Ping!
When these same investors were raking in the cash, they weren't offering taxpayers a cut. Now that they're losing money, they shouldn't get taxpayer bailouts.
Tuesday after a funeral, my wife and I heard that 40 to 50% of the very elite in closed gate enclaves in a very exclusive local community have suffered massive losses from investing in hedge funds.
So far no one wants to fess up that they were invested with Maddoff. Many of these residents are bicoastals with homes in NY/The NE. Apparently, some could not afford the trip from the east out here for the seasonal holidays.
Last month, we heard that a couple and two widows, we know in these enclaves had lost all if not most income and Madoff was cited as the reason.
A common separation re hedge fund investors and the rest of us is the % lost. Those invested in mutual funds have taken a 40-50% paper loss. Those invested in the hedge fund ponzi scams and Madoff have lost everything.
It will be interesting as we watch the Orange County Housewives and their rottenly spoiled brats facing this crisis. That wil truly be “reality TV”.