Posted on 12/18/2008 6:45:21 PM PST by Red in Blue PA
The SIPC was put in place to protect investors from "registered brokerages" that go bankrupt regardless of reason.
Stop the madness.
Just my opinion, but I think that a bunch of CEOs caught stealing and convicted of such should start get executed, publicly. It would clean things up in the financial business pretty quick.
You have to be kidding me! LOL!
Maybe the ones who were with him for 20 years should pay some of the people who didn't make any money. I wonder if he paid everyone 12% a year or if there were some he stole from more...
My lunch was sub-par.
I need a bailout.
Do Nigerian email scam victims have Congressional hearings scheduled?
Please, don't post a picture of that :-)
I’ve read rates as high as 22%.
Yeah. Sure. No risk here.
Special method. Secret. My arse. Like any, any, at all, method that could pull in 10, 16, plus percent, year in year out, would only be known to Bernie.
Oh, and it’s safe, too!
Don’t brokers covered by SIPC pay and insurance premium? I don’t think hedge funds do. So no insurance premium..no insurance.
These people knew they were investing in a hedge fund, not a mutual fund or direct stock. Screw them. They took a big risk for a return and lost.
Or how about those that pick the wrong numbers in the Lottery?
How are either of these different then putting money in a pyramid scheme?
It's called YOU PLAY-YOU PAY!
depending on how much he had actually lost (vs reported values) before the mkt crash, it is possible he was taken almost to zero by redemptions and losses during the crash.
I am not under the impression that the bulk of the vanished money was stolen in the sense that he sent it somewhere else, as that would be very easy to trace. I suspect he simply got further and further into the hole, after the initial fatal decision to fudge a quarter’s returns.
Socialism with an American face.
(now shut up and eat your ice cream. Er, sorry, we have no ice cream today. Maybe tomorrow.)
You nailed it. Sad that many here would argue that these people deserve a bailout.
All of the "funds" cash was invested with Madoff.
“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.”
You may not know how correct you are.
Some crooked lawyer in Florida tried to get my father to invest into a ponzi scheme. When we “kids” heard about it, the lawyer was notified by us to expect a visit from 4 Colombians who didn’t know English.
The money was returned to my father with interest.
Other folks weren’t so lucky. They didn’t catch on and were robbed.
He is still in the slammer.
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.