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MADOFF VICTIMS' RE$CUE? (pressure on Treasury to boost SIPC fund)
NY Post ^ | 01/04/09 | JAMES DORAN

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: 111th; bailout; madoff
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To: dennisw

I remember in 1994 just after the Rs took over Congress that Tim Russert asked Dole about the Contract with America and Dole said, “I didn’t sign any contract.” It was obvious the House Republicans would have an uphill struggle. He had just been handed the majority leadership and he gives a snide answer like that.


81 posted on 01/05/2009 9:08:02 AM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: TenthAmendmentChampion

Thanks for all the information and help. There are always things going on behind the scenes with text. It often does not want to obey you


82 posted on 01/05/2009 12:13:11 PM PST by dennisw (On the 31st floor a gold plated door won't keep out the Lord's burning rage ---FBB)
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To: TigerLikesRooster

Hooboy. They gave their money to a bad man and now they want it back from me. Nice work if you can get it.


83 posted on 01/05/2009 12:23:44 PM PST by Billthedrill
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To: dennisw

I agree with you Dennis. Word is a good product for the most part, but I’d love to figure out who created the automatic numbering system and go after them with a baseball bat sometime. That is some messed up code.

LOL rarely do I get to talk shop on FR.


84 posted on 01/05/2009 12:48:54 PM PST by TenthAmendmentChampion (Be prepared for tough times. FReepmail me to learn about our new survival thread!)
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To: TenthAmendmentChampion
LOL rarely do I get to talk shop on FR.

You know far more than me, are actually educated in this field. I find it very interesting. I have used ultra edit to make text behave better. I don't have it on this computer or I would describe the tricks it can do. I mostly use Word 2000 and it even works on a Vista machine. Word 2000 does as much as I need to do. I have used newer editions but I find the newer fancier layout distracting...... Though I'm sure the newer features are necessary for some businesses.

85 posted on 01/05/2009 5:45:36 PM PST by dennisw (On the 31st floor a gold plated door won't keep out the Lord's burning rage ---FBB)
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