Madoff investors hope for bailout (More bailouts?????)

Google ^ | 12/18/2008 | JOE BEL BRUNO

[Red in Blue PA]

NEW YORK (AP) — One week ago, Ronnie Ambrosino was a millionaire.

Now, Ambrosino is among the long list of investors whose fortunes were allegedly wiped out by Bernard Madoff. Like them, she's left hoping for a bailout that might never come.

She plans to sue Madoff but that could take years to work through the courts and yield little in the end. Her best hope to recoup some of her money is from the Securities Investor Protection Corp., an industry-funded organization set up by the government to protect investors from fraud.

But, here's the problem: SIPC does not have enough money to pay out all the claims that are sure to come from one of the biggest fraud cases to ever hit Wall Street. Securities attorneys say the organization has a reputation of being tough to squeeze money from, and each investor is only entitled to a maximum payout of $500,000 if a claim is approved.

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He has received calls from many investors caught in the alleged scam who question why they can't recoup higher amounts. Harbeck also deflected recent criticism that SIPC might not even have enough money to cover the amount of claims that might come in.

[Red in Blue PA]

Sorry, this may sound cold, but I don't think these "investors" should get a bailout. They lost money through THEIR poor decisions. I have owned stocks which had CEO's which were poor performers, where is my bailout? And where does it stop?

Enough already.

[AmericanInTokyo]

We will all have Che Guevara T shirts on before this is all over.

The slipping and sliding and slouching towards COMMUNISM in the United States--in my own lifetime--is absolutely STUNNING.

[Tennessee Nana]

You want another bailout ???

Y’OK...

The check’s in the mail...

[Red in Blue PA]

Hang Madoff and charge money. Give the proceeds to those who lost money.

That is about as far as the govt should go.

And if he was hanged, I GUARANTEE you people out there thinking of replicating this would think twice.

[Mad_Tom_Rackham]

Uh, no.

[Onelifetogive]

Her best hope to recoup some of her money is from the Securities Investor Protection Corp., an industry-funded organization set up by the government to protect investors from fraud.

Wait a second. The fund was set up and funded for exactly this purpose. If the Madoff investments qualify, this is not a "bailout". The fund should pay the investors according to its rules.

[Maine Mariner]

Perhaps if they are really desperate, they could go back to work-at least the ones under 65-70.

[org.whodat]

The check’s in the mail...

LOL

[org.whodat]

It is if they want more than what the fund can give them!!

[2banana]

These “investors” were paid 10-12% a year until this "fund" collapsed. No bailout, give back your ill gotten gains and divide what is left...

[Red in Blue PA]

Sorry, but I don’t think taxpayer monies should be going to these people.

The shareholders in Enron have all been paid? And GLobal Crossing? And Worldcom?

If not, these people can get in line.

[tom h]

I take some satisfaction in the fact that nearly all of the big-time investors were either wealthy liberal New Yorkers or the Foundations that are run by liberal New Yorkers.

They complained about “Bush policies” for so many years, let them live with the consequences of “Bush policies,” meaning 50-100% losses.

Of course, I don’t for a minute blame Bush ...

[org.whodat]

What's the problem, Madoff’s family has money, one way are the other it came from him, so the people who lost the money need to find some MS13 types to collect their missing money. End of problem.

[Red in Blue PA]

Alot of these people were running in the Hamptions......so-called “smart money”. As if there ever was such a thing.

[stubernx98]

About 10 years ago, a NY broker, had me transfer some $ into an account then he exercised a buy on an IPO I hadn't authorized. Sent a letter. Later the IPO went TU. The US Attorney in NY went after the guy, and he went to jail for 5 years :-)). Got about 1/3 of my money back.

[databoss]

i agree “Madeoff” was allowed run under the radar because of his past...the 500k rule should be available...

[Red in Blue PA]

Doctors get caught in alleged Madoff scheme
By ROB VARNON
Staff writer

The retirement fund for a group of Fairfield doctors and more than 100 employees is among those that’s been jeopardized in the unfolding Bernard Madoff scandal.

http://www.connpost.com/ci_11247756

[Red in Blue PA]

So they get money because of who he was?

Ridiculous.

What about the people who lost money at Enron? Oh, they didn’t have the background of Madoff so screw them.

Nice.

[Red_Devil 232]

I think the limit is $500K.

[Red in Blue PA]

Alot of the finacial people in NY destroy wealth, not create it.

I have been a believer in that for about 10 years.