Monday, December 22, 2008

Some Madoff investors may have to give back gains - Dec. 19, 2008

(Fortune) -- Should you be penalized if you were smart enough to pull your money out of Bernard Madoff Investment Securities before it imploded in what appears to have been a multibillion-dollar Ponzi scheme?

 That's only one of the depressing issues facing investors who put their trust in Madoff.

For starters, simply trying to fathom the assets and liabilities of Madoff's firm will be a Herculean challenge. "I don't think the extent of the losses is going to be known for months," says Stephen Harbeck, CEO of the Securities Investor Protection Corporation. "This is a completely different order of magnitude than anything that has gone before it, certainly in terms of brokerage firm failures or any other kind of financial institution fraud. This is a monster."
Some Madoff investors may have to give back gains - Dec. 19, 2008
Blogged with the Flock Browser

No comments: