Posted on 03/15/2009 3:24:09 AM PDT by TigerLikesRooster
Most of Madoff's victims were also his accomplices
By Joe Nocera
Friday, March 13, 2009
NEW YORK: Standing in the security line Thursday morning, waiting to get into the federal courthouse in Manhattan, I started chatting with the man behind me. He looked to be in his early 60s, and though he was well dressed, he looked a little haggard. I asked him if he was a victim of Bernard Madoff, who would soon be pleading guilty to masterminding the greatest Ponzi scheme in history. He said he was.
Did he want to talk about it? He wasn't sure, he said. I asked his name. "I'm not going to give my name unless there is some benefit for me," he said dourly. "I haven't had too many benefits lately."
How much had he lost? I asked. He grimaced. "I don't really want to say," he replied, but conceded that it was a lot.
What was he hoping for today? He shrugged.
As we passed through security, I asked him what role he thought the government should be playing. It was as if I had flipped a switch. Suddenly, his reticence fell away.
"The SEC," he said, referring to the Securities and Exchange Commission, which muffed multiple opportunities to catch Madoff, "they played a big role in this. They have a lot to answer for." He said that the tax code should be changed so that Madoff victims can recoup taxes they paid on profits that turned out to be illusory — no matter how far in the past those taxes were paid. He thought the Securities Investor Protection Corporation, which tries to put at least a little money in the hands of investors whose firms have gone under, should give victims more than the current $500,000 maximum.
(Excerpt) Read more at iht.com ...
Sorry, when you invest money there is NO guarantee. You win some, you lose some.
You need to on the AIG threads.
Nope, I was NOT in favor of bailing out AIG. I just believe thatpeople who paid taxes on their earnigs will get a refund when they file their losses and so they don’t deserve any kind of bailout from us.
Absolutely. The point was, if you care to read my posts, that the government profited by not doing what it is charged to do, and it's ill gotten profits should be treated the same as Madoff's.
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.