RIP Bernie

[Funky Bunch]

Ponzi Schemer Bernie Madoff Dies in Prison, AP Reports​

 

[LesClaypool]

 

[NoleinATL]

That guy was a piece of work. Amazing how many people will believe what they want if they think they will be able to "gain" something.

Probably the craziest part of that incredible story is that the trustee has been able to recoup 13 billion dollars for the victims

 

[SSG T]

Amazing how many people will believe what they want if they think they will be able to "gain" something.

And yet, we see it play out constantly.

 

[TJ8869]

Bernie’s dead? Well, that’s just great. Now I’ll never get my $3 million back.

 

[Titus Andronicus]

That guy was a piece of work. Amazing how many people will believe what they want if they think they will be able to "gain" something.

Probably the craziest part of that incredible story is that the trustee has been able to recoup 13 billion dollars for the victims

Any idea what the total dollar amount of claims was/is?

Also, at the end how much was he supposed to have had under management?

I do not remember him being in the multi-billion dollar league ... but maybe he was. He seemed to have lots and lots of family money type accounts from affluent folks, but all of it was basically unsophisticated (and trusting) from what I could see.

 

[CarolinaHawkeye]

Just another hard working American.

 

[TJ8869]

Ponzi schemes > Fonzie schemes

 

[NDallasRuss]

 

[MitchLL]

To quote 45. Gee, that's too bad!

 

[NoleinATL]

Any idea what the total dollar amount of claims was/is?

Also, at the end how much was he supposed to have under management?

I do not remember him being in the multi-billion dollar league ... but maybe he was.

Total claim was over 19 billion, recovery now over 14 billion with 13 of that distributed

Madoff Trustee Info

 

[FormerlyCyberCy]

Total claim was over 19 billion, recovery now over 14 billion with 13 of that distributed

Madoff Trustee Info

So people are eventually going to get roughly 3/4 of their money back when that is distributed?

 

[fezzador]

Thought this was Bernie Sanders before clicking.

 

[Titus Andronicus]

Total claim was over 19 billion, recovery now over 14 billion with 13 of that distributed

Madoff Trustee Info

Thanks. Lots of interesting stuff there.

It appears that SIPC is absorbing the administrative costs of this debacle and that you actually had to have an account with him to get a payout. Considering that this should have been discovered years earlier, this seems more than reasonable.

 

[jasonrann]

Pretty solid movie made about this a few years ago, strong cast. I honestly don't know how the guy slept at night.

 

[Fijimn]

I recall Kevin Bacon and his wife lost a substantial part of their savings. Madoff is the reason that Bobby Bonilla is still getting paid.

 

[NoleinATL]

So people are eventually going to get roughly 3/4 of their money back when that is distributed?

Yes , there is a complicated way of determining who gets what that is detailed in the link I posted earlier,
but quite a few people have already received some of their funds back.

 

[lucas80]

Hard to believe I'm the first person to give the OP a like. Madoff never truly atoned for his crimes, and begged for mercy from the court, even though he didn't help with recovery. I'm only surprised that he didn't buy a pardon from Trump.

 

[BioHawk]

Hard to believe I'm the first person to give the OP a like. Madoff never truly atoned for his crimes, and begged for mercy from the court, even though he didn't help with recovery. I'm only surprised that he didn't buy a pardon from Trump.

It's really hard for me to give a like to news that someone died. Osama Bin Laden's death got one from me. Can't think of many others.

Personally, I like watching these people rot in jail.

 

[LuteHawk]

An 82 year old convict in prison will not get much health care.
His body finally surrendered to human mortality. Bernie
Madoff's schemes are now over for good.

 

[INXS83]

I recall Kevin Bacon and his wife lost a substantial part of their savings. Madoff is the reason that Bobby Bonilla is still getting paid.

I recall Kevin Bacon and his wife lost a substantial part of their savings. Madoff is the reason that Bobby Bonilla is still getting paid.

Bacon married into money as Kyra Sedgwick was/is an heiress.

 

[INXS83]

An 82 year old convict in prison will not get much health care.
His body finally surrendered to human mortality. Bernie
Madoff's schemes are now over for good.

Sometimes, they let these famous crooks go home to die, like Capone or that guy from World Comm.

 

[tarheelbybirth]

Bacon married into money as Kyra Sedgwick was/is an heiress.

They've both made more money than she inherited. $16M is a nice nest egg, though.

 

[The Tradition]

Covid?

 

[dgordo]

Any idea what the total dollar amount of claims was/is?

Also, at the end how much was he supposed to have had under management?

I do not remember him being in the multi-billion dollar league ... but maybe he was. He seemed to have lots and lots of family money type accounts from affluent folks, but all of it was basically unsophisticated (and trusting) from what I could see.

book value was $60 billion at his peak

 

[Moral]

Thought this was Bernie Sanders before clicking.

Same. I would have all the sads.

 

[ThamesHawk]

That guy was a piece of work. Amazing how many people will believe what they want if they think they will be able to "gain" something.

Probably the craziest part of that incredible story is that the trustee has been able to recoup 13 billion dollars for the victims

People are quick to believe that which they wish to be true.