tag:blogger.com,1999:blog-3323125037607548189.post5553905886564172220..comments2024-03-15T02:40:09.484-04:00Comments on Wall Street Manna: Madoff claims to drain SIPC fundPalmonihttp://www.blogger.com/profile/17670456087642069778noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-3323125037607548189.post-21843929460677610602010-01-22T22:20:01.131-05:002010-01-22T22:20:01.131-05:00Don't stop posting such articles. I love to re...Don't stop posting such articles. I love to read articles like this. BTW add more pics :)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-48356366061754943012009-11-21T22:24:40.250-05:002009-11-21T22:24:40.250-05:00It is rather interesting for me to read that post....It is rather interesting for me to read that post. Thanx for it. I like such topics and anything that is connected to them. I would like to read more on that blog soon.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-12161676680299258232009-02-26T08:54:00.000-05:002009-02-26T08:54:00.000-05:00Looks like the trustee is now going after the big ...Looks like the trustee is now going after the big fish and leave the public investor alone!<BR/>http://www.ft.com/cms/s/0/3b5c320e-0368-11de-b405-000077b07658.htmlPalmonihttps://www.blogger.com/profile/17670456087642069778noreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-85520564131553359962009-02-23T21:23:00.000-05:002009-02-23T21:23:00.000-05:00thanksthanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-48695794046831124512009-02-23T21:08:00.000-05:002009-02-23T21:08:00.000-05:00Here's a Bloomberg story on clawbacks/SIPC tha...Here's a Bloomberg story on clawbacks/SIPC that may help.<BR/><BR/>He said the trustee would seek to recover money that investors withdrew over the amount they put in.<BR/>(clawbacks, however would be on a case-by-case basis) <BR/><BR/>Picard said he would not pay out a SIPC claim if he has a potential clawback claim against the investor.<BR/>http://www.bloomberg.com/apps/news?pid=20601087&sid=afJsXQCaBxeY&refer=homePalmonihttps://www.blogger.com/profile/17670456087642069778noreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-16211770976994039192009-02-23T18:31:00.000-05:002009-02-23T18:31:00.000-05:00Richard and Palmoni seem to be in agreement that i...Richard and Palmoni seem to be in agreement that if you pulled out your original investment there is no SIPC claim. Are you sure? I haven't seen that anywhere. So if my retirement account showed a balance of $500,000 but I had already taken distributions over the years at least equal to my contributions I should not bother to make a claim? Worse it sounds like they can make me give money back!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-74981960332772233152009-02-22T02:14:00.000-05:002009-02-22T02:14:00.000-05:00What you are saying is absolutely correct individu...What you are saying is absolutely correct individually, but I was only using an estimated amount of victims regarding SIPC.<BR/><BR/>Since Madoff's list is here<BR/>http://online.wsj.com/public/resources/documents/madoffclientlist020409.pdf<BR/><BR/>and we have 162 pages with 85 victims per page, or about 13,700 victims.<BR/><BR/>Regarding the SIPC fund, I only estimated 4,700 claims for SIPC, or about 9,000 less than the total victims of Madoff where the claim is, as you said simply based upon the cash in minus the cash out.<BR/><BR/>We know that the Madoff claims are between $17 billion and $50 billion. You could estimate that one is the cash in claim, and one is the cash in plus the fake returns added in.<BR/><BR/>$17 billion is 34% of $50 billion. 4,700 claims is also 34% of 13,700.<BR/><BR/>I made the adjustment in my head but didn't clarify that when I wrote it down as my figures should already reflect the claims that wouldn't be made to SIPC as you have rightly pointed out.<BR/><BR/>But thanks for clarifying the point.Palmonihttps://www.blogger.com/profile/17670456087642069778noreply@blogger.comtag:blogger.com,1999:blog-3323125037607548189.post-26563804949251984112009-02-21T18:34:00.000-05:002009-02-21T18:34:00.000-05:00You said, "Madoff will have at least 4,700 claims....You said, "Madoff will have at least 4,700 claims. Since the money was never invested, these individuals are entitled to $500,000 each by SIPC."<BR/><BR/>You are terribly misinformed. The amount of each claim is simply based upon the cash in minus the cash out. If there was more cash taken out, there is no claim. That leaves thousands with no claim, and many others with claims under $500,000.Richardhttps://www.blogger.com/profile/06752115851621648441noreply@blogger.com