MADOFF VICTIMS' RE$CUE? (pressure on Treasury to boost SIPC fund)

NY Post ^ | 01/04/09 | JAMES DORAN

[ViLaLuz]

“SPIC”?

**snicker**

[jsh3180]

I believe the tally of CURRENT losses is $50 billion, likely more by the time the final accounting is done. Lots of the firms/individuals had been with Madoff for years and years. If your scenario is correct, the paying out of an average 10% return over twenty years, culminating in a $50 Billion loss, means that he has gone through over one $Trillion in his years running this scam. The paid off investors were receiving regular distributions for years, so the total $$$ run through the scam is a magnitude larger than $50 Billion. I’m guessing One $Trillion above, but that’s probably low, under your scenario.
And he did all that with just he and his wife cooking the books?

Nahh, something stinks to high heaven here.

[Trajan88]

Scatter shooting while wondering where my restitution went (with regard to the dog stocks I owned: Global Crossing and Priceline.com)?

Sarcasm off.

[kittymyrib]

So families such as ours, just scraping by, with little money left after after paying 50% of our income in various taxes, are giving stupid rich investors $500K each from the federal till, and it’s not enough? Beam me up, Scotty.

[a real Sheila]

where the HELL does the bailout END?
Why can’t they get some of their money from Madoff?
HE still has his own wealth, doesn’t he?
Why can’t he be forced to pay restitution?

[Mark was here]

What about everyone who lost a dime in a casino? They need a bailout also.

[fml]

No you’re talking!!!!

Save me from myself...

[Jimmy Valentine]

This is infuriating.Madoff’s Ponzi scheme was an UNREGISTERED fund. The clowns that put money with him are not entitled to SIPIC insurance.

[elpadre]

no taxpayer money
to Madoff’s clients!!!

[devane617]

formating is king...dang, my head hurts.

[YOUGOTIT]

If they were idiots to give money to Madoff there should not be any of my tax money being given to them. I lost 35% in the markets and have asked NO one to help. These are many billionaires who should have have enough sense to invest in diversity not one man.

[taildragger]

How stupid or greedy were these people?

2% return per month and no questions of how it was done? How you can beat historic returns of the S & P and all indexes and Bonds without any thought of risk?

My guess is none of these folks ever took a basic courses in personal investing, economics. business, and accounting.

It is a miracle they are as successful in life as they are because based on this decision alone their ignorance and stupidity is staggering.

And this is the liberal intelligentsia that tells us are politics and beliefs are all wrong and to vote for the Obamster....

Beam me up Scotty......

[Arkinsaw]

That may be the final straw.

The pretty people from Palm Beach who have lost their trust fund due to laziness and stupidity getting a bailout from all us workaday slobs.

If we allow that one, we are doomed.

[Arkinsaw]

It is a miracle they are as successful in life as they are because based on this decision alone their ignorance and stupidity is staggering.

I have my doubts that most were that successful in life. They knew people who set them up nicely....or they had inherited most likely.

Handing off stacks of money for others to use in questionable activity for a return is not success and is not work.

[Arkinsaw]

So families such as ours, just scraping by, with little money left after after paying 50% of our income in various taxes, are giving stupid rich investors $500K each from the federal till, and it’s not enough? Beam me up, Scotty.

Most of these people thought he was front-running. They thought he was cheating FOR them. Now that they find out he was cheating THEM it is time to be upset.

Many people on Wall Street would not touch Madoff because they thought he was front-running. These people dived in.

[Uncle Ike]

” If we allow that one, we are doomed. “

Then we are doomed — remember that on Nov 4, congressional incumbents were overwhelmingly re-elected, *after* passing the $700bn ‘bailout’ over the objections of some 70% of the Great Unwashed....

The tail wags the dog, and we no longer have any, repeat, any control over the ‘government of the people, by the people, for the people’......

[2harddrive]

What about us victims of Social Security? It is no better a Ponzi scheme.

[WilliamofCarmichael]

Headline?

Few winners in 20+ years
Congress To Bailout Lottery Losers
Estimates Americans spent 2.3 trillion on lottery tickets.

[Riodacat]

Hold the fricken phone here...
Many of the Bernie "victims" who received payouts over the years got back way more than their original investment plus what would have been considered a reasonable return. Those guys received stolen property (in effect).
Now THEY're gonna be rewarded?????????????????????

[Mouton]

If I were on that list it should be treated the same as the money I lost and did not recover from the government in the Enron fiasco. No bailout, no SPIC funds, nothing to these morons. It was one big social network and they got caught. Lastly, for those who got some money back in the form of distributions, why should they be bailed out for their original investment? I got it, the government will be the last investor in this daisy chain Ponzi scheme.

Vince