Quantcast

Jewish Journal

JewishJournal.com

December 30, 2008

Where’d the money go?

http://www.jewishjournal.com/blog/item/whered_the_money_go_20081230/

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 The bulk of it was withdrawn to pay off investors—the M.O. of a Ponzi scheme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:

http://tpmmuckraker.talkingpointsmemo.com/2008/12/almost_since_the_news_broke.php

JewishJournal.com is produced by TRIBE Media Corp., a non-profit media company whose mission is to inform, connect and enlighten community
through independent journalism. TRIBE Media produces the 150,000-reader print weekly Jewish Journal in Los Angeles – the largest Jewish print
weekly in the West – and the monthly glossy Tribe magazine (TribeJournal.com). Please support us by clicking here.

© Copyright 2014 Tribe Media Corp.
All rights reserved. JewishJournal.com is hosted by Nexcess.net
Web Design & Development by Hop Studios 0.2338 / 50