User 439971

Reactions to My Madoff Rant: No Apologies

"b) Madoff's investors are receiving special treatment from the government in the form of special tax breaks (paid for by general taxpayers) and more-than-usual government resources;"

Taxpayers aren't financing this so-called "special" tax treatment. The IRS is simply returning money it received from fake income over the years. The IRS was by far the biggest beneficiary of the Madoff fraud. It raked in billions of tax dollars on income that didn't exist. If something gets screwed up in your tax filing, you amend your return to get it fixed. That's what's happening here.

"c) Madoff's investors are seeking to portray themselves as poor widows when most of them are probably still more affluent than 95% of Americans (take a look at Madoff's client list, and you'll see many trusts, private banks, foundations, corporations, and LLCs);"

This makes absolutely no sense. Based on your ridiculous logic, you'd have these trusts, private banks, foundations and corporations going to the media and complaining about being poor widows. You haven't seen that because it hasn't happened. No, what you have is poor widows talking about how they became poor widows.

Read the transcript of the victim testimony at the sentencing. Maybe you'll get a glimpse of some real victims:

www.usdoj.gov/usao/nys...

Your other complaints are valid. Pointless, but valid. The investors that are entitled to SIPC claims should get those claims. Those who filed tax returns on income that never existed should get those taxes refunded. None of this is taxpayer-funded. SIPC is funded by securities industry dues, and the IRS will simply pay back money it shouldn't have gotten in the first place. It's pretty simple, really.