Bernie Madoff-Did HE get the 50 billion?

Factual Questions
1

I’m curious about the Madoff thing. Are they saying that HE himself got the 50 bill, or just screwed around with that much?
Also, how come a freeze wasn’t put on all of his assets?

Thanks,
hh

2

The 50 Billion includes all the “appreciation” that Madoff reported. The actual amount “invested” is only thought to be in the 14 Billion dollar range. Only.

3

Slight hijack - but didn’t think this was worth starting a new thread.

My new rule of investing: NEVER inves money with a man whose first name is Bernard.

Cite 1 Bernie Eggers, WoldCom guru - in jail until 2018 for fraud, etc.

Cite 2 Bernie Madoff - probably in jail for the rest of his life for fraud, etc.

Need any more?

4

There’s also F1 head honcho Bernie Ecclestone, who has been siphoning off revenue in various (technically legal) ways for 20+ years.

5

As beowulf said, it wasn’t actually Fifty Billion dollars that dissappeared. Each investor had been getting monthly/quarterly statements showing 10%+ growth since they put their money in. So say I invested $1 Million 10 years ago, after one year I’d have 1.1 Million on paper, second year would be 1.21 Million, etc., until year 10 when the annual report was showing a balance of $2,593,742.

The initial $1 Million is lost, gone, kaput. When accounting for the fraud total however, it would show that I lost 2.6 Million (even though that other $1.6 Million never really existed in the first place.)

6

And some money was actually paid out to some investors. There’s some question about whether they can get it back. And very likely some of the money is still hidden somewhere in various assets or names.