Tuesday, June 30, 2009

Madoff & Me

I know I'm one of the lucky ones because I had not invested any of my hard-earned money with Madoff and I do know where my money is.

Those investors are looking to the Securities Investor Protection Corporation (SIPC) to reimburse them for their losses and may eventually receive up to $500,000.

Having lost over $100,000 of my own money in the 2000 market crash, I can certainly empathize with them. Yet, I never received a check from the Federal Government to cover my losses and at the rate of $3,000 per year I may not live long enough to recoup those losses. That financial set-back forced me to go into retirement with a large house payment, something I had hoped to avoid.

In my book, it's just not fair that those investors should be reimbursed for their losses from Uncle Sam.

You know none of them complained when they received huge yearly dividend checks from Madoff. Surely, some of them should have questioned "How can Madoff pay me a 10 to 12% return on my investment, when the rest of the market was paying only 3% or 4%? "

But none of them did, because they loved those consistently high yields. Since they received such large payments for so many years.....when all the accounting is done, I'm sure their NET LOSS will not be close to what they are claiming they loss.

So, fellow taxpayers.............what do you think? Should our tax dollars go to bailout those investors?

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