90 year old Madoff victim back to work

[kicksavedave]

Just saw this on CNN. Over the course of the week we’ll probably hear a ton of “Madoff victim” stories, most of them probably bitter and angry and tales of starting over, losing their retirement, etc. And most of them would be justified to feel this way in some part.

But CNN just ran a story about a 90 year old man (sorry no link yet) who lost $750K to Madoff’s scam. This guy lived through the great depression and saved up over the years and had been retired for quite a while – he’s freakin 90 years old… His wife’s medical bills are piling up, his retirement money is now gone. So rather than beg for a refund, or moan about how injust the world is, he simply went back to work – 30 hours a week for $10 an hour at a liquor store. He said he can’t afford to sit around and be bitter or feel sorry for himself.

In the midst of all this “where’s my bailout” news these days, I thought it was refreshing to hear that not every single American is a lazy POS who expects the government to do for them what they are not willing to do for themselves. Some people just get up and go do what they have to do. Good story, good man. If they ever give any refunds back to any of the victims, I hope he’s first… but he probably won’t bother standing in that line.

[Sly]

I read the article several weeks ago in the newspaper.

According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?

The article stated he gave some money to his church and lived off the returns from Madoff investments.

My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.

Plus he did get a monthly income checks from Madoff during the last 10 years.

My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.

Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.

[Sly]

I read the article several weeks ago in the newspaper.

According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?

The article stated he gave some money to his church and lived off the returns from Madoff investments.

My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.

Plus he did get a monthly income checks from Madoff during the last 10 years.

My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.

Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.

[Sly]

I read the article several weeks ago in the newspaper.

According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?

The article stated he gave some money to his church and lived off the returns from Madoff investments.

My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.

Plus he did get a monthly income checks from Madoff during the last 10 years.

My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.

Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.

[Sly]

I read the article several weeks ago in the newspaper.

According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?

The article stated he gave some money to his church and lived off the returns from Madoff investments.

My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.

Plus he did get a monthly income checks from Madoff during the last 10 years.

My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.

Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.

[Sly]

I read the article several weeks ago in the newspaper.

According to the article this guy borrowed $350K against his home to invest with Madoff plus who knows how much of his own money?

The article stated he gave some money to his church and lived off the returns from Madoff investments.

My guess his total loss was not as much since the figures he stated he lost from Madoff were based on a bogus return of 12-15% on his investment.

Plus he did get a monthly income checks from Madoff during the last 10 years.

My guess, if this guy never got involved with Madoff, he probably would have ended up in the same position, investing through Vanguard or just doing the 3% cd’s.

Kinda like the Enron stock holders saying they lost millions when in fact they never had a millions in stock because the million figure was based on bogus investment earnings.

[Djshakes]

He must be Caucasian

[Djshakes]

He must be Caucasian

[Djshakes]

He must be Caucasian

[Djshakes]

He must be Caucasian

[Djshakes]

He must be Caucasian

[patientrenter]

My guess is that, of the $65bn or so that the media are telling us was “lost” by Madoff, maybe only $1-2bn were actually lost to the collective investors. Almost all of the $65bn was simply transferred (fraudulently and sometimes unfairly) from some investors to other investors.

Investors who gave Madoff $1 million 30 years ago did very well. They received more than their money back. Many who invested that long ago pulled all their money out at some time, and got full 10-12% returns. Others left their original money in all the way, and say they “lost” their investment. In fact, they did well too. They just didn’t get the bogus steady full 10-12% annual returns that they hoped for, and should never have expected or received.

Investors who put money in more recently were paying for all this largesse for the older investors. 95% of what happened in this Madoff event was that money was moved from newer investors to older investors. 5% or some smaller fraction of the money was spent by Madoff and his family or cronies.

[patientrenter]

My guess is that, of the $65bn or so that the media are telling us was “lost” by Madoff, maybe only $1-2bn were actually lost to the collective investors. Almost all of the $65bn was simply transferred (fraudulently and sometimes unfairly) from some investors to other investors.

Investors who gave Madoff $1 million 30 years ago did very well. They received more than their money back. Many who invested that long ago pulled all their money out at some time, and got full 10-12% returns. Others left their original money in all the way, and say they “lost” their investment. In fact, they did well too. They just didn’t get the bogus steady full 10-12% annual returns that they hoped for, and should never have expected or received.

Investors who put money in more recently were paying for all this largesse for the older investors. 95% of what happened in this Madoff event was that money was moved from newer investors to older investors. 5% or some smaller fraction of the money was spent by Madoff and his family or cronies.

[patientrenter]

My guess is that, of the $65bn or so that the media are telling us was “lost” by Madoff, maybe only $1-2bn were actually lost to the collective investors. Almost all of the $65bn was simply transferred (fraudulently and sometimes unfairly) from some investors to other investors.

Investors who gave Madoff $1 million 30 years ago did very well. They received more than their money back. Many who invested that long ago pulled all their money out at some time, and got full 10-12% returns. Others left their original money in all the way, and say they “lost” their investment. In fact, they did well too. They just didn’t get the bogus steady full 10-12% annual returns that they hoped for, and should never have expected or received.

Investors who put money in more recently were paying for all this largesse for the older investors. 95% of what happened in this Madoff event was that money was moved from newer investors to older investors. 5% or some smaller fraction of the money was spent by Madoff and his family or cronies.

[patientrenter]

My guess is that, of the $65bn or so that the media are telling us was “lost” by Madoff, maybe only $1-2bn were actually lost to the collective investors. Almost all of the $65bn was simply transferred (fraudulently and sometimes unfairly) from some investors to other investors.

Investors who gave Madoff $1 million 30 years ago did very well. They received more than their money back. Many who invested that long ago pulled all their money out at some time, and got full 10-12% returns. Others left their original money in all the way, and say they “lost” their investment. In fact, they did well too. They just didn’t get the bogus steady full 10-12% annual returns that they hoped for, and should never have expected or received.

Investors who put money in more recently were paying for all this largesse for the older investors. 95% of what happened in this Madoff event was that money was moved from newer investors to older investors. 5% or some smaller fraction of the money was spent by Madoff and his family or cronies.

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