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Madoff Investors Can Expect to Get Back Next to Nothing

2009_01_madoffhl.jpg Investors who lost their money when they entrusted it to Bernie Madoff are likely to get "pennies on the dollar, if that," according to Stuart Gerson, a lawyer with the national firm Epstein Becker & Green. Experts say that most of this year will be spent tracing Madoff's funds and accounts and that it may up to three years before victim's of his Ponzi scheme begin to received anything. Investors and creditors of Enron, which fell in 2001, were still receiving payments last year. Those with money behind that fallen corporation, possibly Madoff's only rival in financial infamy this decade, received up to 50 cents on the dollar. But while Enron owned businesses with assets that could be liquidated, Madoff's money managing firm has very little in the way of tangible items attached to it. The only person whose furor at Madoff right now might be a notch below his investors is Matt Lauer, Maddoff's neighbor in his Park Avenue building who Radar reports is being driven "bonkers" with all of the attention, yelling at photographers and is "fearful for his kids."

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Comments [rss]

  • MT

    Where exactly does $50 billion disappear to? It's not like he's the government.

  • Rocknrope

    It disappeared to the accounts of those who invested with him for decades. That's how ponzi schemes work.

  • NannyState

    LOL at Matt Lauer's paparazzikampf.But there's always a way out for a guy with his wealth: they say that the Lipstick Building is ripe for residential conversion and I hear the 17th floor is available...

  • grandzu

    Why the hell should they get a bail out of any sort? Investing is a gamble. They lost.

  • snoopydog

    Could we run this announcement through a grammar check?

  • FelixtheCat & Christine Quinn'

    Matt Lauer is yelling at reporters? He should be supporting them. First Amendment is a right. maybe he is worry they may caught him cheating on his wife again.

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