Members RA1 Posted October 31, 2010 Members Posted October 31, 2010 How can anyone or any system justify spending 27 million to recover 869,000 from Madoff? Best regards, RA1 Quote
Members KYTOP Posted November 1, 2010 Members Posted November 1, 2010 How can anyone or any system justify spending 27 million to recover 869,000 from Madoff? Best regards, RA1 NO!, I saw this story today also and said WHATTTTT!!!!! Quote
Members TampaYankee Posted November 1, 2010 Members Posted November 1, 2010 How can anyone or any system justify spending 27 million to recover 869,000 from Madoff? Best regards, RA1 You have seen me rail about institutional corruption before, no doubt. This is just one facet of it. Monied interests know few limits and that is just fine with the establishment. Quote
Members lookin Posted November 1, 2010 Members Posted November 1, 2010 I think somebody's been teasing you with partial info. The $869,000 is for the six-month period from April through September. Since he started in 2009, the trustee has collected about $1.5 billion. And, not that they'll all be successful, there are lawsuits filed seeking to recover another $15.5 billion. Most of this comes from 'clawbacks' from investors who did make some money, and will be given to other investors who lost money. I don't think they're finding much that Madoff himself had squirreled away. I agree that $27 million every six months in legal fees is a bit steep, but I think they have to pull out all the stops in order to discourage the next Ponzi scheme. Getting peoples' attention is expensive. Just ask Meg Whitman. Quote
BiBottomBoy Posted November 1, 2010 Posted November 1, 2010 I think it's worth it to make an example. Quote
