Madoff Victims Want Fed Bailout Too!

Only the complete imbecile can seriously say that she deserved to lose her money . She was investing along Spielberg , Zuckermann, Yeshiva etc.. She was deceived and certainely didn't deserved this..
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Well she certainly doesn't deserve to be compensated by the SIPC for her investment in Madoff's fund. All us other investors certainly don't deserve to have our confidence in the SIPC's ability to protect us and cover us lowered due to payouts to undeserving recipients.

There is a remedy provided by law: sue Madoff. If she is deserving she can prove it using that avenue.
 
Copeland you @nus with legs, what issues does Firefox have? I use it all day with a minimum of fuss.

Clearly you are a mentally handicapped anti semite.

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Quote from jem:

anyone who put more than 20% of their assets with madoff deserves no sympathy.

I lost plenty of money in the real estate - why don't i get a bail out?
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Well RE was clearly and out in the open a ponzi scheme. You could see the greater fools for miles.


Madoff was hidden.
 
It all depends on who lost money. In this case, there are simply too many powerful, wealthy jews, to avoid this bailout.
 
Of course these people didn't deserve to get ripped off. They also don't deserve to be compensated beyond any legal sipc limits. I'm sorry for anybody who gets ripped off by a despicable con-artist, but this bailout crap has gotten way out of hand.

Sadly, there will likely be more similar situations coming as people scramble to get their $$ out of hedge funds, maybe not to the scale of this scheme, but only time will tell.
 
A trustworthy financial advisor would tell not to put her entire net worth with one broker/firm. but than again her financial advisor was madoff invesments.

SIPC would need to raise the limit it covers like 1 million dollar cash.

I don't see how these firms can run away with 50 billion and radar didnt catch it. I mean SIPC is insuring this firm.






Quote from SideShowBob:

So she invested 100% of her funds with him? What was she planning on living on? Was she writing checks from her Madoff account to pay her bills? She deserves what she gets.
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the SIPC is their bailout ,they are lucky to get anything from the SIPC,



Quote from cstfx:

Madoff investors hoping for a bailout

THE ASSOCIATED PRESS
December 19, 2008

Securities Investor Protection Corp. officials say the books of Bernard L. Madoff Investment Securities Llc are in complete disarray and could take six months or more to piece together.

But that may be too late for Ronnie Ambrosino, who was a millionaire until a week ago. She is among the long list of investors whose fortunes were said to be wiped out by Bernard Madoff's alleged $50-billion Ponzi scheme.

Like them, with bills piling up and her bank account vanishing, she's left hoping for a bailout that might never come.

She plans to sue Madoff, but that could take years to work through the courts and yield little in the end. Her best hope to recoup some of her money is from the SIPC, an industry-funded organization set up by the government to protect investors from fraud.

But, here's the problem: SIPC does not have enough money to pay out all the claims that are sure to come from one of the biggest fraud cases ever to hit Wall Street. Securities attorneys say the organization has a reputation of being tough to squeeze money from, and each investor is only entitled to a maximum payout of $500,000 if a claim is approved.

"It feels like I'm drowning and someone is saying, 'We're going to save you, but we have to build the boat first,'" said Ambrosino, 55, who had $1.6-million invested with Madoff. "We can't wait for SIPC to go through all the papers."

The scope of what SIPC covers, however, can be limited. SIPC, for example, typically won't cover claims for cases involving stock manipulation or investments made into hedge funds.

Since its inception in 1970, SIPC has paid out $508 million to reimburse some 625,000 investors who lost money. The Madoff case will be SIPC's biggest test, and experts are raising questions about whether the organization can handle the massive amount of claims that are expected. Some experts suggest the government might have to assist.

"There's no doubt that hearings will be held on this, and some government aid is a very logical request," said Robert Schachter, an attorney with New York-based Zwerling, Schachter & Zwerling, which is representing several Madoff victims. "If we're bailing out Wall Street and the auto industry, maybe these individuals should be bailed out too."

Madoff, who was arrested last week and charged with securities fraud, was removed from a United Kingdom list of "approved" financial services providers, along with his brother and two sons. The status of Madoff, 70, was changed to "inactive" on the Financial Services Authority's register two days ago, Bloomberg News reported.

Meanwhile, Ambrosino, who retired early, has the furniture inside her motor home as her only assets now.

http://www.newsday.com/business/ny-bzmado195970544dec19,0,6848924.story
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President of SIPC testifies that they're only funded to 1.5 billion, so looks like taxpayers are on the hook for that too. How can they advertise that trillions of dollars worth of investment is "insured" when all they are funded to is 1.5 billion? Do you know where your funds are? Or how solvent your broker is?
 
Quote from omegapoint:

President of SIPC testifies that they're only funded to 1.5 billion, so looks like taxpayers are on the hook for that too. How can they advertise that trillions of dollars worth of investment is "insured" when all they are funded to is 1.5 billion? Do you know where your funds are? Or how solvent your broker is?
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It's all in my mattress now, and the mattress is insured by AIG.
 
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