Madoff Payback

I am good that money made from Madoff's ponzi scheme is being returned to folks that lost money in the scheme — but who decides who is worthy of being paid back? 

Think about it.  Many of the Madoff investors were being paid a big return on money they had invested — they knew something wasn't right because their rate of return was double and triple industry averages, and there was never a loss.  So many of these investors KNEW they were getting 'funny money' and were complicit in the arrangement.  So when they lose millions, should we be so sympathetic evenly across the board?

Have to take the hard route on this one — some of the folks that will now get back 50 cents on their dollar lost are not deserving of it and I'd rather see some investors get back more.  I suspect it would be difficult to figure out who should get more, but I bet it can be done.  Take a look at the long-term investor who received 15% return per quarter for a while — that guy has made out without questioning where this Madoff moron was getting the money from.  (Betting he had an idea but was quite happy with the arrangement.)  Likely that the newest investors were the most harmed as they had yet to receive payouts, I suggest they get 100% refund. 

Sorry you others, you must have figured it out over time that you were making out pretty well.  Oh, and happy holidays.

2 thoughts on “Madoff Payback

  1. Before the madoff thing was made public I withdrew money from my annuity for a downpayment on a house. Now my union board of trustees are sending me letter that I have to pay back some of that money in order to help them recoup some of the money they lost in the madoff scheme. Not only that but they are also charging me interest for beer month I don’t pay it back or make a payment. They say I owe 2900.00 and over the last month or sob they added 75 dollars interest. Is this even legal?

  2. Hey my friend, I am no lawyer so I can’t tell you whether or not this is legal. But I can tell you it sucks and if it were me, I’d be asking someone who CAN help. Seek out free legal services in your area, there must be something. It may be a toll free number where you can get free legal advice, try to find something using Google. Good luck.

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