Posted on 09/24/2009 2:24:55 PM PDT by blam
Madoff Victims Still Demanding That Taxpayers Reimburse Them For Fake Returns
Yael Bizouati
Sep. 24, 2009, 5:15 PM
Madoff’s victims will finally get their day in court Feb. 2.
The victims have been fighting with Irving Picard, the bankruptcy trustee, about the right way to determine their losses. Now a judge will decide.
The victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.
[snip]
(Excerpt) Read more at businessinsider.com ...
Sorry, our pockets are empty.
They can take it out of the one that defrauded them. Isn’t that how it works?
Amen
They could only go back three years.
[Madoff's] victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.
Those people might be more delusional than Madoff is evil. Sheesh.
What?are they serious?
They learned really well from the failed banks that got
taxpayers bailouts.
No, these fair weather capitalists now expect to handle their profits under capitalism but losses under socialism.
A lot of Madoff’s victims were overpaid, talentless Hollywood types.
Why don’t THEY first reimburse the American public from the hideous renumeration they receive, for the vile detritus they inflict on American culture.
LOL! I have NO sympathy for these greedy fools who were making HUGE dividends for decades!
Why do we even bother keeping a semblance of law and order? A few billion here a trillion there why don’t we just let loose and print until we’re buried in paper.
>>They can take it out of the one that defrauded them. Isn’t that how it works?<<
The law is that all funds paid out to anyone (the early levels in a Ponzi scheme) are retrieved and then redistributed on a pro-rata basis. I am reading that the scam was $13 billion and they might get 1 to 3 billion back.
Quick math and guesstimation says people will probably get around 10% of their investments back. For a million dollar investor, that’s $100,000 — a few grand, a few bucks.
No, those who withdrew funds from the Madoff fund would have been taxed on the fictitious gains. So why shouldn’t it work the other way around?
LOL! I have NO sympathy for these greedy fools who were making HUGE dividends for decades!
Ditto!
REVOLT ing
That seems fair
>>That seems fair<<
In the aggregate it is — but people who made money or broke even are pretty upset.
But as has been noted upthread, these people were greedier than they were smart. The small amount of due diligence would have told them that there wasn’t an independent program administrator and any wise investor would have pulled out faster than a gigolo when the hubbie comes home and shoots a gun next to his head.
Sorry, but we lost TENS and TENS of THOUSANDS if not HUNDREDS and HUNDREDS of THOUSANDS from the Tech Bubble....shouldn’t have had so much money in one sector.....and then lost a ton in the crash last year. It’s GAMBLING.....you win some, you lose some. WISE UP.
I thought I had millions, so the government should give me millions.
-PJ
Ask these idiots if they made any profit would they have shared it with the tax payers?
The arrogance of some people leaves me speechless.
If they were reported as gains and they paid taxes on those gains.
They actually have a big case against the SEC [not that it could ever happen]. The SEC was responsible for oversight that simply did not happen. They made mistake after mistake.
My sympathy for them extends to some extent; but stops far short of my pocket.
Some were truly hurt, others were just greedy and foolish.
They *were* taxed on those fictitious gains, and are due a refund from IRS. That’s a fact. I wonder what happens to folks who cheated on their taxes in this instance. Ha ha!!
Boo hoo, just shut up.
Kinda like suing a city, county or state because the police, sheriff or troopers did not protect you from a robber? If I lived in Detroit, who would I sue?
Too late. Get in line like all us po folks have to do.
Don’t y’all understand that you are going to be held personally responsible?
You believed Bernie, your fault. Really it is.
Now I know banks and other Obama folks don’t have to suffer...but you are freakin’ greedy and stupid. They would have taken it in taxes anyways fools.
Got it?
Not at all. SEC audits are brutal. I have worked in the industry for 36 years as an institutional equities trader. The SEC comes in unannounced an turns the office upside down.
The SEC has admitted they let the ball drop with Madoff. He has always been big in the industry. He had ties to the SEC ... they let him slide without going over his business with a fine toothed comb.
The never even checked out his auditors! It was a major SEC debacle.
Those that pulled their money out did make a profit and they paid capital gains taxes on the money.
There were people telling the SEC again and again that they should look at this operation. Were they paid to look the other way?
I actually don’t think so. I think the SEC [with ties to Madoff] was intimidated by him. They did a cursory review, while every other firm in the country was raked over the coals on a regular basis.
But I do admit, this whole thing stinks to high heavens!
According to the report, the SEC received six warnings about Mr. Madoff’s trading business over 16 years, but failure of staff to follow up adequately — including to determine whether trades were executed when Mr. Madoff said they were — and poor communication within the agency’s divisions enabled him to continue his scheme.
http://online.wsj.com/article/SB125191276110480239.html
No sympathy from me. At the time when bonds were lucky to pay 6% and CD’s 3% investors believed they should be earning 12-15%, RISK FREE, without bothering to check into what investments the fund was making.
Sorry. Won’t wash. Methinks folks who invested didn’t care what in the heck they were doing as long as very large rewards rolled in.
You can’t con an honest man.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.