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eppur_se_muova Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:31 PM
Original message
Madoff reduced to nothing (CNNMoney)
By Aaron Smith, CNNMoney.com staff writer
Last Updated: June 27, 2009: 12:22 PM ET

Madoffs get 'stripped'

As a result of orders issued on Friday, the government has stripped Bernie and Ruth Madoff of all the interests in property belonging to them, including:
Cohmad Securities $47 million
Wachovia Bank account $13.3 million
New York Coop $7.5 million
Montauk property $7 million
Palm Beach property $7.45 million


NEW YORK (CNNMoney.com) -- Bernard and Ruth Madoff have been stripped of their vast riches.

The government announced Friday night that it had seized all of Bernard Madoff's property in a deal that also forces his wife to give up homes and property worth millions.

Federal prosecutors obtained a $170 billion legal judgment against Madoff.

Madoff, 71, masterminded the largest and most sweeping Ponzi scheme ever, and now faces the possibility of spending the rest of his natural life in prison.

Madoff is scheduled to be sentenced on Monday morning in a federal court in Manhattan.
***
more: http://money.cnn.com/2009/06/26/news/economy/madoff_sentence/index.htm?postversion=2009062622
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rosesaylavee Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:32 PM
Response to Original message
1. Well, cry me a river.
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UndertheOcean Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:33 PM
Response to Original message
2. Good
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sarge43 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:34 PM
Response to Original message
3. Boo frackin' hoo. n/t
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:36 PM
Response to Original message
4. Where is the $170 billion going to come from?
Not arguing with the amount, just noting that his net worth doesn't appear to be anything close to that. Unless I'm missing something.
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:38 PM
Response to Original message
5. Now, go after the sons' wealth too. They got it from "dad".
They both probably had a great education, at great colleges, so it's time for them to "start" fresh..on their own wits & skills..

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anigbrowl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:41 PM
Response to Original message
6. Maybe he shouldn't gp to prison
Well, I'm being a bit vindictive here. But there would be some rich irony if he were stripped of everything but the clothes on his back and dumped, penniless, in a poor district of some large, unfamiliar city. Uncertainty and an empty stomach will give him insight into the consequences of his actions more than a prison.
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RC Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:42 PM
Response to Original message
7. There is hope.
If this can happen to someone with this much money... No, wait a minute, he stole from the rich and well to do. That cannot be allowed. One can only steal from the unwashed masses and be allowed to get away with it. You noticed how quick this was also?
So there still is no hope for the rest of us seeing justice done for the rest of the high rolling criminals that only stole from us.
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SmileyRose Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:44 PM
Response to Original message
8. Great - now *WE* have to pay for that SOB's upkeep.
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csziggy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:52 PM
Response to Reply #8
9. Look on the bright side - he's old and won't live all that much longer
WE can only hope.

But I thought I read yesterday that Ruth Madoff was going to be allowed to keep 'only' $2.5 million to struggle by on?

Ruth Madoff forfeits asset claims, left with $2.5 million
Sat Jun 27, 2009 8:13am EDT

By Grant McCool

NEW YORK (Reuters) - Ruth Madoff, the wife of epic swindler Bernard Madoff who reaped billions and a lavish family lifestyle, will be left with $2.5 million and have to look for a new home as she forfeits claim to some $80 million in assets.

Documents filed in Manhattan federal court on Friday night showed that Ruth Madoff, 68, who has said nothing in public about her jailed husband's crimes in the six months since his arrest, had come to an agreement with U.S. prosecutors.

"In compromise of claims Ruth Madoff would have pursued, the Office (U.S. Attorney) will not contest claim to a sum of money equal to $2,500,000, which sum the Office shall cause to be tendered to Ruth Madoff promptly after she vacates the real property and surrenders all personal property," the court order said.

More: http://www.reuters.com/article/domesticNews/idUSTRE55Q0BF20090627


I wonder if she will have to get a sub-prime mortgage to buy a new place to live? :rofl:
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SmileyRose Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:02 PM
Response to Reply #9
12. They are missing an opportunity
Let her have her 2.5 mil but require her to "earn" it by cleaning toilets at the campgrounds where those who lost their homes ended up.
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csziggy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:25 PM
Response to Reply #12
17. Yes, perfect! n/t
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Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 06:07 PM
Response to Reply #8
21. 3 square meals a day, water, and shelter for an old man is cheaper than him ripping off 50 billion.
The math is pretty simple to do. He is in prison away from things he could use to hurt people with.
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SmileyRose Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-28-09 12:46 AM
Response to Reply #21
22. Unfortunately he spawned.
Edited on Sun Jun-28-09 12:47 AM by SmileyRose
I'm one of those horrid "fake" Democrats who does believe there is a place for the death penalty. I totally understand why the Iraqis would not rest until they personally saw the dead bodies of Uday and Qusay. Or why the French chopped off the heads of children too. Did they deserve to die all because poppa taught them to be fucking fucks? No. But sometimes the only way to save a society to the make a clean sweep and leave not even a trace behind of the fucking fucks who help screw things up.

Sorry - I rant - not at you - sorry.




edit because it's 2 am and I should be sleeping instead of typing.
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Andy823 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:53 PM
Response to Original message
10. I really doubt
The got all his money. The man had to have known he would be caught someday, and planned ahead by putting at least millions away in some offshore account. He may never see it, but his family will!
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Owl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 03:56 PM
Response to Original message
11. Good.
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Fire1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:03 PM
Response to Original message
13. Easy come, easy go! No Pity. n/t
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eppur_se_muova Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:15 PM
Response to Reply #13
16. I think you mean "sleazy", not "easy". :)
:evilgrin:
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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:05 PM
Response to Original message
14. Does anybody have those kind of assets? (170 billion?)
I don't think Bill Gates has a third of that. Maybe the Sultan of Brunei, but even there?
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madmom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 04:10 PM
Response to Original message
15. $2.5 million...wish I had that kind of "nothing".
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 05:50 PM
Response to Original message
18. Wow, this is better than the end of "Trading Places".
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 06:00 PM
Response to Original message
19. So. We're to believe Bernie's money is all gone?
A $50 billion Ponzi scheme and he only skimmed $80 million.

Sure.

It might be where a lot of America's wealth has gone, beautiful, secure and neutral Switzerland.

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

It pays to have friends in high places.
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DaveinJapan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-27-09 06:06 PM
Response to Original message
20. $2.5 million?
Can someone explain to me why she's entitled to even $2.5 DOLLARS of illegally obtained monies?
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