Jewish Journal


December 30, 2008

Where’d the money go?


Bernie Madoff claimed his Ponzi scheme took investors for $50 billion.  Even if he’s lying about that too—investigators say a more likely figure is $30 billion—you have to wonder, where’d it all go?

According to a report in talkingpointsmemo.com, the answer is fourfold:

1. A fraction went to support his lavish lifestyle
2. A good sized hunk disappeared when the markets tanked
3. Some of it may be hiding in overseas accounts
4. The bulk of it was withdrawn to pay off investors—the M.O. of a Ponzi scheme

Investigators say it will take months to track down the assets.  And lawyers may spend years trying to recover what’s recoverable.

Read the whole post here:


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