Friday, December 17, 2010

Stealing from the Dead?

Probably stealing from the dead is easier.

I am not sure how I feel about this one yet.   If this guy was an investor, acting in good faith and without knowledge of any wrongdoing, why is he not entitled to all the money "made". 

Lawyers Reach Deal to Recover $7 Billion for Madoff Victims

Federal prosecutors and the trustee liquidating the estate of Bernard L. Madoff, the convicted swindler, have reached a civil settlement that will recover at least $7 billion to compensate victims of Mr. Madoff's global Ponzi scheme, according to people briefed on the negotiations. An announcement is expected at noon Eastern time. Prosecutors have said privately that the settlement is the largest civil forfeiture in American history.

The settlement will conclude the trustee's case against the estate of Jeffry M. Picower, a Palm Beach philanthropist and longtime Madoff investor who died in October 2009. The complaint filed against the estate indicated that Mr.
Picower, who became wealthy investing in medical-technology companies, had profited hugely from Mr. Madoff's scheme, drawing out billions more than he paid in.

The settlement will greatly expand the funds available to repay victims of the fraud; before Friday, the trustee had collected $2.3 billion from other sources.

Read More:

Get ready for stealing at every opportunity (people and entities trying to steal from you.    Own nothing, control everything.   Assets should be owned by a non-operational LLC or Corp.   Non-op so that you aren't doing anything that can create liability.   Then your operating entities lease from the asset owning entity.  

And if you can, have an entity in Nevada or Texas, business friendly.

Also consider buying land in a foreign country, I think this is an effective way to diversify your assets and currency risk.   Try not to make that country, say Venezuela or Congo.   


  1. That is an interestign story about the Madoff money. I guess they must suspect or know that thisguy was in on the deal.
    As a side note - I've read that something like 95% of the world very rich have made it in this generation - think Buffet and Gates.
    It is very hard historically to hold on to wealth - taxes, confiscations, wars, currency problems, etc. It is an underestimated problem.
    Your asset and you yourself are still the property of the USA. It is how our tax system is set up and of course that can change....for the worse!
    Work on improving/salvaging/repairing our system. You really can't run and can't hide. Not these days.

  2. I think system will need to hit rock bottom as a wake up call, just like a crack-head looking for another hit of "easy money"


Insightful and Useful Comment!