 01 2009

Beware of the BIG NOSE !

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(0)

ThisOLServicSuks

09:30 AMJan 01 2009

Hey Martbild, I think the official name of the ponzi scheme is whatever they are calling the $700 Billon bailout of the financial institutions and the $15-$30 Billion for the little 3 foreign car manufacturers, Ford, GM & Chrysler. The little 3 might be American Owned, but their crap is foreign made. Buy AMERICAN MADE with pride Toyota, Honda, Nissan! Hopefully America's first half white president elect Obama can get things straightened out! Move over Jimmy Carter, I think you are going to lose your well deserved title as Americas worst president ever.

AVG RATING:
(4)

ThisOLServicSuks

09:25 AMJan 01 2009

Hey Martbild, I think the official name of the ponzi scheme is whatever they are calling the $700 Billon bailout of the financial institutions and the $15-$30 Billion for the little 3 foreign car manufacturers, Ford, GM & Chrysler. The little 3 might be American Owned, but their crap is foreign made. Buy AMERICAN MADE with pride Toyota, Honda, Nissan! Hopefully America's first half white president elect Obama can get things straightened out! Move over Jimmy Carter, I think you are going to lose your well deserved title as Americas worst president ever.

AVG RATING:
(0)

Martbild

08:48 AMJan 01 2009

Was the name of the Ponzi scheme Social Security?

AVG RATING:
(2)

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