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Discussion in 'Politics' started by nudeyorker, Jan 11, 2009.
The victims of Bernie Madoff are looking for a bailout with our tax money... The cost is $17M
as with any person that decides to entrust their money for another person or agency to invest on their behalf, sometimes it goes well and the returns are satisfactory and other times they are not.
when investing one trusts the caretaker of their money implicitly. if their trust is badly or unwittingly placed, then it is unfortunate for them.
i am sorry that people who trusted their funds with madoff have ended up lighter in the bank account, truly i am. but the fact that they gave this man their money and have lost it is a risk that should have been calculated ahead of time.
i do not think those that lost money at the hand of madoff should be bailed out.
Won't happen. Ponzi's aren't FDIC backed =)
maybe/maybe not, but $400k spa trips to laguna niguel for AIG dudes were. if u think there's sufficient oversight on where ANY of the bailout/buyback/stimulus money is going.....THINK AGAIN!
what's going on in DC now is equivalent to the looting that happened in iraq after we broke that. good luck america, it was nice while it lasted
... says the guy that was complaining earlier about there being a Politics forums @ LPSG.
Hedge funds are balls-out risk. That's one of the reasons why "unqualified investors" i.e., the comparatively poor, aren't permitted to invest in them. Investing all your money in any one vehicle is just plain stupid no matter what. When you're rich, you should have a nest egg of do-nothing money invested ultra conservatively that allows you to live reasonably well should ever other single investment crash and burn. Sure you may have to live with only 2 houses instead of 6 or a new Rolls every 5 years instead of 1, but you will be able to sleep at night and put the kids through school.
The number of rich people who have no clue how to manage money never ceases to dumbfound me.
Ah the sad misfortune of having this collapse happen with Republicans still at the helm...
Of Course its just another graftapalooza...
Of course there is no accountability...
Whay should the last weeks of Bush's tenure be any different from the shameless rapine that has dominated his entire presidency?
What began with the Bush enabled ENRON rape of California has been SOP in Washington ever since.
Take what you can while you can... and trust that the next president will want to 'move on' rather than hold officials legally liable for their crimes...
Once again folks... in the last 8 years THREE TRILLION dollars of PUBLIC money has disappeared from circulation.
And no one is asking where it went.
Places like Lichtenstein, the Cayman Islands... they sure aren't telling, either.
IMO, that is complete and utter BS.
My mom purchased the wrong flavor of Kool-Aid for me last week. :irked: Can I demand a bail out of $2.48 as she threw out the receipt so we can't return it for cash? :tongue:
The stock market and investing is a gamble. Always has been, always will be. People just need to suck it up and roll with the punches. I know that may be easier said than done; but you can't blame someone else for a poor choice on your part.
A country ultimately gets the government it deserves. This is what Americans get for not paying attention and going to the mall to 'keep America rolling'. A fool and his money are soon parted.
Nudeyorker are you talking about investors, and I use that loosely, being reimbursed under (the very little known) Security Investors Protection Corporation?
No I watched the story on the news last night. They are asking the IRS for a tax break refund.
Madoff's Victims May Get Tax Break
by Mark Robyn
Investors who became victims of Bernard L. Madoff’s now infamous $50 million Ponzi scheme may get some relief through the tax code. The IRS allows taxpayers to deduct theft losses, as long as they exceed 10% of adjusted gross income. But as the New York Times points out, in order to claim the deduction it has to be reasonably clear that an investor will not recoup his or her losses, which can take a while to prove. For example, it is possible that some of the missing funds are sitting in a bank account and could be seized and returned to investors. The theft requirements would also limit investors’ ability to seek reimbursement by means of a lawsuit.
NY, in principal, I'm not sure that this is much different than having your car stolen. None of the victims did anything more corrupt than simply hiring a money manager. Their 'money' got stolen.
If you made a bad investment, say, in Enron..you would take a capital loss. I don't think this would be considered a bailout...just following tax regulations on investment gains/losses. If funds are recovered, they can amend the return at a later date.
Meanwhile it's going to cost the Taxpayer $17M. My point was they can't prove at this juncture that funds won't be recovered!
Just playing devil's advocate here, but....those investors have been paying bogus capital gains/dividend taxes for years into the IRS...on gains and divs that never existed.
I mean, they got royally fucked.
Madoff is despicable...and out on bail. Unbelievable.
On the other hand, you can really elevate your social status at cocktail parties by saying you got wiped out by Madoff.:biggrin1:
Meanwhile, we in the UK have a near £200 Billion ($300 billion, US population equivalent $1,500 billion) deficit in predominantly private sector final salary pensions - oops.
I'm not paying for their bad investments.
Will they make me?