60 Mins - Madoff money tracking

[Dredly]

Not sure if anyone watched this or not but wow... they clearly said they are going to track down anyone who benefited and get it back, even if it means that the people will be bankrupted.

"More then half of the people that dealt with Madoff made money". Anyone that has been over payed may be "claw backed". Any "big winners" clearly knew of the fraud and are going to get in trouble

Over 350 people have already been notified of claw back. Many more can expect to have this happen.


I wonder if the IRS is going to refund all tax money that was paid on earning from the Madoff scheme....

somehow I doubt it

[dc dalton]

Actually it's not up to the IRS, these people will need to send in amended returns and if they are due a refund on what they paid they will get it.

Trust me, the investors of Madoff have accountants that know how to do this stuff and do it well.

[Dredly]

Actually it's not up to the IRS, these people will need to send in amended returns and if they are due a refund on what they paid they will get it.

Trust me, the investors of Madoff have accountants that know how to do this stuff and do it well.

will people that "lost" money be charged more in the next year since they could claim deductions based on lose of money... its going to be interesting to see what happens

also what about all the taxes that bernie's company paid?

[steve762]

I get kind of a weird feeling about Madoff, because yeah, he's a POS scam artist, but the same media that love wringing their hands about him scamming people for millions adding up to billions are either ignorant about, or unwilling to ask questions about where the trillions of dollars in bailouts are going/ have gone. Too bad we can't 'clawback' those funds...

[Dredly]

I get kind of a weird feeling about Madoff, because yeah, he's a POS scam artist, but the same media that love wringing their hands about him scamming people for millions adding up to billions are either ignorant about, or unwilling to ask questions about where the trillions of dollars in bailouts are going/ have gone. Too bad we can't 'clawback' those funds...

what I find interesting is how noone reported on this ever. How did the news not get wind of 100%+ ROI? How was this missed by the finanical oversight committees?

This wasn't even disguised as anything... just amazing

[steve762]

I get kind of a weird feeling about Madoff, because yeah, he's a POS scam artist, but the same media that love wringing their hands about him scamming people for millions adding up to billions are either ignorant about, or unwilling to ask questions about where the trillions of dollars in bailouts are going/ have gone. Too bad we can't 'clawback' those funds...

BTW, I was a little tired when I wrote this, but I was specifically referring to the Federal Reserve's loans of $2 Trillion dollars to unidentified banks. Even when Bernanke was reappointed, for the average Joe watching network news, there's no mention of any controversy about the fed, how they operate, what they do, or that their secrecy.

[dc dalton]

what I find interesting is how noone reported on this ever. How did the news not get wind of 100%+ ROI? How was this missed by the finanical oversight committees?

This wasn't even disguised as anything... just amazing

And to top it off the SEC got multiple tips that the whole thing was a ponzi scheme going all the way back to the early 2000's and they repeated either ignored them or refused to investigate him.

Now that makes you wonder about all these so-called agencies, doesn't it?

[adymond]

And to top it off the SEC got multiple tips that the whole thing was a ponzi scheme going all the way back to the early 2000's and they repeated either ignored them or refused to investigate him.

Now that makes you wonder about all these so-called agencies, doesn't it?

I forget who said it or where I heard it, but it was one of the financial guys being interviewed about Madoff. It was something to the effect of "Well the problem with regulators is that those who are doing the regulating are never as sharp and clever as those they regulate. If you are sharp you work in the private sector. If you can't hack it there you work for the Federal Government. Regulators will always be a step behind even if they have the best of intentions. Unfortunately many times they may even be on the take."

[dc dalton]

I forget who said it or where I heard it, but it was one of the financial guys being interviewed about Madoff. It was something to the effect of "Well the problem with regulators is that those who are doing the regulating are never as sharp and clever as those they regulate. If you are sharp you work in the private sector. If you can't hack it there you work for the Federal Government. Regulators will always be a step behind even if they have the best of intentions. Unfortunately many times they may even be on the take."

60 minutes had the one guy on (that told the SEC it was fraud) about a month ago, forget his name but he also testified in front of Congress about it. He said it took him 5 minutes of 'looking' to THINK it was fraud and 30 minutes to prove it and NO ONE would listen!

[andrewjs18]

60 minutes had the one guy on (that told the SEC it was fraud) about a month ago, forget his name but he also testified in front of Congress about it. He said it took him 5 minutes of 'looking' to THINK it was fraud and 30 minutes to prove it and NO ONE would listen!

sad..isn't it?