Madoff regrets duping family more than his Social Security scheme victims (suspect, Obama)

[Dwatted Wabbit]

Originally Posted by summers73

At least he's putting his family first!

AFP: Madoff regrets duping relatives, not clients

Link doesn't work. Typically the only regret psychopaths have is getting caught. People, strangers or friends and family, are just tools in their toolkit.

[kell490]

Madoff victims were eventually made whole again because the investors of his scheme had connections to the Obama administration. They first gave them a tax deduction they could retroactively write off all their taxes going back 5 years. Then they gave them 5 more years of future deductions until the investor recovered their losses. This helped anyone who was wealthy because annually they had so much income easily to write off all their tax going back 5 years. Then Obama assigned a Government Trustee who reversed every transaction forced everyone to give back the money they made off Madoff. Some walked away with profits and cashed out those people had to refund the money.

In contrast to other investment Ponzi scams one of my family got into here in Phoenix called Mortgages limited 2008 the CEO committed suicide after dressing in a tuxedo laying down in a bed where his teenage son found him. There was no tax deduction we tried to use it and the IRS allowed it at first then came back wanted the money back it was narrowly crafted only for Madoff victims. We never got a Trustee to undo the Ponzi scheme in fact most of the wealthy people invested in the ML 980 million were made whole because they controlled the Bankruptcy committee.

[djohnslaw]

Originally Posted by mco65

I watched the Netflix documentary. It was interesting and contained a ton of info that was not originally reported.

The documentary led you to believe that making money for Madoff was not the motivation for the ponzi scheme but rather an ego thing. He didn't want to be perceived as a failure but rather as someone who could do no wrong as it pertains to investing.

He started the ponzi just by chance. Having lost one of his earliest clients entire investments in the market, he borrowed the money from his father in law and paid the investor off with interest vs simply telling him his investments failed.

Just crazy how that scheme was allowed to continue for decades..



Its worth a watch is this sorta of thing is of interest to you.

Even crazier is his legitimate business based out of the same building made tons of money

[RcHydro]

Originally Posted by Dwatted Wabbit

Link doesn't work. Typically the only regret psychopaths have is getting caught. People, strangers or friends and family, are just tools in their toolkit.

The main take on this is the SEC didnt do their job. Not believing. Madoff was just too big to fail. Was anything learned here, No. You still hear about ponzi schemes being uncovered.

'' Harry Markopolos, a financial analyst-turned-investigator who spent nearly a decade on Madoff's trail — and whose warnings were largely ignored by securities regulators.''