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 ...
If they were reported as gains and they paid taxes on those gains.
They actually have a big case against the SEC [not that it could ever happen]. The SEC was responsible for oversight that simply did not happen. They made mistake after mistake.
My sympathy for them extends to some extent; but stops far short of my pocket.
Some were truly hurt, others were just greedy and foolish.
They *were* taxed on those fictitious gains, and are due a refund from IRS. That’s a fact. I wonder what happens to folks who cheated on their taxes in this instance. Ha ha!!
Boo hoo, just shut up.
Kinda like suing a city, county or state because the police, sheriff or troopers did not protect you from a robber? If I lived in Detroit, who would I sue?
Too late. Get in line like all us po folks have to do.
Don’t y’all understand that you are going to be held personally responsible?
You believed Bernie, your fault. Really it is.
Now I know banks and other Obama folks don’t have to suffer...but you are freakin’ greedy and stupid. They would have taken it in taxes anyways fools.
Got it?
Not at all. SEC audits are brutal. I have worked in the industry for 36 years as an institutional equities trader. The SEC comes in unannounced an turns the office upside down.
The SEC has admitted they let the ball drop with Madoff. He has always been big in the industry. He had ties to the SEC ... they let him slide without going over his business with a fine toothed comb.
The never even checked out his auditors! It was a major SEC debacle.
Those that pulled their money out did make a profit and they paid capital gains taxes on the money.
There were people telling the SEC again and again that they should look at this operation. Were they paid to look the other way?
I actually don’t think so. I think the SEC [with ties to Madoff] was intimidated by him. They did a cursory review, while every other firm in the country was raked over the coals on a regular basis.
But I do admit, this whole thing stinks to high heavens!
According to the report, the SEC received six warnings about Mr. Madoff’s trading business over 16 years, but failure of staff to follow up adequately — including to determine whether trades were executed when Mr. Madoff said they were — and poor communication within the agency’s divisions enabled him to continue his scheme.
http://online.wsj.com/article/SB125191276110480239.html
No sympathy from me. At the time when bonds were lucky to pay 6% and CD’s 3% investors believed they should be earning 12-15%, RISK FREE, without bothering to check into what investments the fund was making.
Sorry. Won’t wash. Methinks folks who invested didn’t care what in the heck they were doing as long as very large rewards rolled in.
You can’t con an honest man.
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