Skip to comments.MADOFF VICTIMS' RE$CUE? (pressure on Treasury to boost SIPC fund)
Posted on 01/04/2009 3:10:18 AM PST by TigerLikesRooster
MADOFF VICTIMS' RE$CUE?
By JAMES DORAN
January 4, 2009 -- Angry victims of Bernie Madoff's alleged $50 billion Ponzi scheme want a bailout from Uncle Sam, too.
On the heels of Washington's $700 billion rescue of the nation's ailing banks and the $17.4 billion rescue of the auto industry, the Madoff victims are now calling on the US Treasury to augment the $1.6 billion in the coffers of the Securities Investor Protection Corporation - the organization set up to help victims of collapsed brokerages.
SIPC has pledged just $500,000 to each Madoff victim who had an open account with the fraudster's firm in the past 12 months - but that may not even come close to covering the Madoff losses, which are thus far estimated to be somewhere between $30 billion and $50 billion.
"What if it turns out that SIPC needs $15 billion to compensate all the victims because this fraud is bigger than anything they imagined could happen?" said Michael Sirota, a lawyer representing KML Investments, a firm that claims to have lost some $80 million to Madoff. "I think the US government should step up with funds to help like it has for the banking sector and the automotive sector."
"We desperately need to see the pool of assets we are working with and also the pool of losses," added Stuart Rich, a lawyer representing a group known as Jasper Investors that lost some $3 million to Madoff's scam, who also said Washington needs to step up to the plate with bailout money.
"SIPC has always been there to compensate victims in this kind of
(Excerpt) Read more at nypost.com ...
Not that this would surprise me. On top of them, Big 3 will get bailout which would eventually cost up to $100bn, and $1 trillion stimulus package.
Bernie even ripped off Kevin Bacon!
BS! Only the greedy allow themselves to be scam’d this way. This bailout crap has gone too far, I feel it is past time to put a total stop to it.
The American people are going to have to take direct action to save this country from the madness causing America to become insolvent.
Freepers! Check this list carefully and make sure you are not on it!!!! ——>>>>>
Maddoff Victim list
Joe Heller on Dec 31, 2008 04:45 PM
UPDATED: List Of Victims Of Madoff’s Alleged Ponzi Scheme December 31, 2008 This is a partial list of Bernard Madoff’s investors who have reportedly lost money in Madoff’s alleged investment scam. Total losses are estimated to be about $50 billion, which would make it the largest Ponzi scheme in history. Where available, the amount estimated to be lost by each investor is included. This table will be updated as new information becomes available. (Last Updated 3pm ET) *Please note that some of the individuals and charities may have invested through funds, such as Ascot Partners, so there may be some double-counting going on. Madoff investor investor type potential exposure source Fairfield Sentry (Fairfield Greenwich Group) (Madoff feeder fund) alternatives firm $7.5 billion firm statement FIM Ltd. (Kingate funds manager) money manager $3.5 billion media reports Grupo Santander bank $3.5 billion El Pais Rye Investment Management (Tremont Group) (Madoff feeder fund) hedge fund $3.1 billion Bloomerg News Kingate Management (Madoff feeder fund) alternatives firm $2.8 billion Bloomerg Bank Medici of Austria bank $2.1 billion Bloomberg Ascot Partners (Madoff feeder fund) hedge fund $1.8 billion Wall Street Journal Access International Advisors hedge fund $1.4 billion Bloomberg Fortis Bank Nederland bank $1.35 billion firm statement HSBC bank $1 billion firm statement J.P. Jeanneret Associates investment adviser $946 million Syracuse Post-Standard Benbassat & Cie bank $935 million Le Temps Union Bancaire Privee bank $846 million Le Temps Natixis bank $600 million Bloomberg Royal Bank of Scotland bank $600 million published reports Sterling Equities investment firm $500 million New York Post BNP Paribas bank $475.3 million Bloomberg BBVA bank $404 million Reuters Fix Asset Management alternatives firm $400 million firm statement Carl and Ruth Shapiro individuals $400 million WSJ RMF (Man Group) alternatives firm $360 million firm statement Reichmuth Matterhorn bank $330 million Bloomberg Normal Holdings . $302 million StreetInsider.com Pioneer Alternative Investments alternatives firm $280 million Bloomberg Maxam Capital Management (Madoff feeder fund) fund of hedge funds $280 million WSJ EIM Group bank $230 million Le Temps Ira Rennert individual $200 million FINalternatives Bank Austria bank $192.1 million Der Standard Tremont Capital Management (Tremont Group) fund of hedge funds $190 million firm statement M&B Capital Partners money manager $187.9 million El Mundo Jerome Fisher (Nine West founder) individual $150 million media reports Carl and Ruth Shapiro Family Foundation charity $145 million Boston Globe Yeshiva University university endowment $140 million Bloomberg Aozora Bank bank $137 million firm statement AXA insurer less than $135 million Reuters Credit Mutuel bank $124 million Bloomberg Dexia bank $106.9 million firm statement UniCredit financial firm $100 million Bloomberg Hadassah charity $90 