Thread: Taxpayers May Cover Madoff Investment Scandal Losses

According to Fox News taxpayers may be forced to cover the losses sustained by investors in the Madoff scandal. Why the hell should I pay for someone else's decision to take a chance with their money? I also heard yesterday that various so called charities including LaRaza and the ACLU lost large amounts of money which would explain why this so called "government" will force taxpayers to cover these losses. How much more insane can this get????????

Originally Posted by retiredairforce

According to Fox News taxpayers may be forced to cover the losses sustained by investors in the Madoff scandal. Why the hell should I pay for someone else's decision to take a chance with their money? I also heard yesterday that various so called charities including LaRaza and the ACLU lost large amounts of money which would explain why this so called "government" will force taxpayers to cover these losses. How much more insane can this get????????

The minute the bailouts started, we became a socialist nation where personal responsibilty is no longer necessary, but don't worry! Chairman Obama and the state will provide for your needs!

Here is the list of Madoff victims, and you can click on the column headings to sort:

http://s.wsj.net/public/resources/docum ... 81215.html

In some cases it may not be obvious who the actual victim is, if they turned their money over to a financial managment company or professional.

God forbid! The rich might have to live like the rest of us!!!! I have an idea, let the poor and middle class bail 'em out.

Did I get the gist of things?

Madoff is just the tip of the iceberg. There's 6,000 hedge funds out there. Probably half are crooked in some way. So work harder because hundreds of millions depend on you.

Moving to other topics

Let me ask you this...if you found out today that your pension, or retirement fund, or your life savings had just suddenly evaporated would you just say "oh well...time to get back to work"?

Many people did not even know they were invested with Madoff (my boss included). If you look at the list you will see that there is a very diverse group of people affected by this....what do you say to the people who work for Fairfield County? (The town's employees board and police and fire board, which cover 971 workers, had $41.9 million).

It makes me sick to hear people say..."oh they are rich, now they have to work like all of us"...what ignorant morons!! How do you think they got all that money? do you think they picked it off a tree? THEY WORKED FOR IT!!

How about charitable organizations that lost everything, and how this will affect community programs aimed at helping the poor, and unfortunate.

And while it is true that many of his clients were of means, this will trickle down and affect many, many more. How about very elderly people who are not supposed to be worrying about things like this...they worked and saved their whole lives, and now their families are trying to figure out what to do.

The fact remains that the FCC was tipped off to possible fraud and they did nothing about it. I am sure in the next few months we are going to hear about a lot more.

Just ask yourself...if you found out tomorrow that your entire life savings was gone because the person or company that you trusted with your investments invested your money with a scam artist...what would you say? I am sure you selfish, ignorant, and disgusting view would be quite different!

Welcome Thomas67!

Someone or some from the SEC obligingly averted an investigation.