Correction:
The figure quoted for distribution from the Madoff trustee.
It should have read that the Madoff trustee has recovered
nearly $10 Billions and distributed over $5 Billions.
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It is true that Madoff did not cause the 2008 crash but don't tell me that the public at large do not know one or some of the hundreds of thousands of VICTIMS from the fallout of the 2008 crash, which Bernie Madoff, Allen Stanford and other fraudulent financial institutions and bankers were party to.
As usual the media looks after itself scandalising the truth to sell copy.
As a Madoff class action lead plaintiff these past 5 years who has followed most aspects of Madoff related litigation together with cause and effect, I know that it is a misrepresentation to promote the idea that only celebrities or pension funds were defrauded. Indeed pension funds were attracted to Madoff and Madoff related investment schemes as their track record was in fact conservative, showing a consistent modest profit over a long period of time. To wrongly believe that individuals where not harmed is because the silent majority do not have the money to hire lawyers to fight their case. Many of the INDIRECT VICTIMS were pensioners like myself, having worked hard all their lives in order to provide for themselves and their families and then duped by bankers and unscrupulous financial institutions who had jumped on the Madoff money making merry-go-round.
The US Justice Department has received over 51,700 Claims from 119 countries for more than $40 Billion US dollars. When you understand that Irvin Picard the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)has distributed nearly $10 Billions to Madoff Direct Victims and taken nearly $1 Billion in expenses and legal fees and that there are still claims for over $40 Billions from INDIRECT VICTIMS outstanding, gives one an understanding of the enormity of the crime and the complicity and involvement of the 'Established Financial Institutions'
For verification check the Madoff related web sites.
http://www.madofftrustee.comhttp://www.madoffvictimfund.com
Sincerely NevilleSeymourDavis
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