need to add title here

Trustee to Sue Madoff Kin

September 25, 2009 12:23 PM

The trustee charged with recovering money for Bernard Madoff's victims says he plans to sue his brother, sons and niece.

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by masterwhip September 27, 2009 8:29 PM EDT
where is the money coming from to pay the trustee's. i bet it's coming from the funds they recoup. thats the money these people lost.
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by the_trustee September 27, 2009 5:53 PM EDT
Most comments are about Madoff. What people and the news, especially the reporters and news anchors do not understand is that Madoff is in the past. He has destroyed many people from the young, the about to retire, to the elderly. The IRS has determined people can take net operating loss deductions or phanton income deductions BUT not the Trustee - the awesome, Mr Picard. He is now facing court charges by Madoff Victims lawyers regarding Picard's "invented" money in/money out calculation. He has also put in place expedited payments and a Hardship Program. Neither in my personal experience is anything more than a smokescreen. Relatives have put in for the hardship and nothing has resulted.
The reporters are imbued with him, the trustee- about how he is collecting money to restore to the victims but he (the trustee) has received 28 million from SIPC and possibly another 14 million from SIPC to conduct his investigation. In 10 months he has processed less than 1700 claims out of 16,000. There are many elderly who are "dying" in nursing homes because their SIPC or hardship application are being slow-tracked. That insurance money is rightfully theirs and the TRUSTEE is protecting the insurance company from having to release insurance funds - SIPC money is not being released. How would you like to be 85 years old plus and now have no money, can't get IRS reimbursement because they are confused and are now on the verge of suicide - nowhere to turn to take care of their living needs- yet the SIPC money is just waiting and waiting in the wings and maybe if you are lucky and live more than 10 years (even tho there is no money), the trustee will release the funds or get around to your claim.
Who is the culprit now? No matter how much the trustee collects, another 80 million, little will come back to those who had not big money invested. Why keep going after more. It doesn't help those victims NOW. A great stalling tactic by the trustee, yet he looks good. The elderly, who need the SIPC money NOW, may not be around when the trustee finally gets to their claim.Possibly charges will be filed against the trustee and his new firm for letting the elderly die a miserable end of years because of his system. I hope they have more malpractice insurance than the Treasury. they will need it if the elderly begin passing away miserably and their children take up the cause.
Our nations top investigative reporters should be asking the trustee what his methods and mechanisms are to help people - not just a look around the defunct Madoff office and how the trustee plans to get more money back "for the victims" - HA!!! as I quote Al Pacino.
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by davidperi September 27, 2009 9:33 AM EDT
Ainīt it time that Morley retires? Seems to be stumbling in the beginning of the interview.
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