songline
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That's part of their problem, they couldn't get a job in the financial industry but it sounds like they still wanted to, if the articles I read were correct.
I would be interested to know if the sons knew the ROI Bernie was claiming for his clients. From what I've read, supposedly if you know anything about finance at all, you know it's not possible to get such a high ROI every year for years on end. There should be great fluctuation. That's part of why the SEC fell down on their job - they saw that unrealistic ROI and did nothing, and anyone who tried to raise a question was hushed, because of Bernie's star power I guess.
You brought up an interesting point earlier. I do wonder what Mr. Picard the trustee gets out of all the lawsuits he files. On the one hand, the Madoff family should not get to keep ill-gotten gains. On the other hand, how much of whatever is recovered will go to victims? Does the trustee get paid by the gov't (he was appointed by a judge)?
I am not sure who pays him, but I think it is a % of what he recovers.
Long ago I read something about it, cant remember.
WAITE: I just found something / not the original article that I read.
http://www.time.com/time/business/article/0,8599,1901593,00.html
From this article:
Bernie Madoff bankruptcy trustee, Irving H. Picard, may be the hardest working man in the collections business —
and maybe one day the richest.
------------------
I think Madoff sons knew that nobody can hire them, but had hopes that one day it will change.
You are right about the ROI, but in my book, the banks defrauded everyone.
IMHO they needed a scandal during the time the banks were all falling. They all knew the bubble will bust.
I know Bernie did wrong, but he is also the scapegoat for what is wrong throughout this country.
Since when is it, ok for Banks to create a mortgage market for the purpose of defrauding people? They created the BALLON MARKET. How many people are losing their homes because of it?
It is not different.....