million JTA Unione di Banche Italiane bank $84.9 million Bloomberg Nordea bank $65 million Reuters Hyposwiss bank $50 million Reuters Korea Life Insurance Co. insurer $50 million Yonhap News Banque Benedict Hentsch bank $47.5 million firm statement Royal Dutch Shell pension $45 million Reuters Great Eastern Holdings bank $43.9 million Reuters Town of Fairfield, Conn. pension fund $42 million Associated Press Royal Bank of Canada bank $40.4 million Globe and Mail Wolosoff Foundation charity $38 million FINalternatives Bramdean Asset Management alternatives firm $31 million WSJ family of Sarah Chew family office $30 million Time Mortimer B. Zuckerman Charitable Remainder Trust (New York Daily News owner’s charity) charity $30 million CNBC Arthur I. and Sydelle F. Meyer Charitable Foundation charity $29.2 million Palm Beach Post Sumitomo Life Insurance Co. insurer $22 million Bloomberg Madoff Family Foundation charity $19 million WSJ Los Angeles Jewish Community Foundation charity $18 million Jewish Journal KSM Capital Advisors investment firm $15 million Indianapolis Business Journal The Phoenix Holdings insurer $15 million firm statement Harel Insurance Investments and Financial Services insurer $14.2 million firm statement Alicia Koplowitz individual $13.7 million Europa Press Groupama insurer $13.6 million firm statement Societe General financial institution less than $13.5 million Reuters Baloise insurer $13 million Reuters Lautenberg Family Foundation charity $12.8 million media reports Kas Bank bank $12.3 million firm statement Massachusetts Pension Reserves Investment Management pension $12 million Reuters Mitsubishi UFJ FInancial Group financial institution $11 million Bloomberg Richard Spring individual $11 million WSJ Hampshire County Council pension $10.7 million IPE RAB Capital hedge fund $10 million Reuters Richard Roth individual $10 million FINalternatives United Jewish Endowment Fund cahrity less than $10 million JTA Korea Teachers Pension pension $9.1 million statement Robert I. Lappin Charitable Foundation charity $8 million Washington Post Michael Roth individual $7.5 million FINalternatives Chais Family Foundation charity $7 million WSJ Jewish Federation of Greater Los Angeles charity $6.4 million media reports Technion-Israel Institute of Technology university $6.4 million Globes Vincent Tchenguiz individual $6.3 million FINalternatives The Ramaz School school $6 million FINalternatives Irwin Kellner (named plaintiff on first lawsuit against Madoff) individual $6 million lawsuit Julian J. Levitt Foundation charity $6 million WSJ Stony Brook University Foundation university endowment $5.4 million Bloomberg David Berger individual $5 million FINalternatives Maimonides School (Boston) school $5 million Bloomberg Neue Privat Bank bank $5 million Bloomberg North Shore-Long Island Jewish Health System pension fund $5 million statement Congregation Kehilath Jeshurun (New York) synagogue $3.5 million Bloomberg Dorset County Pension Fund pension $3.5 million LocalGov.co.uk Caja Madrid bank $3.1 million Cinco Días Merseyside Pension Fund pension $3 million media reports New York Law School law school $3 million lawsuit Roger Peskin individual $3 million AP Swiss Reinsurance Co. reinsurer less than $3 million firm statement Global Specialised Opportunities 1 Bermuda-listed fund $2.8 million fund statement Banca March bank $2.7 million Cinco Días Aquila Capital Select 3 Zertifikat fund of hedge funds $2.52 million fund documents American Friends of Yad Sarah charity $1.5 million JTA Caisse des dépôts et consignations government-owned bank $1.38 million Bloomberg Robert and Sarah Chew individual $1.2 million Time SAR Academy (New York) school $1.2 million Bloomberg News Harold Roitenberg individual $1 million Minneapolis Star-Tribune Ira Roth individual $1 million WSJ Arnold and Joan Sinkin individuals $1 million The Guardian Steven Abbott individual less than $1 million WSJ Allegretto Fund hedge fund $790,000 firm statement Clal Insurance insurer $778,800 firm statement Mediobanca bank $671,000 firm statement Victor Schlesinger, Brooklyn NY Trust $61 Million WSJ Austin Capital Management fund of hedge funds n/a Reuters AWD financial services provider n/a Citywire Kevin Bacon and Kyra Sedgwick (actors) individuals n/a New York magazine Banco Popolare bank n/a MarketWatch Banesto bank n/a Reuters Ed Blumenfeld (Long Island real estate developer) individual n/a Long Island Business News Norman Braman (former Philadelphia Eagles owner) individual n/a WSJ Chair Family Foundation charity n/a FINalternatives Engelbardt family family office n/a Variety Erste Bank bank n/a Der Standard Fair Food Foundation charity n/a Crain’s Detroit Business Leonard Feinstein (Bed Bath & Beyond co-founder) individual n/a Newark Star-Ledger Stephen Fine individual n/a Reuters Barbara Flood individual n/a National Public Radio Foundation for Humanity (Elie Wiesel’s charity) charity n/a WSJ Avram and Carol Goldberg (Stop n Shop founders) individuals n/a Reuters Joyce Z. Greenberg individuals n/a Houston Chronicle Gutmann bank n/a Citywire members of the Hillcrest Country Club (St. Paul, Minn.) individuals n/a Star-Tribune INTAC Global Preservation Hedge Portfolio (via Rye Investment