Tuesday, March 03, 2009

A Really Bad Analogy

One of Bernie Madoff's former victims clients, suing the SEC for a lack of oversight, states,
"If the government knew you were being stalked and it didn't stop the stalker, then you should be able to sue the government," she says.
You could sue... but absent unusual circumstances you would lose.

The article provides this amazing fact:
Picard [the court trustee appointed to seek assets for distribution to victims], who said there's no evidence Madoff bought any securities for his investors for at least 13 years, has so far managed to recover less than $1 billion in assets.

1 comment:

  1. Isn't that (no physical assets) to be expected if it is a Ponzi scheme?

    Most of the money that came in the door went right back out again in the form of payments to his "investors".

    After all, he wasn't "greedy" he only skimmed a percentage of the total take . . . and I'm sure the $62M that his wife is claiming is "unrelated to the fraud" (sorry, make that the "alleged fraud") came from her pin money or maybe just good investments she made with the salary she made from her work for Madoff.

    Although, it is interesting that she got her money "out" of Madoff and into bonds and cash just before the news (that she didn's know about) broke . . .