Junior Jew Scammers whine about Elder Jew Scammers like Mado

Started by CrackSmokeRepublican, July 11, 2009, 08:38:43 PM

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CrackSmokeRepublican

Already Burned, Madoff Victims Now Face "Clawbacks"
Posted Jul 10, 2009 11:01am EDT by Peter Gorenstein in Investing, Recession
Related: ^dji, ^GSPC, std

Last week U.S. District Judge Denny Chin guaranteed scammer Bernard Madoff would spend the rest of his life in prison – sentencing him to 150 years behind bars.  But as Tech Ticker learned first hand at last week's sentencing hearing, the financial woes are just beginning for many of his victims'.

Court-appointed trustee Irving Picard has recovered about $1.2 billion of $13.2 billion in estimated net losses so far, The Wall Street Journal reports. He is now looking to victims who pulled out their money in previous years for the rest.  To this end, he has filed so-called "clawback" suits.

Picard wants "to get all of these assets back so he can now give them to all of Madoff victims rather than have them only benefit a few," says Ken Rubinstein,  senior partner at Rubinstein & Rubinstein, and a specialist in areas of estate and tax planning.

What's a victim in this situation to do?  Rubinstein, who represents a number of Madoff clients, is telling them to engage in pre-bankruptcy planning.  "You're allowed under the law to convert non-exempt assets... into exempt assets."  In plain English, that means put your money where the government (or Irving Picard) can't touch it.  Such exempt assets include life insurance policies, retirement accounts and annuities.

On the bright side, there is a chance some of these same victims can get back money from the IRS.  In what may be a rare moment of positive PR for the tax authority, they are allowing victims to get refunds on phantom profits by filing an amended return.  Rubinstein says, "The IRS is cooperating and helpful in this regard."  A phrase not often uttered in America.

http://finance.yahoo.com/techticker/art ... -Now-Face-
After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P.Morgan Co., and Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York, paying for the stock with the Czar\'s sequestered funds. In November 1917,  Red Guards drove a truck to the Imperial Bank and removed the Romanoff gold and jewels. The gold was later shipped directly to Kuhn, Loeb Co. in New York.-- Curse of Canaan