Management) fund of hedge funds n/a fund documents JEHT Foundation charity n/a statement Victor Schlesinger Trust $61 Million WSJ KBC bank n/a firm statement Knowsley MBC pension n/a LocalGov.co.uk Last Atlantis Capital Managament fund of hedge funds n/a fund documents Kenneth and Jeanne Levy-Church (donors to Fair Food and JEHT foundations) individuals n/a Jewish Journal Leonard Litwin individual n/a Bloomberg Liverpool City Council pension n/a LocalGov.co.uk LLBW bank n/a Citywire Loeb family family office n/a CNBC Mirabaud & Cie bank n/a Le Temps The Moriah Fund charity n/a FINalternatives MorseLife charity n/a Palm Beach Post Nomura bank n/a WSJ Notz, Stucki & Cie bank n/a Le Temps members of the Oak Ridge Country Club (Hopkins, Minn.) individuals n/a Star-Tribune Optimal Investment Services (Grupo Santander) alternatives firm n/a Bloomerg Palm Beach Country Club country club n/a CNBC Eric Roth (screenwriter) individual n/a Los Angeles Times St. Helens MBC pension n/a LocalGov.co.uk Sefton MBC pension n/a LocalGov.co.uk SNL Reaal Groep financial services firm n/a Bloomberg family of former New York Gov. Eliot Spitzer individuals n/a Clusterstock.com Symphony Fund (via Pioneer Alternative Investments) fund of hedge funds n/a fund documents Thema (Madoff feeder fund) hedge fund n/a media reports Jeff Tucker (Stone Bridge horse farm owner, Fairfield Greenwich Group founding partner) individual n/a WNYT television Thyssen family family office n/a Clusterstock.com UBS bank n/a Reuters Lawrence Velvel (dean, Massachusetts Law School) individual n/a WSJ Wilpon family (New York Mets owner) family office n/a WSJ Wunderkinder Foundation (Steven Spielberg’s charity) charity n/a WSJ
Get your own bail out. Read my tagline. You do NOT have to repay unsecured debt. Why should you? The Banks got money and the ethical thing to do would have been to use that to repay themselves for all unsecured credit card debt. Did they? NO. They gave themselves BONUSES!
Read my tagline and get your own Bail Out . . . it’s legal and I contend Patriotic.
“Give us our money - due diligence is for losers!” The clarion call of the New Era.
why not, we have already established a new ideology that is socialism for the rich
Scary when the rich become socialist...
It would be a horrible precedent to bailout the Madoff victims.
If the government pays off these people, why shouldn’t the government compensate the victims of smaller con games, emails from Nigeria or street crime as well? Not only would it cost untold billions, this kind of bailout encourages the perpetrators, as the only real victims become the taxpayers.
To the Madoff investors, I’m sorry if they got ripped off- but it wasn’t me so too bad. They can sue and see if they can get it off of Madoff- good luck.
You are correct, of course, but they won't.
This reminds me of raising children.
Parents cannot constantly give to their children. At some point they must tell them no.
If you let them, children will take your fingers first, and then your arms.
The country, in general, wants the entire treasury, and the idiots in government are giving it to them.
To open the Madoff “door”....pretty much means the end of our ability survive as a nation financially. The bankruptcy of America...that we kinda hoped to avoid...will be fairly close. 2009 would then promise to be worse than even the 1930s. The SPIC fund will be non-existent within months.
Here's a free copy:
Copy, paste, print.
A race to the bottom.
If this happens, we really are bankrupt as a nation because there will be no end to demands for a bail out for every loss. All the bad investments, all the bad debt is being passed on to the taxpayer - and the idiotic voters cheer it on... We who actually produce will not survive it.
$50 Billion is a huge sum of money to disappear into the ether. While some of the smaller clients of Madoff may truly be victims of fraud, I’m thinking that some of the bigger elite individuals and banking institutions that gave Madoff their funds, still have their funds, squirreled away offshore somewhere through a myriad paper trail that is going to be very difficult, if not impossible to trace.
The upside for these crooks is that while they still have their dough, they are now seeking to get a bailout for “lost” funds and of course a tax loss for the remainder that is not bailed out.
A firm running the amount of $50 Billion is going to have a huge amount of employees, they are going to have a trading floor the size of a football field, lined with row upon row of traders and their computer trading desks.
Fraud and theft has become so rampant, we’re to believe a single man, in what, his 80’s?, managed all this money himself, oh wait, maybe his wife helped him, right.......
“I think the US government should step up with funds to help like it has for the banking sector and the automotive sector.”
I think I need a bailout too for all the unwise investments I’ve made as well.
Here is the 1 year stimulus package.
1) Give each American 1 million dollars.
2) Get rid of all taxes for 1 year.
Heck, steal the gold reserves of every dictatorship as a hedge against the inflation. Chavez and Achmadinijhad will have kittens.
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