tag:blogger.com,1999:blog-8822606000441641347.post8470862467444982850..comments2023-09-06T03:57:44.608-07:00Comments on Marko's Take: Outlook Brightens For Madoff's VictimsMarkohttp://www.blogger.com/profile/07028301085211245105noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8822606000441641347.post-77123957577382636342010-06-06T08:37:13.945-07:002010-06-06T08:37:13.945-07:00Hi Anon:
The "clawback" provision is a ...Hi Anon:<br /><br />The "clawback" provision is a difficult one for investors to deal with. I get that.<br /><br />I'm sure you have been told how bankruptcy law works, so I won't defend it.<br /><br />Imagine, for a second, if you had lost all your money, while someone else had gotten theirs back just a month before the scheme was exposed. Why should they be given an advantage over you?<br /><br />If you withdrew money, whether you knew it or not, you received a Net Asset Value far in excess of what was truly in existence, therefore your transaction harmed others.<br /><br />You will still be put in the pool, and get your proportional recovery. Not great, but better than zero.<br /><br />I, in no way, would imply that you "should" have known. Former clients of mine, Ivy Asset Management and Tremont Advisers, two firms that prided themselves on the quality of due diligence, were taken in. If they were fooled, anyone could be fooled, despite the red, red flags.<br /><br />I appreciate your disgust at all this mess, but the fact remains that your prospects have gotten better over time. <br /><br />Thanks for the comment.<br /><br />MarkoMarkohttps://www.blogger.com/profile/07028301085211245105noreply@blogger.comtag:blogger.com,1999:blog-8822606000441641347.post-16822686914793606342010-06-06T08:26:47.712-07:002010-06-06T08:26:47.712-07:00This is all good, but why don't you meet and t...This is all good, but why don't you meet and talk with the average person who invested their money with BLMS rather than spend you time feeding us the same bull that we get from the government and Picard. Sure, some investors lost millions or billions, but that is a very small number compared to the thousands of normal average people like me that invested to save for retirement. Yes, we were getting 10% on our money year after year! But, don't tell me that I should have known something was wrong when many people were getting much higher double digit return from mutual funds and the like in late 1999 and 2000. I want Picard to follow the law and stop sighting a case from the early 1940's before the SEC and SIPC were even in existence. Picard should be ashamed of what he is doing to the everyday people who are now being victimize again by clawbacks. Any of us being sent demand letters to send back money have to pay a lawyer $600 per hour to help fight this mess. Where does it end?Anonymousnoreply@blogger.com