Bob Brinker spent the first hour of today's program talking about Bernie Madoff's ponzi scheme and how the trustee is trying to get what little money is left to distribute to victims. Bob highly recommended The Madoff Chronicles: Inside the Secret World of Bernie and Ruth
Brinker said:
Perhaps get Madoff's Other Secret: Love, Money, Bernie, and Me
or or Too Good to Be True: The Rise and Fall of Bernie Madoff
to save the shipping and handling fees.
One caller suggested that anyone who got anything out should be subject to "clawback" just as anyone who was paid with counterfeit money wouldn't be able to spend it. I wonder if he would go after the janitor who cleaned the offices or the receptionists who were paid with money collected by Madoff? Paying office staff is just as important as paying investors who withdraw from their accounts to perpetuate a fraud.
What about the old, retired people who gave Madoff say $1,000,000 then took 5% a year out to live one while they allowed the rest to grow as any honest investor would? Lets say one of those honest investors used the money to pay the mortgage on their home, should they have to give their home back? I don't think so but I am not a legal expert by anyone's definition. What do you think?
Also, how does SIPC insurance work on this? Lets say "investor J" retired, put in $1,000,000 and took out 10% a year to live for 10 years. Over the 10 years, "Investor J" got out a bit over $1,000,000 and "investor J'" statement said he had over $1,100,000 since the actual return was supposed to be about 11% a year. Should "investor J" still get SIPC insurance for the $500,000?
Finally, we find it interesting that just days after publishing an article here titled BJ Group - Genworth Financial Class Action, Bob Brinker choose to talk again about the Madoff case as if there wasn't been enough new and more important economic issues this week to discuss. Coincidence? I think not.
Brinker said:
"I would like as many Moneytalk listeners as possible to read The Madoff Chronicles: and I'll tell you why. Because when you read this book very, very uh reader friendly book... its not going to take you a lifetime to digest this one... It's also entertaining because its a true life crime story... an ongoing crime story. Ongoing drama playing out.... I think The Madoff Chronicles is a fun read as well as an educational read.... it underscores importance of knowing what you are doing with your money... diversifying your investments, know where your money is... Brian Ross is one of the finest in the business.. For a first book, what a heck of a job he did."Currently, the book is only $13.59 at Amazon.com where it is eligible for FREE Super Saver Shipping on orders over $25.
Perhaps get Madoff's Other Secret: Love, Money, Bernie, and Me
or or Too Good to Be True: The Rise and Fall of Bernie Madoff to save the shipping and handling fees.One caller suggested that anyone who got anything out should be subject to "clawback" just as anyone who was paid with counterfeit money wouldn't be able to spend it. I wonder if he would go after the janitor who cleaned the offices or the receptionists who were paid with money collected by Madoff? Paying office staff is just as important as paying investors who withdraw from their accounts to perpetuate a fraud.
What about the old, retired people who gave Madoff say $1,000,000 then took 5% a year out to live one while they allowed the rest to grow as any honest investor would? Lets say one of those honest investors used the money to pay the mortgage on their home, should they have to give their home back? I don't think so but I am not a legal expert by anyone's definition. What do you think?
Also, how does SIPC insurance work on this? Lets say "investor J" retired, put in $1,000,000 and took out 10% a year to live for 10 years. Over the 10 years, "Investor J" got out a bit over $1,000,000 and "investor J'" statement said he had over $1,100,000 since the actual return was supposed to be about 11% a year. Should "investor J" still get SIPC insurance for the $500,000?
Finally, we find it interesting that just days after publishing an article here titled BJ Group - Genworth Financial Class Action, Bob Brinker choose to talk again about the Madoff case as if there wasn't been enough new and more important economic issues this week to discuss. Coincidence? I think not.
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