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Hilarious: After not doing anything about Bernard Madoff when warned about him years ago, the Securities and Exchange Commission has reportedly agreed to a civil case settlement with Ponzi schemester Madoff. The AP reports the agreement "could eventually force [Madoff] to pay a civil fine and return money raised from investors." Money raised from investors—wait, the money that no one can seem to find? (Fine, they found $950 million of an estimated tens of billions.) Don't worry, there's still that criminal case against Madoff. The AP adds, "The partial judgment must be approved by the judge overseeing the Madoff case in federal court in Manhattan."
SEC Strikes Civil Case Deal with Madoff
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Billions of untouchable money in the Cayman Islands.
some say he send the money to Israel.
How can 50 billion just disappear with no trace?
Felix, much of that 50 billion apparently never really existed. While he claimed to be making huge earnings on his clients' investments, he really wasn't.
Does anyone honestly think that a man of Madoff's wealth and connections will face justice?
There is a better chance of him dying than the case ending.
How do I recoup money I lost in investments? Oh right I don't because its essentially gambling.
Why should any of his investors get anything back?
If he had actually invested the money and lost it legitimately, they wouldn't be entitled to anything. The whole point is he didn't invest it.
Doesn't the gov't realize that if they let this guy off the hook (and what about the son's and brother, what did they know, what about their ill gotten gains?) they are hastening a revolution? Justice is already unevenly doled out against the poor to benefit the rich and powerful, but this situation is so egregious that the masses will finally have no choice but to revolt.
At least that is what would happen in any other country in the world.
The SEC should be investigated for conspiracy with Madoff.
Can we impeach the SEC?
Disgustiing
Well, apparently this only affect the civil proceedings, he could still go to jail on the criminal charges. The revolution will be postponed.
Harry Markopolus for SEC commish!