Do Madoff’s victims deserve help?

4 Comments

  • Robert Foxwell - 14 years ago

    Sorry, but this is really a poorly-researched and misleading article. SIPC was created to basically provide "title insurance" (up to $500,000) for securities held by brokers. This allowed brokers to keep certificates in broker name vs. customer name, which reduced broker back-office costs and allowed them to offer quicker trades (ultimately resulting in day and online trading). The Madoff fraud would never have happened if brokers were not given this flexibility.

    Over the last 19 years, SIPC underfunded themselves by only charging brokers $150 in insurance premiums. The Madoff investors are not seeking a bailout from the US Government. They are asking SIPC's members (Wall St.) to honor the statute and backcharge their members so Madoff victims can be paid up to the $500,000.

    Ironically, if SIPC doesn't pay as per statute, the US Government will pay because Madoff investors will get much higher tax refunds (associated with greater losses) than if this money was paid by Wall St. brokers.

  • Mark Bender - 14 years ago

    RE: Bailout....Mr Fischer," Jewish"? "Priviliged"? Anything else you would like to say? Seems to me that you are "just an angry person", and must be a real pleasure to be with after you have had a drink! The only "normal" thing you mentioned is "The SEC didn't do its job in most of these cases" ... That IS the point! Then you say "but it is what it is". THAT's right??? Mr. Fischer people LIKE YOU should have made a stink of it then, perhaps Mr. Hittler (oh excuse me Mr. Madoff) wouldn't have succeeded in destroying generations of PEOPLE not only Jewish ones. Someone has to make the public rally for accountability!

  • Mark Bender - 14 years ago

    RE: Bailout....Mr Fischer," Jewish"? "Priviliged"? Anything else you would like to say? Seems to me that you are "just an angry person", and must be a real pleasure to be with after you have had a drink! The only "normal" thing you mentioned is "The SEC didn't do its job in most of these cases" ... That IS the point! Then you say "but it is what it is". THAT's right??? Mr. Fischer people LIKE YOU should have made a stink of it then, perhaps Mr. Hittler (oh excuse me Mr. Madoff) wouldn't have succeeded in destroying generations of PEOPLE not only Jewish ones. Someone has to make the public rally for accountability!

  • Tim Fischer - 14 years ago

    Madoff victims: No bailout-----Since most of us who are investors in the market have lost funds due to fraud are misrepresentation of a companies financial status and recieved only minimal settlements from court rulings with no help from the SIPC or FDIC would the Madoff victims fair any better. The SEC didn't do its job in most of these cases but it is what it is. Most investors with Madoff were known to act previlged that they had this advantage of high return on investment and they were simply fooled. They lost just like I did.

    Ms. Chaitman will try and rally the troops including congressmen and especially those who are Jewish since the Madoff Scam had mostly Jewish investors, to get an advantage that investors like me who have lost funds in the past won't get. IT would be an injustice to every tax payer in this country if any special payments from the government were to be paid to any one special group . Tim Fischer---Palm Bch Gardens, Fl

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