Word: madoff
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Right now, the victims of Madoff's alleged crime are in a very strange place. They still have their big homes. At least for now, the furniture is still polished, the Lexuses are quietly garaged, and the people still stand - except for poor M. Villehuchet, who last week in New York slit his wrists. But underneath these material reminders of a former life there is nothing - or very little...
...financial piers supporting lifetimes of accumulated wealth have simply vanished. This week, people everywhere are preparing to celebrate the New Year, while Madoff's victims are looking over their bank statements and credit card bills, asking themselves one question: How long can we hang on? (See the 10 worst business deals...
...stories of Madoff's victims also signal a new resetting of personal expectations, a dramatic and inspirational recasting of the American Dream. "Right now, the people going through this tragedy are in the process of reordering their lives, re-evaluating their place on earth, and trying to find a larger meaning," says a New Paltz, N.Y., psychologist indirectly hit by Madoff. Let's call him Dr. K. His parents, who live in Boca Raton, Fla., had their retirement millions wiped out. "My parents are now grateful for the things they do have," he says. (See the top 10 scandals...
There's anger too, and a gathering phalanx of lawyers ready to go after Madoff, his feeder funds and brokerage houses. Few victims expect to realize much from this legal offensive. Most see the Internal Revenue Service as the go-to place for lost monies, with at least three years of back taxes being recoverable. The next best hope: the Securities Investors Protection Corporation, which was set up for just such fraudulent behavior among securities brokers. It's unclear how much money SIPC has for victims, and payouts are notoriously slow. But there are reports it may offer between...
...Madoff, Bernie •commencement of suicides by victims of •holiday shopping spree...