Posted on 09/07/2009 6:35:39 PM PDT by MamaDearest
• The disgraced financier Bernie Madoff has received a $13,800 (£8,500) tax rebate, angering clients who lost billions in the biggest Ponzi scheme in Wall Street history. The jailed fraudster was sent the money after overpaying the property taxes on his waterfront mansion in Palm Beach, Florida, which his wife still owns despite other assets being seized by investigators who unravelled his $65bn investment scam. The rebate cheque was issued last month and made payable to Ruth and Bernard Madoff. Ruth Madoff sent the cheque back to the tax office asking that it be reissued with her husband's name removed. Ruth Madoff successfully challenged the property's 2008 valuation of $9.4m, resulting in a revaluation to $8.5m and a 9% discount in the couple's tax bill of $151,000.
(Excerpt) Read more at guardian.co.uk ...
Just goes to show, the system works, Mama!
Don't spend it all in one place, Bernie. Oh wait......!! lol...
Can anyone back there in DC run anything competently?
....maybe give Van Jones a crack at it, I hear he's available.
It works alright, unfortunately not for taxpayers. I wonder how many government workers would retain jobs if they got their jobs by processes that truly tested their job skills or deprived them of jobs because of who they know (i.e. Obama's cabinet members and inner circle of czars).
In the corporate / business world it is common for heads to roll when something of the magnitude of the Madoff scandal occurs. To my knowledge there isn't even hand smacking going on as a result of authorities ignoring tips about what was happening for quite some time. It is grossly corrupt and unlikely to change anytime soon given our commander in chief's Chicago mindset.
Point still taken. Government incompetence.
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