Holy Shit: Madoff worth more than $820 million, document says

[Hepburn]

NEW YORK (CNN) -- Bernard Madoff, who pleaded guilty to operating a multibillion-dollar Ponzi scheme, is worth up to $826 million, according to a document filed with a federal court on Friday.
Madoff values his business -- Bernard L. Madoff Investment Securities, which is currently being liquidated -- at $700 million, said the document, which estimated his wealth totals at least $823 million.

Real estate from around the world worth $22 million is listed, including a New York City apartment valued at $7 million and a home in Palm Beach, Florida, worth $11 million, another in Montauk, New York, worth $3 million and one in Cap d'Antibe, France, worth $1 million.

All of the residences except for the Montauk home are listed as being bought by his wife, Ruth Madoff.

More...

http://www.cnn.com/2009/CRIME/03/14/madoff.worth/

Gee, I wonder where all that money came from....:sarcasm:

[shraby]

1. He must have one long list of patsies that he took

for a ride.

[Hepburn]

12. I would think that most people would be aware that no one can guarantee...

...a certain return on stock investments. :shrug:

[Merlot]

2. I'm sure his wife was independently weatlhy...

Or that's the next like madd-off thinks we'll believe.

[lapfog_1]

4. no, she started out like him, pretty much dirt poor. At least from what I've read. - n/t

[Merlot]

6. I didn't really think she was independently wealthy

but I'm sure that's the next lie.

[rvablue]

13. She already told that lie to the prosecutors and they've already called her on it

the only $$ she inherited from her family, was $40,000 in stocks when her father died and since her pockets were lined with the money she and her husband stole from investors, she gave the stock to her sister.

[Jack Rabbit]

3. Really? I wouldn't give a nickel for him

$820M my ass.

[BlooInBloo]

5. Not counting the $10 billion that he hid offshore.

(number made up, but you get the idea.)

[lapfog_1]

7. That's actually very unlikely.

For a true Ponzi scheme to work for as long as this one did, the vast majority of the money taken in (what is it
now, $68B?) the scheme requires that most of it is paid out to original investors, ones who would call up
and say "Hey Bernie, those were some nice results in the last quarter, but listen, I've got to cover some losses
in my other portfolio, could you send me a check for $20 M, that's only about 30 percent of my total investment,
but my accountant is making me do this..." and to keep the scheme going, Bernie had to cut those checks, even
if he tried his best to talk the investor out of cashing in. So there goes all of the new money for the last
two days... better hustle up some more suckers.

I'd be surprised if he was able to siphon off more than 5% of the total amount invested for his self and the wife
and various family members. Of course, that's still $3 B to $4 B dollars somewhere, minus a few hundred
millions for the upkeep of the "lifestyle" of a billionaire, plus the offices and staff and such.

And I wouldn't be surprised if he hadn't had to pay off some people that were "onto" the ponzi scheme.

I'll bet that he has squirreled probably $2B away offshore, plus his nearly $1B in declared US assets.

But $10B... no, that would be difficult, even given the size of his scheme.

[BlooInBloo]

9. (facepalm)

[lapfog_1]

10. Hey, what can I say, I'm bored tonight. - n/t

[ConcernedCanuk]

8. I wonder what China would do with his sorry ass. . .

.
.
.

rendition comes to mind

who could be more deserving?

[lapfog_1]

11. Pretty sure it would be a firing squad. That's the usual response to

business people that get caught embarrassing the power structure by doing something stupid.

[malaise]

14. It's OPM

Other People's Money