Saturday, June 27, 2009

Who's Going To Put Humpty Dumpty's Egg Back Together?


The Courts want to strip Bernie Madoff of more money, $171 billion, than it seems possible for one man to own.
My question may be stupid.
How is it possible to accurately calculate who should be compensated and by how much?
Don't forget that the totals in the accounts were bogus, because the money wasn't invested. The payments/investments the conned clients paid were used to give them all "interest payments." The clients' accounts were false, inflated.
Can a team of auditors really discover how much outside money the clients gave Madoff? And then, how do they calculate the percentages of what should be returned and to whom?

9 comments:

Anonymous said...

Buh-bye!

Batya said...

He may be in jail, but his kids are safe. Do you really believe that his kids knew nothing, that in that giant business only he knew it was a con?

Anonymous said...

Hanistarot La'Hashem Elokeinu.

Yesh Din V'Yesh Dayan.

Remember that "giant business" was "managed" by less than a handful of up-front accountants and bought into by what were assumed to be streetsmart investors and firms.

After all, Madoff did swindle almost half the world. Maybe he swindled his own children in their father's reputation.

Anonymous said...

See Mrs. Madoff's comments.

Batya said...

shy, for sure more people knew than are being legally punished.

And a statement via a lawyer doesn't hold water for me. It's a committee's creation for sure.

Anonymous said...

If you follow the news abroad, more indictments are being worked on. Stay tuned.

Batya said...

thanks

goyisherebbe said...

I suspect that a lot of that money will never be found because it doesn't exist. The judge and jury and prosecution's anger toward Madoff, though justified, was fueled by his refusal to assist prosecution by naming names of collaborators. I suspect that Madoff kept things so close and so secretive that there may be few if any real associates in the know that could theoretically spill the beans. It's a tragedy and everybody will have to move on. It is another sign of the beginning of the end for America's Jews in what Rav Aharon Kotler zt"l called the Last Golus.

Batya said...

goyish, I agree. The only real money was the money invested. The rest was a fake. When people thought they were investing from their "profits," there were no profits to invest from. When they took out profits, they were taking other people's money.