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A judge ruled yesterday that victims of Madoff's Ponzi scheme are only owed the initial money...

A judge ruled yesterday that victims of Madoff's Ponzi scheme are only owed the initial money they invested and not the fictitious profits they believed they had accrued. Trustee Irving Picard agrees, saying investors who withdrew more from Madoff's firm than they put in shouldn't be entitled to recovered funds.
Comments (4)
  • Sam Liu
    , contributor
    Comments (3864) | Send Message
     
    that's ridiculous. why should people who are prudent at their investments lose out to people not observant
    2 Mar 2010, 08:24 AM Reply Like
  • Mozatta
    , contributor
    Comments (114) | Send Message
     
    So you think they deserve the ficticious profits they didn't earn?

     

    Let's say you buy a car from a dealer. It turns out the car didn't actually belong to the dealer. You feel you are still entitled to the car?
    2 Mar 2010, 10:00 AM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    but you watch....the investers will be inflating what they put in by the millions..they are no different than Madoff.....
    2 Mar 2010, 08:35 AM Reply Like
  • davidbdc
    , contributor
    Comments (3183) | Send Message
     
    What is unbelievable about this is:
    1. Money was spent/wasted arguing about this
    2. Where do people think this money would magically appear from?

     

    common sense would dictate that they find as much of Madoff's assets as possible and then add up the net losses (ie how much you put in/how much you took out) and then give everyone in the negative a percentage of what is available.

     

    The longer people argue the more the lawyers get and the less they get. What is really appalling to me is that these people invested because they felt they were part of a "select" "elite" group of people - having returns available to them that the mere mortals couldn't possibly be considered for......... and now many (though to be fair not all) of them want the government to provide them with money........ from the mere mortals of course.

     

    I sympathize with those that lost their money with Madoff. I believe the government should be throwing all the bums that raised money for him in jail and prosecute them and those running the fund to the max. But we are all responsible for ourselves in life - if you trust the wrong people you'll pay a price - its true for all of us and it isn't the government's job to remedy all situations of our own making.
    2 Mar 2010, 11:35 AM Reply Like
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