May
18Who Were the Madoff Victims?
Since the Bernie Madoff scandal gave Hollywood a jolt, we’re grateful to the Wall Street Journal for raising some major questions: Namely, who were the “victims” and who were the perpetrators?
It turns out that some of the so-called money managers who funneled money into Madoff’s funds were richly rewarded for their loyalty. According to the Journal, their returns reached 300% to 950% a year.
What federal prosecutors suspect, therefore, is that while charities and philanthropic groups may have lost billions, the guys who helped manage this money were not “victims” at all. They were apparently complicit in the scheme, even though they say they may not have known it.
That means that a money manager who was “accidentally” doubling his money every year never bothered to make a few phone calls to find out why he was getting so lucky.
Sure, I buy that.
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So Peter, who were the victims and perpetrators?
Posted by: Phil | 5/19/2009 7:37:06 AM