Was Madoff’s hedge fund paying for the Investor Insurance?
If not..why would his investors qualify?
Mark my words, folks . . . the details of this story reach way up into the upper echelon of the U.S. government, which is why most of these details will never see the light of day.
I guess it takes some “smarts” to be able to pull something like this off, for “13 years”... LOL... what a deal!
It makes one wonder how much of the *entire financial system* is actually “smoke and mirrors” (like this) and is not really there, at all. I think we’re gonna get a lot of this type of “fallout” as many kinds of financial instruments and/or companies are going to be “forced clean” by the economy, or go bust.
And it’s all that is going on like that, which is causing the Great Depression, which will deepen considerably more, all during 2009...
fyi
How many more mega-Madoffs and super-Stanfords are just waiting to blow up?
Folks, do you really “own” the securities you think you own?
Would they be entitled to recover only the principle they put in up to $500,000. Or any balance that had been reported to them including false gains?
Wouldn’t investors with over $500,000 share in recovered assets only to the extent such recovered assets exceed the $500,000 liability. In other words, recovered assets would first go to repay the insurance for the $500,000 and then only if recoveries exceed all claims is there anything to split.