More bad news for Madoff victims....

[monmouth]

http://www.palmbeachpost.com/news/hard-hit-madoff-investors-cry-foul-as-trustee-1100859.html

Excerpts from article:


Two years after his life savings were obliterated by Bernard Madoff's epic Ponzi scheme, retired ophthalmologist Gerald Blumenthal thought he had endured the worst of the financial upheaval.

He and his wife sold their Boca Raton home for a more affordable one in Boynton Beach. At 78, he got a job as a security guard in Broward County until the drive and late hours became too much. To pick up the slack, his 76-year-old wife heads to work each day as a preschool teacher.

While not the retirement they envisioned, they were getting by.

Then, last week, he got a phone call from his lawyer.

The court-appointed trustee who is liquidating Madoff's phony financial empire is demanding that Blumenthal pay back the money he withdrew from the IRA account he established with the once-revered financial manager decades ago.

"I guess they want me to be destitute," he said.

[Warren Stupidity]

1. It is an extreme effort to give half a shit about 'victims of madoff'.

[PeaceNikki]

Terrible.

[bluestateguy]

2. Why wasn't Madoff immediately killed as soon as he was found guilty?

nt

[snagglepuss]

3. I have no sympathy for Madoff's victims. They knew the return Madoff was

offering was too good to be true and had to be criminal and/or highly unethical. Their vanity and greed got them into this sorry mess.

[napi21]

6. I'm not so sure about that. Although the article doesn't say

if this man was Jewish, there are a lot of older people who instinctively trust a "financial advisor or broker" who is of their same heritage. A good salesman can be quite convincing.

[snagglepuss]

11. That is the downside of prejudice. Prejudice isn't just about disliking

people out of hand, it is also trusting people for no reason other than shared background/race/orientation etc. People are continually conned this way. Character has nothing to do with religion, skin color or ethnicity. Those who think that it does are bound to be duped.

[bluestateguy]

10. Nobody deserves to be frauded

If we excuse it or poh-pooh it just because most of the clients are well to do then that is a slippery slope to tolerating such actions when the clients are middle class or below.

The bad judgement of Madoff's victims does not mean they deserved their fate anymore than the bad judgement of that fellow in Tewnnessee who negklected to pay his yearly fee for his town's for=profit fire department deserved to have his house burn down.


No time for speellcheck.

[snagglepuss]

12. Never said they deserved to be defrauded. I simply maintain that they

don't deserve sympathy. They danced with the devil.

[petronius]

14. Speelchek may not like it, but I agree that "frauded" is a better term than "defrauded"

Seems like defrauding ought to involve getting your money back... Excellent addition to the lexicon! :toast:

[napi21]

4. I don't understand why they are going after the victims in this case,

unless ofcourse he had some colusive effort with Bernie. IF they can go after the victims in this case can we go after the hedge fund mgrs etc. who profited from financial meltdown?

[Angry Dragon]

5. I do not see why not......a class action suit

[napi21]

7. If it is possible, why do you think it hasn't happened already?

[Angry Dragon]

13. I don't know

[marybourg]

9. Because, under the theory laid out in post #3, victims who took

out more than they put in are by way of being accomplices, who by law may have their "dirty" earnings attached.

[Vinca]

8. I read somewhere that the law firm that is trying to locate the loot

has collected $27 million in fees and has only recovered $850,000. Talk about being victimized twice.