Don't Be Scammed by Madoff Investor Sob Stories

[acmavm]

Matthew Rafat

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I am deeply concerned that taxpayer monies may be used to reimburse Bernie's rich investors more than the usual $500,000 SIPC coverage. Taxpayers are already paying Bernie's investors half a million dollars each. I fear that Congress will increase the cap of SIPC insurance, purportedly as a populist move (I can already hear the words, "For our protection")--and then make the increased limits retroactive. If that happens, taxpayers will be on the hook for even more money, all to be paid to sophisticated, rich investors.

Don't be scammed. Madoff's investors were doing fine before Madoff, and they are still better off than 99% of the American population today. If they convince you otherwise, perhaps they really do deserve to be called sophisticated investors--after all, if Madoff's rich investors are smart enough to get reimbursed for 100% of their losses when they knowingly invest in a less regulated fund, the American taxpayer is indeed unsophisticated.
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http://www.dailykos.com/story/2008/12/21/165935/67/439/675868