Madoff Victim Fund Completes Final Disbursement of $131 Million

[THE_DEVIL]

https://newsgpt.ai/2024/12/31/madoff-victim-fund-completes-final-disbursement-of-131-million/

The final distribution from a fund established for victims of the infamous Ponzi scheme orchestrated by the late Bernie Madoff commenced on Monday, according to the Department of Justice. This last disbursement, amounting to over $131 million, is being allocated to more than 23,000 victims globally. Upon completion, the fund will have distributed over $4.3 billion to more than 40,000 victims across nearly 130 countries. This sum represents approximately 94% of the estimated total losses incurred from the fraudulent scheme.

 

[Mister_Man]

https://newsgpt.ai/2024/12/31/madoff-victim-fund-completes-final-disbursement-of-131-million/

The final distribution from a fund established for victims of the infamous Ponzi scheme orchestrated by the late Bernie Madoff commenced on Monday, according to the Department of Justice. This last disbursement, amounting to over $131 million, is being allocated to more than 23,000 victims globally. Upon completion, the fund will have distributed over $4.3 billion to more than 40,000 victims across nearly 130 countries. This sum represents approximately 94% of the estimated total losses incurred from the fraudulent scheme.

That is pretty freaken incredible. Madoff must have made some good purchases with their money.

 

[MichaelKeller99]

https://newsgpt.ai/2024/12/31/madoff-victim-fund-completes-final-disbursement-of-131-million/

The final distribution from a fund established for victims of the infamous Ponzi scheme orchestrated by the late Bernie Madoff commenced on Monday, according to the Department of Justice. This last disbursement, amounting to over $131 million, is being allocated to more than 23,000 victims globally. Upon completion, the fund will have distributed over $4.3 billion to more than 40,000 victims across nearly 130 countries. This sum represents approximately 94% of the estimated total losses incurred from the fraudulent scheme.

Lmao. There’s never been a bigger Ponzi scheme than social security.

At least with Ponzi and Madoff and Peregrine, a person had the option of not giving them their money. With SS? Ehh, not so much.

The math has fundamentally changed. In 1950, there were about 16 workers paying into Social Security for every retiree. Today, that number has dwindled to just 2.7 workers per retiree, and it’s projected to fall further to 2.4 workers per retiree by 2035. As the worker-to-retiree ratio shrinks, the system faces increasing strain. This demographic shift is one of the primary drivers of Social Security’s financing issues. Fewer workers supporting more retirees means higher taxes or reduced benefits—or both—to keep the program afloat.

The required changes are substantial. The Congressional Budget Office (CBO) estimates that the payroll tax would need to immediately increase from 12.4 percent to 16.7 percent to cover the program’s long-term actuarial deficit of more than $25 trillion. In numbers, a median worker earning $61,000 would need to pay an extra $2,600 in payroll taxes, bringing their total payroll tax burden above $10,000. On the flip side, the CBO projects that benefits would need to be cut by 23 percent in 2035 to meet incoming payroll tax revenues.

 

[seminole97]

In numbers, a median worker earning $61,000 would need to pay an extra $2,600 in payroll taxes, bringing their total payroll tax burden above $10,000. On the flip side, the CBO projects that benefits would need to be cut by 23 percent in 2035 to meet incoming payroll tax revenues.

I think you'll see a combo. Higher taxes (making the 'benefit' even more of a net loser for 'contributors'), and means testing so that people pulling substantial retirement income don't get SS. It won't go away when it becomes 'bankrupt' on paper.

Welfare for everyone isn't workable, best to make sure you don't need it.

 

[TunzaHawk]

That is pretty freaken incredible. Madoff must have made some good purchases with their money.

No, they reclaimed money from those that cashed out before the house of cards collapsed.