You don't think all these high profile,power players who lost money while investing with madoff are losing everything. Do you??? Naw! SIPC is actually stepping up to the plate!! (someone in SIPC must have been an investor also) Evidently, SIPC protects you from ponzi schemes! Hmmmmm, wonder if they will cover my losses at the race track? SIPC was created to protect people cheated by a brokerage firm not a ponzi scheme. I smell something fishy, again.
Are Madoff's funds even covered by SIPC? Might be if investments were sold through a firm subject to the '34 Act, but probably not if unregulated hedge fund.
They shouldn't be but when does the govt ever care what is actually written in the law? Didn't Madoff burn a few members of Congress too? I'm sure they will probably give them something but it would be complete b.s. if they did.
If you know the right people you are going to get your money back. The rich will recover there money, they will take tax payer money. The poor guy with lets say just one million will get back maybe half.
Before it's too late (if it isn't already), I hope it finally becomes evident that we need a populist revolution to THROW THESE BASTARDS OUT. Otherwise, the USA is headed for the same grave as the former USSR before it collapsed...
Madoff...correct pronunciation as follows: Made Off', with Mr Webster defining it as (as he rolls over in his grave!), 'to make off with anothers money, as in 'made off with it', the past tense. Apparently this person was aptly named for his 'chosen profession', and it can be said he Made the most of his namesake.
I doubt that they will make all investors whole. Just too much $, plus I do not think the clients are legible. THE ROLE OF SIPC SIPC is the first line of defense in the event a brokerage firm fails owing customers cash and securities that are missing from customer accounts. Although not every investor is protected by SIPC, no fewer than 99 percent of persons who are eligible get their investments back from SIPC. From its creation by Congress in 1970 through December 2007, SIPC advanced $508 million in order to make possible the recovery of $15.7 billion in assets for an estimated 625,000 investors. http://www.sipc.org/how/brochure.cfm
Last time I checked....There is no brokerage firm named PONZI!!! You don't get your money back!!! PERIOD!! You gambled!!!! You lost!!!!! screw you!!!