Posted on 12/24/2008 5:46:08 PM PST by LdSentinal
New Jersey state Sen. Loretta Weinberg lost her entire life savings in the Madoff scheme.
While many of the losses of huge foundations and organizational endowments that have been making headlines over the past week are truly mind boggling, Weinberg was not ultra wealthy at all.
A lifelong civil servant, the veteran Democratic lawmaker was among a handful of Madoff victims to give their stories to The Wall Street Journal this weekend. Weinberg makes about $49,000 as an elected official in Trenton, where she represents the 37th District, which covers a highly Jewish region in the northern part of the state.
She had her savings, about $1.3 million, invested with Stanley Chais, another Madoff victim.
From the Journal story, which is subscription only:
"Irwin had a saying, 'If you made a dollar and a half, you put 75 cents into a savings account and you lived on the other 75 cents,' " says Ms. Weinberg, whose husband had his own business building and designing retail stores. "That's how we lived." Ms. Weinberg's family had investments with Stanley Chais, a Los Angeles money manager who ran what he called "the arbitrage partnerships," and Loretta and her husband also opened up accounts. "It's where my family had their money," she says. "We'd get reports every quarter." Year in and year out Mr. Chais delivered steady returns of 10% to 14% annually. "We had a family joke that every night we should all say a little prayer for Stanley Chais." She had never heard of Bernard Madoff -- until last week, when she learned that Mr. Chais had invested her money in Mr. Madoff's entities. Mr. Chais didn't return calls for comment.
ML/NJ
As crooked as the political game is played in NJ, he will make his money back in no time. ;-)
Does it say where the original 1.3 million came from? It would be pretty hard to save that much money on 49K a year.
How does a ‘lifelong civil servant’ have $1.3m in savings ?
Probably from the same source as the replacement cash will come from. LOL!
Will she ask for a govt bailout ?
Anybody who doubts that these Madoff victims have enough pull with Congress to get their losses covered by you and I is a koolaid drinking fool.
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Married to a businessman for forty years (until his death). Having $1.3 million doesn't seem like much in this case.
I have no savings, no investments, and no job as of the first of the year.
None of this affects me!
I WANT PIE! WOO-HOO!!!
An odd Christmas gift, the financial destruction of liberalism. Soros must be proud.
I do not feel sorry for ANY Demoncrat.
They are EVIL.
This is just another crooked Demoncrat.
How does one making $49,000 a year have a savings of $1.3 million?
Answer that question.
She's just another whiny, greedy, crook.
Her career as a Trenton official is a “bail out”.
She's not worth one dime of it.
I am shocked that this should evn bother her. That money would only be used to prop up evil multinational companies. She should be delighted that she will forever be boycotting the evil companies like Dupont and GM and big oil.
Will Obama bail them out??
The Rise of Joseph
“I have heard say of you,” says Pharaoh, “that you can understand a dream to interpret it.” “It is not me,” says Joseph. “G-d shall give Pharaoh a favorable answer.”
Pharaoh relates his dreams, and Joseph offers the following interpretation:
The dream of Pharaoh is one; G-d has declared to Pharaoh what He is about to do.
The seven good cows are seven years; and the seven good ears are seven years; the dream is one.
And the seven thin and ill-favored cows that came up after them are seven years; and the seven empty ears blasted with the east wind shall be seven years of famine...
Behold, there come seven years of great plenty throughout all the land of Egypt. And there shall arise after them seven years of famine; and all the plenty shall be forgotten in the land of Egypt...
As for the repetition of the dream to Pharaoh twice: it is because the thing is fast determined by G-d, and G-d will shortly bring it to pass.
http://www.chabad.org/parshah/in-depth/default_cdo/aid/35879/jewish/In-Depth.htm
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