Invest $2 million and grow it to nearly $4 million in 8 years—that's what one investor in Bernard Madoff's Ponzi scheme did. Of course, all that disappeared last December, where the fraud was revealed. The fight to compensate Bernard Madoff's Ponzi scheme victims will drag on for a while, so until then, we're going to get stories from victims. New York Magazine indulges with some of them this week.
Calling them the "Exiled Victims of Bernard Madoff," NY Mag shows how the reversal of fortune has struck some: For instance, there's Maureen Ebel, who lost $7.3 million and ended up working five odd jobs at the beginning of the year. And then there are the elderly victims who had been taking money out of their Madoff accounts—will they be expected to pay back the ill-gotten gains? One laments of the public perception, "They thought we were all greedy and rich, which is so far from the truth. It’s very hard being lumped in with the Kevin Bacons and Steven Spielbergs, whom it’s nothing for. They move on."
There are also various victims' groups who want government agencies to offer more protection. A member of Madoff Survivors says, "The 9/11 widows—and no way do we ever really want to compare ourselves to them—they were able to effect change for the greater good. We’re not asking to be made whole. It’s about the government living up to its promise to protect and defend. We want to get across to Middle America that this is us today, you tomorrow." Another victim explains the populist message from investing with Madoff, "We realized we are not the only victims here. Every American investor is not protected. Everybody lost money in the market. We just lost it all at once."