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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: NOW who wrote (171694)12/16/2008 2:12:14 PM
From: ChanceIsRead Replies (3) of 306849
 
>>>Judge signs order to protect Madoff investors<<<

This is a freakin outrage.

I was writing earlier about Mort Zuckerman. Someone had cited him amongst the "greed crowd." I am nit sure agree. I admire the guy. I see him on the McGlaughlin Group all the time. He is conservative. I still remember the quip he laid down on Bubba Clinton and Bob Dole.... "America is confronted with evil of the choice of two lessers."

Having said all of that, the guy has a Harvard Law and Wharton MBA. He has made a gigabuck. He knows how to knife fight on "The Street" with the best of them. Sorry Mort. I feel for your losses with Madoff. But I sure as hell don't want my tax dollars bailing you out through the SIPC mechanism.

There is an interesting bit of jurisprudence at work in other parts of the Madoff scandal. It seems that those who cashed out....lets say a year ago...are liable to return their share of the profits - and perhaps also share in the losses. The fact that they might have been completely innocent of any wrongdoings - just needed the tuition money for the kid's college education - doesn't seem to matter. You will get a bill and an invitation to become a fellow Madoff bagholder. I don't know what happens if you already spent the money on the kid's education or moved it over to Legg-Mason's Bill Miller and lost it all there. Tough darts I think.

I sure don't agree with that stance on the part of the government. The IRS doesn't have the time of day for me if I have big gains one year and then losses the next. Can't carry the losses back - juts the $3K annual writeoff. If the IRS won't join you in the pain - only the fruits of victory - then why do the prudent who sniffed out Madoff a year ago get to become bagholders???

Life can be soooooo unfair.

Anybody not think that the "greedy elite" had some sway with the SIPC in getting bailed out???
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