Bernie Madoff Victims Get Final Payment – Recoup 93 Percent of their Losses

December 31, 2024 — bunkerville

An amazing ending to the Bernie Madoff story. After sixteen years the ending has come with the final payment to his victims. In total, 40,930 of Madoff’s victims from 127 counties have recouped over $4.3 billion in compensation — or 93.71% of their losses, the feds said. $4.3 Billion tracked down.

Not bad at all. One could easily lose that much in a bad stock trade. A good story to end the year with don’t you think?

New York Post:

Bernie Madoff victims get final $131M payout from compensation fund, bringing total to a whopping $4.3B: feds

..

The Madoff Victim Fund began distributing its 10th and last payment of $131.4 million to more than 23,000 victims worldwide, according to the Manhattan US Attorney’s office.

The Department of Justice set up the fund over a decade ago to repay people swindled by Madoff — who died behind bars in 2021 while serving out a 150-year sentence.Madoff’s massive ripoff — believed to be the biggest stock fraud in history — came to light roughly 16 years ago during the financial crisis of the late 2000s.

He and his co-conspirators, including brother Peter Madoff, were forced to fork over the ill-gotten gains as part of the prosecution by the Manhattan US attorney’s office — funds used to pay back victims, the feds said.

Additionally, about $2.2 billion of the victim compensation funds were collected from the estate of a deceased Madoff investor, Jeffry Picower, and another $1.7 billion came as part of an agreement with JPMorgan Chase Bank, according to prosecutors.

Now that is what you call a wrap.

Good news from the swamp!

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Federal Reserve is Wrecking the Banking System- Looks like printing money constantly is really working!

November 17, 2023 — bunkerville

It’s not clear just how much longer they can keep this up and continue to kick the can down the road.

The Fed used to be profitable and send billions of $$$ per year to the US Treasury to help pay for the budget. Because of reverse repos and interest on reserves, now the Fed pays commercial bank $700 million PER DAY to keep the system from falling apart. It will be a long time before the Fed is profitable again, if ever. Quote E.J. Antoni, Ph.D.

This isn’t some random crypto coin, meme stock, junk bond, or 3rd world country’s currency – it’s the losses at the Fed. The people with a money printer somehow managed to lose money. Billions of dollars…

Before you gray over thinking this is beyond you, this scheme, the Heritage Foundation does a nice piece for us average Joe and Bettys on what these graphs really mean to you an me. Why we should care. The ultimate Ponzi scheme, and it is worth the time.

Remittances due to the Treasury.

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Between reverse repurchase agreement operations (to maintain interest rate floor) and interest on reserve policy, Fed is shelling out $700 million DAILY interest in effort to keep $4.7 trillion sterilized – they’ve wrecked the whole system..

Daily Interest payments, millions of dollars.

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Interesting chart showing the FED paying all this money (in reverse repos) to the banks. The chart shows the losses at the Fed Reserve. The same FED who prints money like crazy are “losing money” to keep the system going…makes sense?

Heritage picks up the story:

The Heritage Foundation
Federal Reserve Doles Out Corporate Welfare—On Your Dime
Americans are being taxed an extra $800 million a day—that’s $292 billion a year—to enrich special interests in the financial sector,…
Jun 23, 2023
Americans are being taxed an extra $800 million a day to enrich special interests in the financial sector, and the Federal Reserve is doing it.

Today, however, the Fed is deeply in the red, largely because it’s funneling $800 million to Wall Street daily.

In short, the Fed has created a no-win situation for the American people while ensuring that the politicians and special interests still get paid.

….

Shortly after President Biden took office, the Fed faced a problem: It sought to create trillions of dollars for the government to spend, but it also wanted to minimize the inflationary impact of all that money printing—two diametrically opposed goals. The Fed decided to square the circle using reverse repurchase agreements, called “reverse repos.”

A reverse repo is basically a short-term loan to the Fed. But why would the Fed need a loan when it can create money at will? The Fed doesn’t need a loan—it needs to temporarily soak up excess liquidity, which effectively reduces the amount of money in circulation.

As the Fed created trillions of dollars for the government to spend, those dollars worked their way through the banking system and multiplied, a phenomenon that occurs courtesy of fractional reserve banking. For every dollar the Fed created, the banking system created several more, and that tsunami of liquidity gave us 40-year-high inflation.

But unlike Mr. Bernanke’s interest-on-reserves policy, Mr. Powell’s reverse-repo operations are available to financial interests beyond just big banks. Hedge funds, government-sponsored entities and others can park their cash at the Fed for a risk-free rate of return.

And what a return it is—the Fed is paying $800 million daily in interest on $6 trillion between bank reserves and reverse repos. Amazingly, in the name of fighting inflation, the Fed is now creating almost $300 billion via these interest payments. And those payments are going to large money interests, not the American people.

…..

Instead, Americans are footing the bill. Under normal operations, the Fed actually makes a relatively small profit, which it turns over to the Treasury, payments known as remittances. Today, however, the Fed is deeply in the red, largely because it’s funneling $800 million to Wall Street daily. Despite selling hundreds of billions of dollars in securities, the Fed has accrued a $70 billion loss since August 2022.

Read the whole thing… well worth it.

Read more

Looking back at Bunks Box of Gold, this nonsense started under Obama. Who else?

The very best of the swamp.

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SEC David Becker Resigns, Got payouts from Madoff

February 24, 2011 — bunkerville

Frankenstein Government has a great post. Here is the back story. Did he figure no one would find out about this. Is there no moral compass in the Obama administration? I bet they start dropping like flies before any hearings.

The trustee trying to recover money for victims of Bernard L. Madoff’s infamous Ponzi scheme is trying to recoup more than $1.5 million of Madoff payouts from the family of David M. Becker, the general counsel of the Securities and Exchange Commission.Washington Post

Now Frankenstein’s thoughts on the matter:

I want you to stop and think about this for a moment. The fucking SEC General Counsel was invested in Madoff’s Fund??? And Madoff went uninvestigated for 10 years???

Please tell me what IF ANYTHING, qualifies as a conflict of interest?? This guy stands to lose 1.5 million profit he got from Madoff?? Turns out that this piece of shit, served as General Counsel to the SEC from 2000-2002. He was rehired in 2009 shortly after Madoff was arrested. He would have had all of this time to publicly disclose that he inherited profits from Madoff and certainly before beginning his second tour of duty at the SEC. Even the idiots at the SEC might have run a little scared. But hell, who knows? Here is the story of the poor sap who spent 10 years trying to expose Madoff without success. Go figure.

On February 1st, a seemingly routine news report that David Becker, the SEC’s general counsel, is somewhat abruptly leaving his position to return to  unspecified “private sector” employment.

Today, the Brits break the news story on the reason:  Becker’s parents and probably him apparently made $1.5 million investing with Bernie Madoff, a small time ponzi architect (small time compared with the US government, that is), and the bankruptcy trustee is suing Becker to get it back.  Madoff was one of the SEC’s most spectacular failures.  He operated for years without the SEC doing anything about him, even after repeated and detailed reports to the agency. more: Strike Lawyer

Read the full story here at Frankenstein Government

Posted in Government. Tags: , , , . 8 Comments »