More unreasonable expectations re Madoff

[Fresh_Start]

They want their fictitious returns and aren't satified with their actual investment amounts.

"Some Madoff investors are up in arms about SIPC’s decision, announced by Picard at a Feb. 20 creditors’ meeting, to limit victim claims to “net equity” -- cash invested minus sums taken out. That formula ignores profit reported on customer brokerage statements for the past 20 years, gains that were fictitious because Picard found no evidence Madoff had made any trades or profits going back decades."

"In its 2004 ruling, the federal appeals court disagreed, finding customers should get back money they invested and not “artificial” returns reported in “fictitious account statements.” It adopted an argument by the U.S. Securities and Exchange Commission, which exercises oversight, that SIPC would be “unacceptably exposed” if it had to pay customers “arbitrary amounts that necessarily have no relation to reality.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=agrg_Lqei7Cw&refer=home

[monmouth]

1. Mrs. Madoff down here in Palm Beach shopping with her girlfriends

and using the credit cards....She's not staying in the house at the north end.

[hugo_from_TN]

2. Clawbacks are coming for some Madoff investors

Some customers are “petrified” of Picard’s plan to seek so-called clawbacks on money they took out over the years that exceeded their principal, Chaitman said.

“In dire need,” such customers aren’t filing claims in case information they provide gives Picard a “roadmap to clawbacks”, she said.

Under New York law, Picard can seek return of redeemed false profits going back six years. Picard’s counsel David Sheehan said at the February creditors’ meeting. “It was all made-up profit” he said. “So you got somebody else’s money.”

[Fresh_Start]

3. Clawbacks would be good

it might make investors more wary of other beyond belief investments.
No more relying on the greater fool to rescue them