Madoff Investors May Be Protected By Government

NEW YORK (CBS) ^ | Dec 15, 2008 7:24 pm US/Eastern | John Slattery

[ninonitti]

The rich are not like you or I. From what I'm reading here I guess if you're a forner millionaire who got snookered by a crook un a Brooks Brothers suit you're entitled to a personal rescue. These greedbags fell for the old risk free great return scam - let them get a good job at Wal Mart collecting carriages in the parking lot.

[Carley]

Just thinking about this scheme. The rich dems who insist that the rest of us pay more taxes and pay a huge ‘death’ tax as well........kept all their money in foundations that were tax exempt.

Now they have had the ultimate ‘tax’ bill. All the money is gone.

I hope they’re happy now, the hypocrits.

[ari-freedom]

“We lost our life savings,” said investor Joan Sinkin.

next time, invest in low expense index funds (stocks and bonds and not just the US) and don’t trust individual companies, funds or special gurus that claim they can beat the market. Everything reverts to the mean, including Bill Miller of Legg Mason.

[dforest]

I believe we are all sick and tired of the “Bailouts of the Rich & Famous” all lib friends, buddies, and supporters.

Where are the bailouts for the other folks. Where is the anger?

[xtinct]

Congress created the SIPC in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts

WCBM financial talk show host over the weekend said that checks from investors were written to Madoff... PERSONALLY. There were NO traditional brokerage accounts set up. And, the investors never questioned the method in which they were receiving these large returns.

So, how can there be any recovery paid for by the taxpayers for the investors' stupidity?

[ari-freedom]

He's probably Mad at Madoff but also part of the problem

[Freedom4US]

It’s insurance, except premiums weren’t paid?

Nice.

[knarf]

God? Please let the wealth of the socialists (yes, the phoney bastards are wealthy) be tied up in this ... and God? Please let us know.

Thank you.

[mware]

I saw this morning that the richest man in the US Senate was knee deep in with Madoff.

Lautenberg, couldn't happen to a nicer man.

[palmer]

From what I can tell from articles about the investors is that they were all stupid, greedy and lazy. Are we all entitled to 12% returns under every market condition? Don't we all deserve a fund that we can throw our 20 million into that will get above market returns without any effort on our part?

The upshot is the feds will bail this out just like everything else in the name of protecting the economy. Bit by bit the remaining credit worthiness of the entire US economy is being used up bailing out the very dumbest economic actors. Where are the bailouts for entrepreneurs or small businesses that create jobs? Oh, that's right, they are going to pay for it all.

[donaldo]

Yeah, seems like virtually all of the very rich Senators are Democrats. I suppose it assuages their sense of guilt about being rich. I think Kohl may be the richest member of Congress. Remember Terry “Global Crossing” McAuliffe and Franklin “Fannie Mae” Raines? God, what hypocrites. And all these latter day Robin Hoods gave Obama millions in campaign contributions.

[FreedomPoster]

I posted Madoff’s campaign contributions from an FEC.gov search in a post in the first story on this on FR. His contributions were pretty much all to the NY and national Dem suspects - Hillary, Schumer, Rangel, etc.

[xcamel]

uh-huh
http://www.freerepublic.com/focus/search?m=all;o=time;q=quick;s=protected

[NoControllingLegalAuthority]

"We lost our life savings," said investor Joan Sinkin.

They only have their own greed to blame.

Banks and thrifts have guarantees to $250,000 per account per institution. This couple should have diversified their holdings to include safe investments.

THEY OPTED FOR HIGHER RETURNS and got burned.

[FreedomPoster]

Madoff’s campaign contributions:
http://www.freerepublic.com/focus/f-news/2147183/posts?page=27#27

[ReleaseTheHounds]

Here's the most staggering two sentences in the article:

The order came just days after federal prosecutors charged Madoff with securities fraud, saying he had admitted to orchestrating a massive Ponzi scheme. Madoff is free on $10 million bail after he was charged with securities fraud last week.

How can this guy be free on $10MM bail? He should be in shackles and confined in a cell for the rest of his miserable life.

[rollo tomasi]

Meanwhile, a federal judge on Monday threw a lifesaver to investors who may have been duped, saying they need the protection of a special government reserve fund set up to help investors at failed brokerage firms.

Seems the only ones that will get burned are the tax payer/future generations. "Free market", not really, more like a market made from monopoly money where "special people" are able to recoup their mistakes courtesy of the Fed. Reserve and our friendly public servants.

[ovrtaxt]

What, like Ponzi schemes are illegal? If that were the case, we wouldn’t have Social Security, Medicare, Medicaid, fiat currencies, fractional reserve banking, etc etc etc etc...

[rigelkentaurus]

No bailout. Life is not fair, when one makes bad choices one has to pay the consequences.

When a thief breaks into your house and steals your belongings and you don’t have insurance, you lose everything. I don’t see the difference in the thief breaking into your house or wearing an expensive suit. Your belongings are gone - there was no insurance, you get no bailout. SPIC is not involved - there were no brokerage accounts.

[LibLieSlayer]

He is a dim... he will face no justice... justice in America is dead.

LLS