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Should Madoff's victims just 'get over it'?

Posted Jun 30 2009, 01:50 PM by Kim Peterson
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File photo of Bernard Madoff (© Louis Lanzano/AP)Government negligence pretty much caused the current financial crisis, writes Joe Nocera of The New York Times. Does that mean we can sue the government for our losses? No, he says.

In other words, victims of Bernie Madoff's schemes need to just get over it and stop suing the Securities and Exchange Commission for failing to uncover the fraud, Nocera writes. If the SEC were liable for anything here, then taxpayers would be the ones paying Madoff victims. "This is not 9/11," he adds.

It's a pretty tough column saying all kinds of things that Madoff's former clients don't want to hear right now. They are responsible for their own financial gullibility. When something sounds too good to be true -- like the returns Madoff promised investors -- it probably is.

Too many victims still think that someone needs to make restitution, that someone should have to make them whole, Nocera writes.

"The whole point about Ponzi schemes is that there is not enough money to make anybody whole -- they were robbed, pure and simple, and the government is not in the business of reimbursing for robberies. Not even when the cops stumble across the robbers and then mistakenly let them go."

Related reading:

SEC isn't to blame for Madoff

Madoff sentenced, but has anything changed?

Who wasn't dealing with Bernie Madoff?

Comments

 

I certainly dont feel the government ( read the taxpayers) should reimburse anyone.  Were they going to contribute more to us when they MADE money ?  The returns being offered were ridiculous....di they believe they were 'the chosen few" to be offered the high returns.  or did they think they were smarter tna the rest of us ?  I guess they werent , were they ?

And dont get me going on the stimulus package known as the 9/11 payouts.  Putting a value on human beings...saying some of their lives werent wortgh as much as others.  That's what life insurance is for....you get what you pay for...what you sacrifice for.  Not the nanny-state government to bail your sorry behinds out.   They were no more (or less) dead than someone who has a heart attack crossing the street...or someone run over by an illegal alien driver.  Can THEY get money also ?  The government was at least as involved in my second example.  Whatever....I wont go further.

Yes, bernie's clients really look smart and savvy now, dont they ?

I agree that the gov't is not liable.  The defrauded victims were just as greedy as B. Madoff.  He promised them wealth beyond imagination with returns that were through the roof. They bought into the scheme because they wanted to be exceedingly wealthly.  They were greedy.   For intelligent people to have  put all of their eggs in one basket is incomprehensible.

Get over it. You gambled on a fast big buck, get rich quicker deal with sure money in hand  and you lost. Period. Now everyone wants to blame the government. As mentioned above, sue Madoff. I'm really getting sick of this  all over the news everyday.

YEP! They should get over it! I worked in Operations for many Investment firms in the 60s and 70s. Later I did my own management of my portfolio and, while some years I made 20-30% returns, other years it was hardly that....many times a loss. That these greedy people, for the most part, actually believed that they could have returns of 12-15% year after year after year is beyond credible. JUST PURE GREED. May they all RIP in a pauper's grave.

The wife of Madoff should give the victims money. The money she as is not hers. Just because she was married to Madoff, does not give her the rights to keep this money that does not belong to her. It belongs to the vicims of Madoff. She should only get any money her husband made legally. If he make any money legally.

They say $65,000,000,000 was stolen by Bernard Madoff.  Where's the money?  It would seemingly be impossible to buy enough mansions, yachts, furs or whatever and spend that kind of money and not have those assets visible to the investigators.   Wouldn't it be interesting if the government "waterboarded" him to find wherre the money is so those bilked might get some of their money back?  

Get over it you where greedy and look what it got you a lighter in the pocket book. The government should not pay one cent for your Greed!

They could choose to get over it.  They could choose a comfortable bell tower near Wall Street and snipe some pay back.  Each will mourn in their way.

This is the United States of America.  A person may start with absolutely nothing and make a fortune by will alone.  America can be brutal but there still exists a limitless amount of opportunity if one will work for it.

There was a point made by one of Madoff's cronies. Although this scam started back in the 60s, even the people who got in back in the 90s made at least 160% return on their money. So why are they all crying now. And what did they do with all the profits they made?

I think a lot of the investors who are crying poor mouth now are hiding their money just like Madoff's wife and kids. The people who got hurt the worst is just the investors who got in the last few years.

And for all the institutions who got in and got burned, didn't they have advisors who should have told them not to put all their eggs in one basket?

Personally, I think they should hang Madoff from a power pole on Wall Street and let his body hang there until there there is nothing left but bones.

OMG are you all saying I have to drink red wine out of a box for the rest of my life?

That my summer home in the Hamptons is cu put?  What about my private jet?  My Limo?  All hard earned at the expense of others loss?  Let them eat cake!

Now I have to change the name of my boat from "Thank you Painewebber" to God know what?  Maybe to "Bernie's Bruising" What an inconvenience!

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