$75 million in Madoff assets found in Gibraltar

[sabra]

Source: MSNBC/AP

Discovery brings total amount of money uncovered past $1 billion mark

NEW YORK - More than $1 billion in assets from Bernard Madoff’s businesses have been found, a lawyer for the trustee trying to recover money for jilted investors said Monday.

The lawyer, David Sheehan, said $75 million in an account in Gibraltar raises the amount of assets located past the $1 billion mark.

Sheehan spoke after a hearing in which government lawyers tried to block court-appointed trustee Irving Picard from gaining power of attorney over Madoff’s international operation.

Sheehan argued that power of attorney over Madoff’s accounts is an important tool, especially since actions may need to be taken quickly in foreign countries where things can happen to assets without warning.

Read more: http://www.msnbc.msn.com/id/29854351/

[RaleighNCDUer]

1. That leaves what, 59 billion to go? nt

[nichomachus]

2. Not at all

That's the hell of the Ponzi scheme. Most of the money was paid out to the early participants in the scam as dividends. That's what keeps the new suckers coming in. Of course, Madoff was skimming, but much of the missing money is in the hands of investors.

You invest $100 with me. Someone else invests $150. I give you $125. Someone else invests $500. I give you $150 and give guy number 2 $200 and keep the rest. And so on.

It's not like there's $60 billion lying around somewhere.

[RaleighNCDUer]

3. That's true - 60 billion lost does not equal 60 billion to be found.

We'll do well to collect tenths of pennies on the dollar.

[acmavm]

4. That;s true. So I hope that is taken into consideration when they start to

hear the whining and moaning and tantrums of said investors. Because they did get some money back. I mean, if they never did get a dime, then how fucking smart were they? They just kept giving out of the goodness of their hearts?

[bgr1938]

5. so sorry but

the billions have been spent by israel on their war on the palestians

[GoesTo11]

6. since when

has Israel been at war with the palestians? Last I heard there was a conflict with Palestinians. Now the palestians are involved too? Woe to Palestia.

[sofa king]

7. Interesting.

They are connected only by geographical proximity, but Gibraltar is quite close to one of the drug-importation capitals of Spain, Estepona.

Can Ivan Boesky and others be far behind?