Word: investors
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Dates: during 2000-2009
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...good news for Ponzi victims is that the IRS will allow the amount of the theft loss to include the investor's unrecovered investment, that is, the principle plus other investments minus withdrawals, but including "fictitious income" as reported in past years, according to Shulman...
Complicating matters a bit for victims, the IRS said that those who are suing Madoff will be able to recover 75% of their net operating loss, while those not suing will be able to recover 95%. This does not, however, include monies recovered through filing claims with the Securities Investor Protection Corp., which...
Under TALF, though, an investor has to make a down payment of just $8 million to get a loan from the government to buy $100 million in auto bonds. The loan costs 1.5% a year, or $1.5 million on $100 million, which lowers the investor's take-home return to $2 million. But remember, the investor had to put up just $8 million. That means the annual return on the much smaller up-front investment zooms to a fat 25%. Lower-rated auto loans can pay as much as 30%, but they have a much higher rate of default...
...always the first go-to place for financial-fraud survivors trying to recoup lost money. But with the April 15 tax clock ticking, figuring out what to do about recovery, both from taxes and from the Securities Investor Protection Corp. (SPIC), has become a mind-boggling maze for accountants and their Ponzi-victim clients. At a hearing yesterday, Madoff pleaded guilty to his decades-long crime, was handcuffed and ordered to jail. Sentencing is scheduled for June, but he could potentially be sentenced to 150 years on 11 counts. (Read "The Madoff Hearing: A Guilty Plea, but No Catharsis...
...problem for Obama, and perhaps for us all, is that some of the hand-wringing came neither from flibbertigibbets nor from opportunists. Some came from Warren Buffett, whose patient ability to take the long view has made him the wealthiest investor in America. Buffett was - and is - an Obama supporter, but he took to the airwaves on March 9 to try to seize the young President's attention away from health care and education and energy and refocus it back onto the economy. Warning that Obama's agenda has become too sprawling and provocative, Buffett admonished...