You did it.
No, you did it.
No, YOU did it.
Posted on 12/23/2008 11:13:09 AM PST by Red in Blue PA
ASPEN, Colo. (Fortune) -- Palm Beach and New York may have been hardest hit by the Bernard Madoff scandal, but residents in Aspen, Colo., are quietly tallying up massive losses.
The upscale resort community has a population base of under 6,000, but reports over the past week reveal that dozens of residents have been undone by the $50 billion Ponzi scheme allegedly perpetrated by Madoff.
According to local asset managers and lawyers, these families have lost upwards of $1 billion. Some have seen up to 95% of their life savings disappear in the past few days -- both long-time locals and part-timers are affected.
(Excerpt) Read more at money.cnn.com ...
One very wealthy couple has already put their house on the market and moved in with their grown kids. Then there’s the guy who smelled the recession coming, sold his expensive home here at the height of the market frenzy and, yes, invested it all with Madoff. Today — no home, no money. Others speak with great pity of the widow who invested her husband’s life insurance money with Madoff only to find herself left without a penny.
sorry, it was never there
Anybody who puts 95% of their life savings into one nest has nobody to blame other than himself.
What about the Trillions lost in the Fannie Mae ponzie scheme?
Pray for W, America and Our Freedom Fighters
So, is Madoff in custody or in some world corner that doesn’t allow extradition?
I think he has an ankle bracelet on the upper west side.
Bizarre.
If there were any justice, he would be hanging from a light pole.
You did it.
No, you did it.
No, YOU did it.
Stories of people in need, especially during the Christmas season, always move me. This one however, nothing. Not glad, or sad, just nothing.
Lamh Foistenach Abu!
Restaurateur and retailer Leonard “Boogie” Weinglass said he personally knows 10 Aspenites who had significant investments with Madoff and some who had 90 to 95 percent of their life savings wiped out when the Madoff bubble burst last week. Those victims collectively lost around $150 million.
http://www.aspendailynews.com/section/home/131102
Madoff is in “home arrest” sitting in his poshy $6 million apartment in NYC.
Many of the uber wealthy investors are demanding "The Government" (guess who that is?) bail them out and return their money.
Hmmm I heard it was a $10 million apartment but why quibble.
There’s billions of dollars to embezzle.
And I think the place is on the Upper East Side.
They can all take a hike off a short pier.
Rush Limbaugh said earlier today that one of Madoff’s associates was found dead in his NY apt.
Was it suicide or murder was his question.
Inheritance
Accumulated wealth
Life SAVINGS, I don’t think that’s the term that applies in these cases.
If you were worth $20 million and you lost 95% of it, you'd have $1 million left. A king's ransom to me but absolute penury to these high rollers, I imagine.
Enough to buy an extremely impressive home in my part of Georgia and still have a good bit left over to keep the wolf from the door.
That doesn't make losing a fortune any more palatable, of course, but it does mean that these people aren't quite at the stage where they require food stamps.
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