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Madoff’s Businesses Worth $10M, Tops

Posted on Mar 16, 2009
Smash-Me Bernie

Although $10 million is a lot of money, it’s not much compared with $50 billion in lost investments. The $10 million figure represents the upper limit of the current value of Bernard Madoff’s businesses, which Madoff had valued at $826 million before his proverbial fall. It doesn’t look good for his defrauded investors’ chances of reclaiming much of their missing funds. 


The Madoffs valued their net worth Dec. 31 at $826 million, including $700 million for Madoff’s ownership in Bernard L. Madoff Investment Securities LLC, according to a March 13 court filing. The firm’s brokerage has since been valued at no more than $10 million, according to Larry Tabb, founder of TABB Group, a financial-market research and advisory firm. The firm’s money management unit is likely to be unsaleable, analysts said.

“The $700 million number is probably a figment of Madoff’s imagination,” said Stephen Harbeck, president of the Securities Investors Protection Corp., which is overseeing the liquidation of Madoff’s New York-based brokerage. “He put that value on the business while he was still conducting the fraud.”

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By geronimo, March 17, 2009 at 5:53 pm Link to this comment
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Given that time is running out on account of perpetual war, global warming and economic collapse, there has to be a mass uprising right now or we’re all doomed & it’ll be one of our children or grandchildren that’ll be answering the call, “Will the last one out please turn off the lights.”  Will the public respond to a call for a mass uprising?  We can find out right now by putting out a call for all those who are for changing the world to stand outside their house every night for 30 minutes & face towards Washington D.C. holding up home-made signs which say “Yes We Can”.  Why ask people to protest at home?  Because that’s where most of us are at 6 pm.  How will we find out how massive the uprising?  By way of aerial or satellite imagery.  And how many of these daily 6 pm vigils will it take to bring about change?  Not many.  Based on?  It’s now or never.

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By artie, March 17, 2009 at 11:50 am Link to this comment
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Something is not kosher. Madoff’s friends get a huge tax writeoff for their losses, but the rest of us get huge capital gains taxes on money we will never get. Perhaps the Israel Lobby won, again.

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By jeff41, March 17, 2009 at 11:39 am Link to this comment
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Lawrence Velvel, Dean of the Massachusetts School Of Law, has some interesting viewpoints on the trial and the guilty plea. His sense is that without a public trial many of the questions - notably what happened to the money - will never be asked or the answers will never be revealed.

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By grumpynyker, March 17, 2009 at 8:36 am Link to this comment
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Just waterboard Bernie, Ruth, the sons, and other members of the Madoff crime family until they ass-up off the whereabouts of the money.  These bastards stole funds from the Innocence Project, an organization I gave money to.  Any group that tries to free wrongly convicted and imprisoned wins my admiration.

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By AmericanDream, March 17, 2009 at 8:32 am Link to this comment

The SIPC is going to accept claims of up to $500k to protect Madoff victims.  But who is going to give money back to the average American whose 401k is down 40%? That is the real theft.

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By Lobstaman, March 17, 2009 at 7:55 am Link to this comment
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All this talk is a red herring.  Madoff’s investors were chosen carefully and not all benefited nor were extorted equally. There was a carefully balanced assortment that were divided into two groups, people who thought they were investing and left their money to appreciate, and groups that used their investments as an endowment and continually withdrew funds either for retirement plans or operating costs. Since the Madoff Affaire is a crime and not an investment gone bad, the authorities should track all the disbusrsements as every aspect, from start to finish is part of the overall crime. Those who took 10-12 percent of their investment annually probably got more than they originally put in—they might even have made a handsome profit. While those who were investing for a payout in the future lost everything.  A fuller disclosure is certainly in order for those people and an understanding of Madoff’s scheme. While Madoff and his band of hoodlums lived the high life, they could not have spent all the money—it was disbursed, maybe selectively.

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By P. T., March 16, 2009 at 7:56 pm Link to this comment

But where did the investors’ money go?

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