Madoff "Clawback": Trustee Seeks $150 Million

Reuters:

NEW YORK (Reuters) -- The trustee liquidating Bernard Madoff's brokerage filed a lawsuit on Thursday seeking the return of $150 million that the firm transferred to an offshore investor in October, saying the money should be used to reimburse other customers of the jailed swindler.

The lawsuit signals that the trustee, Irving Picard, is ramping up efforts to use bankruptcy law to try to "claw back" funds withdrawn by some Madoff clients that he contends should be returned and used to help compensate other customers.

Read the whole story: Reuters

Comments

[research]

Nope, the people who pulled out their money early, deserve to keep it.

[davidwayneosedach]

It's a nice thought. But they are unlikely to "claw back" more than a few thousand.

[brandnewstuff]

Arrest Ruth Madoff-

[kareemachan]

And Bernie's personal assistant, now living in multi-million dollar luxury in Florida.

[OneTop]

You might have something there.

She obviously enjoyed her lifestyle, which was based completely on the proceeds of Crime.

[BabblingBrooks]

"In his classic "The Spirit of Democratic Capitalism," the philosopher Michael Novak noted that capitalism is good because, of all the economic systems devised by man, it is the one that lifts the greatest numbers out of poverty. Capitalism is itself not selfish, exploitative, unequal; it wants to grow and produce, bringing more services, more creativity, more opportunity, more ferment and movement—more life. It is not just an economic system, it is a public good."
--P. Noonan

Destroying capitalism because of a few cheats would be as stupid as destroying the Democrat Party because of election thieves like Al Franken. There are occasional bad apples in any system barrel.

[quiviran]

Got your first name right.

Quoting capitalist scripture doesn't prove capitalism right. Some goods and services belong in the public sphere and capitalism never produces public goods. Capitalism produces private wealth. Period. Unfettered capitalism produces that wealth at the expense of the powerless.

[mollypot]

Oh, here we go! I knew it was coming. This is the real deal right here, ladies and gentleman. Let the games begin. He's hoping Irving Picard has the will to see this thing through. I know it's going to lead to some interesting places (and probably more prosecutions too).

[kareemachan]

From your lips...

[JZ735]

As with baseball tickets, every penny swindled by this guy needs to be returned to investors.­..

[ssfahrer]

I think Irving Picard and Harry Markopolis are the REAL criminals-- they are jealous b*stards who can't stand the thought of someone actually PROFITING from capitalism! Shame on them!

[quindy]

Where is your sense of decency? In your mind, capitalism is about robbing people of their savings and not being responsible for it? Who brought you up?

[deepintheheartoftejas]

I don't see why they're "ill-gotten profits". They, like everyone else who with Madoff, didn't know it was a Ponzi scheme. They just sold the money like you would any mutual fund before it was discovered.

[quindy]

I think there is a law that regulates 'ill-gotte­n-profits'­. Also it is clear now that Madoff did not have any transactions with the money that was given to him. So it was a scheme from the beginning.

[liminal67]

I know where those claws should go...

http://pitchbendpost.blogspot.com/

[winkin]

I wonder if Irving Picard ever got hold of Madoff's little black book with the names of who's behind these offshore companies.

In this case: Vizcaya Partners Ltd, in the BVI with a bank account in Gibraltar.
With a name like that, they are either folks in Spain, or... in Miami, Florida.

As long as we don't close the offshore loopholes, we'll never see the end of the mess.

[PhilipTaylor]

Thanks to MADOFF for helping pioneer laws to get back what the Wall Street Executives and Others did to America!

EXECUTIVES SKIMMED AMERICAN CORPORATIONS AND AMERICA TO THE BONE into the pockets of Executives, Managers, Sales Staff, Analysts, and others leaving weak "ZOMBIE" Corporations that can NOT survive even moderate Economic Downturns without robbing the Taxpayer!

Claw back this money from Executives!

[davidwayneosedach]

Good luck! When the lawyers get through with this investors will lucky to see a return of one cent on the dollar.

[RoadCrossingChicken]

His wife and children need to answer for their part in this. $150 million is a drop in the ocean compared to the amount they all stole.

[research]

Thanks. I guess congress get's a lot of contribution from employers who want to take advantage of the illegal status of poor folks.

Here's the E-Verify Site:

http://www.uscis.gov/portal/site/uscis/menuitem.eb1d4c2a3e5b9ac89243c6a7543f6d1a/?vgnextoid=75bce2e261405110VgnVCM1000004718190aRCRD&vgnextchannel=75bce2e261405110VgnVCM1000004718190aRCRD

[brandnewstuff]

wow- My preworkout fight song - will work for Madoff's victims- Staind ( mudshovel)