Posted on 12/10/2010 7:44:57 AM PST by Larry381
Mike
“In order to resolve any potential civil claims by the government against Shapiro and his family”
So you can sue family members in America? I don’t think so. The piece reads very poorly and unprofessionally.
The attack on property continues.
"Shapiro considered Madoff to be like a son. Shapiro is said to have invested with Madoff going back to the 1960s. He and his foundation reportedly lost some $550 million. Madoff received $250 million around December 1, 2008 from Shapiro, who was one of Madoff's oldest friends and one of his biggest financial backers. [6] [7][8][9] Shapiro expressed his sadness and disappointment at his friend’s dishonest dealings. There is no suggestion that Mr. Shapiro had any knowledge of the financial irregularities to which Madoff admitted.[1]
Regulators are looking into a brokerage firm, Cohmad Securities (taken from the names "Cohn" and "Madoff"), which is largely owned by Maurice Cohn (Maurice "Sonny" Cohn) and his daughter Marcia, President and Chief Compliance Officer, of whom Madoff shares 10-20 percent ownership stakes, and Madoff's firm's address in New York City. Peter Madoff, brother of Bernard, owns less than one share. Cohmad vice president Robert Jaffe's ownership of Cohmad was less than 5 percent.[10]"
It seems there are other family connections. And a whole lotta philanthropy going on.
Then divide the above by a prorated investor base. Forget interest, early funds worth just as much as recent investments. Then disseminate. Lucky to be 10% recovery in my opinion.
The lesson is to never place more than 10% of your assets into one thing. Especially opaque instruments.
“It takes a special depravity to victimize so many people so severely.”
Zero took the Indiana Teacher’s Retirement Fund (Secure Bondholders), and gave it to the UAW in the Chrysler bankruptcy.
What is the difference?
Share the wealth, Hillary said.
Bernie is small fish compared to BO, Reid, B Fag, Piglosi et al stripping of funds from taxpayers in order to bribe unions, steal money from equity investors in GM and declare this equity is now the property of corrupt unions. I ask, who is the bigger criminal?
I’m surprised that Madoff is still above ground. I thought that he would be missing some key pieces by now.
The other angle to this is how the government makes out with this mess. Presuming the “investors” paid capital gains, the government is the recipient of ill-gotten “gains”. Will they put that money in the victim relief pool as well?
I heard that he “fell off his bed” in prison and was pretty badly injured.
Correct. This is why these things take years to figure out. There have been many Ponzi scams in the past so there must be precedent.
I figure there must be some statute of limitations applicable. That is, if the disbursement was over 7 years ago the recipient keeps it. Since that time the recipient can restate their cap gains and get taxes refunded from the IRS.
Shapiro, his son in law and their gang of insiders with Madoff were POS. They knew or they thought Bernie made his returns “front running” the trades at his legitimate market making firm which is also illegal.
Most of their investors were libs with BS foundations where the gains were not taxable including Obama boot licker Elie Weisel.
Shapiro, his son in law and their gang of insiders with Madoff were POS. They knew or they thought Bernie made his returns “front running” the trades at his legitimate market making firm which is also illegal.
Most of their investors were libs with BS foundations where the gains were not taxable including Obama boot licker Elie Weisel.
Seems fair, in a communist kind of way.
Too bad he didn't have any companies they could nationalize.
So, how exactly do you forfeit or disgorge more than you are worth?
Write an IOU? Borrow from the mob? Rob a bank? Get a government-backed loan? Print your own money? Go to debtor's prison? Start a new Ponzi scheme? Work it off over the next 200 years? Sell your body parts? Sell other family members into slavery or prostitution? Flee to Paraguay?
Inquiring minds want to know.
There were so many Marxist celebs involved with Madoff that I lost sympathy for the victims long ago.
It's a hoot to hear Hanoi Jane fulminate about her wishes for some violent end for Madoff. It's only private property, Old Dear. You know, the kind Ho Chi Minh disapproved of.
My theory that a lot of losers invested in Madoff, knowing his results were too good to be true, because they believed he had an inside track to Nasdaq. Invest in a gangster, become a gangster.
How dare an investor think he should profit from his investment!
In order to resolve any potential civil claims by the government against Shapiro and his family, the Shapiro family has agreed to forfeit $625 million to the government—an amount in excess of Carl J. Shapiro and his wife’s current net worth
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