Madoff Fallout Continues; Peter Madoff Gets 10 Years in the Can!

Well, it took fu__in  long enough !  Finally, probably the second most important  participant in the scam, Peter Madoff  just got sentenced . He got ten years . Between you and me , it seems  like a lot  , but my feeling is that it was  a "gift" ! Life would have been more fitting.  He might actually have " a  life "  after  he serves his time..If he can take care of himself.

  At the end of the day, was 30 years of lavish living worth ending up like this?  Your thoughts.

Merry Christmas-Happy Holidays!

Madoff Revisited; Court of Appeals in an Unpopular Decision Upholds Trustee's Approach on Investor Losses.

The US Court of Appeals for the Second Circuit issued a ruling yesterday which will significantly affect the way "investor losses " are handled by the Trustee going forward. The ruling, while unpopular uses a common-sensical approach when calculating losses.
Essentially , the ruling defines "investor losses" as the amount of cash the investor ACTUALLY LOST , not the fictitious amount set forth on their account statements over the years. This will further enhance the Trustee's ability to pursue "clawback suits " against many Madoff victims.
I understand that to a victim "who was sucked into this fairy-land world of high yields" it seems grossly unfair, but at the end of the day this ruling analyzes amount of cash in vs. amount of cash out...Plain and simple!
Tough ruling, especially in light of our current economic times...But the right one?
You be the judge.

Madoff Revisited; Judge Rakoff Makes Difficult Decisions...This Time His Ruling Dismisses Trustee's Case Against a Major Bank.

Judge Rakoff is experienced, intelligent , hard-working and is not shy about making tough decisions. As you might know he has been assigned the Trustee's case against Fred Wilpon and Company. He is also the Judge assigned to the case against HSBC Bank, [one of a thousand cases filed by the Trustee] seeking damages for Madoff victims based on allegations that the banks should have observed "Red Flags" and then investigated accordingly.
Well bad news for the Trustee and "Madoff Victims " worldwide. Judge Rakoff just issued a decision dismissing the action brought against HSBC .... and as I understand it the decision could very well be a "death knell" to suits against banks worldwide as it relates to the 'Ponzi Scheme". Tough stuff, but I believe the right decision.
Oh well, the matter is sure to go up on appeal and take on a "life of it's own"!
Mr. Trustee, you can't win em all!

Madoff Circus Revisited; Trustee Must be Licking his Chops on Wilpon Sale to Einhorn.

Well, you have to give Fred Wilpon some credit. He has been pounded without mercy for months by the fans and media alike over his role in the Madoff craziness(plus his finances), has stuck to the business at hand, has said some "stupid things ", has put a respectable product on the field and now , recognizing the legal and financial issues he is staring in the face...he is prepared to unload a one -third ownership interest in the Mets for "something in the neighborhood " of $200 million to a local hedge fund manager.
My gut feeling; That $200 million plus another $200 million (Total $400 million) goes to the Trustee to resolve all Madoff claims .
Hey, "at the end of the day" the Trustee is satisfied, a lot of victims get some relief, and the Wilpon's and Mets survive!
Your thoughts?