Posted on 12/24/2008 5:46:08 PM PST by LdSentinal
New Jersey state Sen. Loretta Weinberg lost her entire life savings in the Madoff scheme.
While many of the losses of huge foundations and organizational endowments that have been making headlines over the past week are truly mind boggling, Weinberg was not ultra wealthy at all.
A lifelong civil servant, the veteran Democratic lawmaker was among a handful of Madoff victims to give their stories to The Wall Street Journal this weekend. Weinberg makes about $49,000 as an elected official in Trenton, where she represents the 37th District, which covers a highly Jewish region in the northern part of the state.
She had her savings, about $1.3 million, invested with Stanley Chais, another Madoff victim.
From the Journal story, which is subscription only:
"Irwin had a saying, 'If you made a dollar and a half, you put 75 cents into a savings account and you lived on the other 75 cents,' " says Ms. Weinberg, whose husband had his own business building and designing retail stores. "That's how we lived." Ms. Weinberg's family had investments with Stanley Chais, a Los Angeles money manager who ran what he called "the arbitrage partnerships," and Loretta and her husband also opened up accounts. "It's where my family had their money," she says. "We'd get reports every quarter." Year in and year out Mr. Chais delivered steady returns of 10% to 14% annually. "We had a family joke that every night we should all say a little prayer for Stanley Chais." She had never heard of Bernard Madoff -- until last week, when she learned that Mr. Chais had invested her money in Mr. Madoff's entities. Mr. Chais didn't return calls for comment.
Many people, but especially demonrats hate anything associated with Christmas except for the receiving of gifts and drunken parties.
So I think it's entirely appropriate to refrain from extending any good will towards them at this time of year.
I'm certain they won't mind, considering that such good will is based on the Christian concepts of charity and brotherhood after all.
Still, I'll readily admit, I'm a very poor Christian.
They are EVIL.
Exactly. I am *so* tired of hearing about how the poor concentration camp guards are afraid of being mistreated by the Allies, and how they are losing their jobs and social standing. F 'em. They are *all* on the wrong side of history.
Thank you Lando. Off to prepare for the coming of the relatives tomorrow. Got to set the table now. May Christmas be merry and bright for you and yours.
“Many people, but especially demonrats hate anything associated with Christmas except for the receiving of gifts and drunken parties.
So I think it’s entirely appropriate to refrain from extending any good will towards them at this time of year.”
Go tell that to the Reagan Dems that voted for him, and the Catholic Dems in particular. That’s right, keep it up so no Dem ever switches over to the Pub Party again because of the attitude of Pubs like you.
“New Jersey state Sen. Loretta Weinberg lost her entire life savings in the Madoff scheme.”
Great news!!! Hope it keeps the old witch from running for office again.
She is one of the most virulently anti-Second amendment creatures in the anti-Second Amendment New State Legislture.
She graduted with a “history” degree from a college in California and I think she was born in New York City The perfect product of a defective background.
Nice going Loretta!!! Couldn’t have happened to a better gal!!
Not great news. According to some, this is worse than WW2, the Holocaust and 9/11 combined.
If a single voter takes my post as an excuse to remain with the enemy, then there’s not a snowballs chance in hell they would have crossed over in the first place.
Canard, it’s not just a french duck you know.
There really is a Santa Claus!
“Canard, it’s not just a french duck you know.”
Your comment is a pile of hostile quack.
I agree. This subject apparently brings out the low-lifes on FR judging by their nasty, gutter-level comments.
Greedy Democrat was such a greedy Democrat that she invested in something too good to be true.
Another Examples of the Democrat Culture of Corruption.
“I think I’ll just duck out on that comment.”
A good idea, you wouldn’t want to end up with egg on your face, LOL!
You misunderstand. Unlike their victims, those evil left wing losers whose money was scammed have life and the opportunity to repent of their evil. Now that they are broke they can have another chance. Merry Christmas to you and to those who need the Mercy of Our Lord. God Bless us, every one.
“Unlike their victims, those evil left wing losers whose money was scammed have life and the opportunity to repent of their evil. Now that they are broke they can have another chance.”
I don’t believe this is your decision to make for them as to their “repenting of their evil”. Unless you believe you have godlike duties. However, Merry Christmas to you and your family. Hope you never get scammed yourself.
You do have trouble with simple english don’t you? That carreer working in civil service, no doubt. I haven’t given those evil scum anything, Our Lord has. Life and a chance to repent, something we should embrace. Sadly many of the losers will instead demand that others make them better and will then steal from the honest folks to further their evil agenda.
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