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.
“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.
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?
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?
Thank you.
Lautenberg, couldn't happen to a nicer man.
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.
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.
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.
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.
How, does a gov't with a deficit and a huge debt have a special fund, set aside?
Oh wait I know, we'll just print more money or better yet just electronically create it out of the ether.
The house of cards , that is our economy, just gets taller.
Right, they want to take money from people earning between $30,000 and 100,000 to pay back people so they can enjoy their retirements worry free in their McMansion. Nope, no more. This is making me sick.
Anybody think that $500K is really a bailout for the multi-million dollar investors? Only $100,000 if they want cash. This is no bailout. It may help some Mom & Pop investors, however.
Federal investigators remain at the investment offices of disgraced investor Bernard Madoff, scouring through records to learn the scope of what may be the biggest non-government Ponzi scheme ever in the United States.
Fixed.
The requirements for enrollment are very rigorous, and address record keeping, reporting, independent audits, and capitalization.
It is unlikely this mess would have ever happened if the fund had been subjected to Fed regulations and scrutiny.
As a result, I predict the judge's decision is moot. As a matter of law, you can't buy insurance after you suffer a loss to indemnify you against the cost of that loss.
Bernard Madoff should be tapped as Fed Chairmen.
Hey why not, he seems like a likeable guy and he came clean quickly (well, after the first 18 years or so). It’s not like there’s anything backing all the new money...anyway! The US dollar is becoming more of a Ponzi scheme every day.
QUESTION: You get paid on Wednesday, but there’s a two week lag. How much less will the dollar be worth from the day you earned it to the day you spend it?
ANSWER: Welcome to Mexico, senor!