Posted on 09/24/2009 2:24:55 PM PDT by blam
Madoff Victims Still Demanding That Taxpayers Reimburse Them For Fake Returns
Yael Bizouati
Sep. 24, 2009, 5:15 PM
Madoff’s victims will finally get their day in court Feb. 2.
The victims have been fighting with Irving Picard, the bankruptcy trustee, about the right way to determine their losses. Now a judge will decide.
The victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.
[snip]
(Excerpt) Read more at businessinsider.com ...
Sorry, our pockets are empty.
They can take it out of the one that defrauded them. Isn’t that how it works?
Amen
They could only go back three years.
[Madoff's] victims say their losses should be measured by the fictitious amount they thought they had in their accounts when the Ponzi scheme collapsed.
Those people might be more delusional than Madoff is evil. Sheesh.
What?are they serious?
They learned really well from the failed banks that got
taxpayers bailouts.
No, these fair weather capitalists now expect to handle their profits under capitalism but losses under socialism.
A lot of Madoff’s victims were overpaid, talentless Hollywood types.
Why don’t THEY first reimburse the American public from the hideous renumeration they receive, for the vile detritus they inflict on American culture.
LOL! I have NO sympathy for these greedy fools who were making HUGE dividends for decades!
Why do we even bother keeping a semblance of law and order? A few billion here a trillion there why don’t we just let loose and print until we’re buried in paper.
>>They can take it out of the one that defrauded them. Isn’t that how it works?<<
The law is that all funds paid out to anyone (the early levels in a Ponzi scheme) are retrieved and then redistributed on a pro-rata basis. I am reading that the scam was $13 billion and they might get 1 to 3 billion back.
Quick math and guesstimation says people will probably get around 10% of their investments back. For a million dollar investor, that’s $100,000 — a few grand, a few bucks.
No, those who withdrew funds from the Madoff fund would have been taxed on the fictitious gains. So why shouldn’t it work the other way around?
LOL! I have NO sympathy for these greedy fools who were making HUGE dividends for decades!
Ditto!
REVOLT ing
That seems fair
>>That seems fair<<
In the aggregate it is — but people who made money or broke even are pretty upset.
But as has been noted upthread, these people were greedier than they were smart. The small amount of due diligence would have told them that there wasn’t an independent program administrator and any wise investor would have pulled out faster than a gigolo when the hubbie comes home and shoots a gun next to his head.
Sorry, but we lost TENS and TENS of THOUSANDS if not HUNDREDS and HUNDREDS of THOUSANDS from the Tech Bubble....shouldn’t have had so much money in one sector.....and then lost a ton in the crash last year. It’s GAMBLING.....you win some, you lose some. WISE UP.
I thought I had millions, so the government should give me millions.
-PJ
Ask these idiots if they made any profit would they have shared it with the tax payers?
The arrogance of some people leaves me speechless.
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