Streams

Massive Madoff Payment

Friday, September 21, 2012

Chart outlining the recovery and reimbursement of funds from the Bernie Madoff Ponzi scheme (The Madoff Recovery Initiative)

Bernard Madoff’s victims will receive $2.48 billion to help cover their losses, in checks ranging from $1,784 to $526.9 million that were mailed Wednesday to 1,230 of his former customers. Irving Picard, trustee in charge of liquidating Bernard L. Madoff Investment Securities and David J. Sheehan, Picard's chief counsel, discuss the payments and the ongoing effort to recover money from Madoff's Ponzi scheme.

Comments [9]

oscar from ny

The increase of security is caused by the powers to increase their power..
You tube J.F.Kennedy speech about secrecy and he points this out..

Sep. 21 2012 11:47 AM
Em

The more interesting con-game is the current one on Wall St. Banks sitting on billions of dollars of open & hidden assets are being paid by the benevolent hand of Washington (i.e. QE) billions to do what they are supposed to do and perfectly capable of doing: invest. These guys make Madoff look like the amateur he was. Until we start moving our money out of these dangerous monoliths (don't expect Washington to it) nothing will change and we're still on the hook and on course for Meltdown 2. As Vidal quite rightly named us: the United States of Amnesia. I'm beginning to think it should be Alzheimer's.

Sep. 21 2012 11:36 AM
jgarbuz from Queens

To John A.

I said "long term returns" and of course "long term" is open to interpretation. We can live beyond our means, and go deeper into debt for a long time, but the piper will be paid eventually. Madoff's Ponzi scheme went on for decades but eventually the pyramid collapsed and people cried "foul." Same with housing, and soon same with health industry and the education industry as well. Sure, you might get ridiculous returns for 20 years, and suddenly, boom, they are worth half or less virtually overnight.

Sep. 21 2012 11:30 AM
The Truth from Becky

Not a "form of greed" flat out greed! I mean who goes into any investment without hoping or expecting to make a profit?!

Sep. 21 2012 11:22 AM
John A.

Jgarbuz: Health Care. Colleges. And by implication, wrong.

Sep. 21 2012 11:22 AM
Mia from Manhattan

Can your guest give any advice on how the average person can avoid being duped into something like this in the future?

Sep. 21 2012 11:20 AM

When a claim is settled, does the claimant have to report cancellation of debt income for amounts not paid on claim in settlement?

Sep. 21 2012 11:19 AM

that caller is asking how much sympathy we should have for the people who lost their money, because the people who lost the $ are greedy?

if that made any sense then there would be no laws around money at all!

there are so many "legal rats", so much easy money out there for those with money, that i do not agree one bit with the premise.

keep in mind also that lots of funds were in turn invested madoff's without the knowledge of those investors. for that matter, lots of money managers gave $ in madoff without the investors' knowing anything.

Sep. 21 2012 11:18 AM
jgarbuz from Queens

It is clearly absurd that when you have an economy growing at a typical 3% a year, that you can get long term returns of 2x, 3x or even 4x times that percentage. To believe that you can forever get a long term return many times the growth rate of the economy is clearly self-deception. If it's too good to be true, then it isn't true. It's a scam.

Sep. 21 2012 11:16 AM

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