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The victims of Bernie Madoff are looking for a bailout with our tax money... The cost is $17M
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
The victims of Bernie Madoff are looking for a bailout with our tax money... The cost is $17M
The victims of Bernie Madoff are looking for a bailout with our tax money... The cost is $17M
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. Madoffs 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.
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!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!