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#1
12-17-2010, 11:49 AM
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USAO recovers nearly half lost Madoff principle
Congratulations to the USAO for their work recovering this much of the money.. Considering how many philanthropic organizations were injured by Madoff, this is heartening news.
Madoff trustee gets 'historic' $7B settlement NEW YORK – The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud. The settlement with the estate of Jeffry Picower was detailed Friday in Manhattan court papers. U.S. Attorney Preet Bharara (bah-RAHR'-ah) called it "a truly historic settlement" and a "game changer for Madoff's victims." Bharara said roughly half of the $20 billion in principle lost by victims has been now recovered.
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All ambitions are lawful except those which climb upward on the miseries or credulities of mankind. ~ Joseph Conrad A long habit of not thinking a thing wrong, gives it a superficial appearance of being right. ~ Thomas Paine Don't let anyone tell you that your dreams can't come true. They are only afraid that theirs won't and yours will. ~ Robert Evans 
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#3
12-17-2010, 12:43 PM
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Quote:
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"Have the clean racing people run any ads explaining that giving a horse a Starbucks and a chocolate poppyseed muffin for breakfast would likely result in a ten year suspension for the trainer?" - Dr. Andrew Roberts
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#4
12-17-2010, 04:59 PM
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In most ponzi cases it's gone. Good job by the gov and the widow who gave up the money. Body count 3 so far. 4 if you count life in prison.
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“To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson
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#5
12-17-2010, 05:01 PM
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It's easy to puke up 7.2 Bil to get the feds off your ass when you have 10 Bil... Thats the problem with White Collar Crime. You get caught pay a huge fine but still are WAY ahead of where you were prior to the crime. It's like they teach a course in this at business school.
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