In March, April and May of this year we posted a series of articles relating to corruption in the financial industry, of which Mr. Madoff was mentioned. Many thought that all hope was lost for the victims of Bernard Madoff. However, I just read some good news for his victims. Here it is.
[The following article was taken from the Wall Street Journal]
By Jane J. Kim
For some Madoff investors, the financial damage likely won’t be as bad as originally feared.
Nearly a year after the massive fraud was exposed, sweetened tax breaks, payouts from the Securities Investor Protection Corp. and signs of success by the court-appointed trustee in charge of liquidating Bernard L. Madoff’s firm are offering some of his investors hope for at least a partial recovery of their losses.
Irving Picard, the trustee, has recovered about $1.5 billion in assets that will go toward covering an estimated $19.4 billion in customer losses. He also has filed lawsuits to wrestle away $15 billion from some of the Madoff firm’s institutional clients or individuals Mr. Picard says profited at the expense of other clients. Mr. Madoff was arrested Dec. 11, 2008, for orchestrating a Ponzi scheme.
Interesting stuff, I write about business ethics with a teaching perspective on my web site. I’d like to know more about what you are about.
http://southwerk.wordpress.com/
By: southwerk on December 20, 2009
at 12:07 am
Hey southwerk, thanks for the comment. You can reach me at the email noted on my contact page.
By: Bobby Miller on December 20, 2009
at 12:56 am