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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Not sure you are understanding this. The way I read it, if you invested 100K with Bernie, and paid taxes on that money and on the interest it earned you, the IRS will basically be giving back that money you paid to them in taxes. Not the 100K.


This explanation is from the article:
"Under the plan, the I.R.S. will allow investors, including those who are suing Mr. Madoff, to claim a theft-loss deduction equal to 95 percent of their investments, minus any withdrawals, reinvested gains and payouts from Securities Investor Protection Corporation, the government-chartered fund set up to help protect investors of failed brokerage firms."

The article goes on to say the loss would be taken in 2008, meaning the 2008 value of the "investments". I take this to mean that the 100K investment, valued at 150K (for sake of argument) in 2008 would be taken as a loss, and the victim could take that loss as a tax deduction, carried back 5 years or forward 20. This tax deduction is on your total federal income taxes, as is allowed today by law, less any money you made in the form of payouts and dividends, not just the taxes you've paid on those dividends.

Posted on: 2009/3/17 20:51
I'd go over 12 percent for that
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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niceguyeddie wrote:
Talk about being bailed out, I just read this in the Times:
I.R.S. Plans a Deduction for Madoff Victims
http://www.nytimes.com/2009/03/18/business/18madoff.html?_r=1&hp

It appears that people will be able to deduct the loss of their entire investment (unclear whether this is the whole investment or just principal) as a loss, carried back 5 or forward 20 years. They will be basically made whole minus any disbursements or reinvested dividends or interest. Since these are tax deductions, we (the taxpayers) are helping these schmucks recoup their losses (yes, they are all schmucks. I know a few people who were invested with Madoff and some who were invited but chose not to. To a person, anyone who took the time to investigate Madoff and was an experienced investor, ended up walking away).

Despite my personal feeling, I wonder how retirees with no income or foundations will take advantage of this, since they are non-profit to begin with.


Not sure you are understanding this. The way I read it, if you invested 100K with Bernie, and paid taxes on that money and on the interest it earned you, the IRS will basically be giving back that money you paid to them in taxes. Not the 100K.

Posted on: 2009/3/17 19:30
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Talk about being bailed out, I just read this in the Times:
I.R.S. Plans a Deduction for Madoff Victims
http://www.nytimes.com/2009/03/18/business/18madoff.html?_r=1&hp

It appears that people will be able to deduct the loss of their entire investment (unclear whether this is the whole investment or just principal) as a loss, carried back 5 or forward 20 years. They will be basically made whole minus any disbursements or reinvested dividends or interest. Since these are tax deductions, we (the taxpayers) are helping these schmucks recoup their losses (yes, they are all schmucks. I know a few people who were invested with Madoff and some who were invited but chose not to. To a person, anyone who took the time to investigate Madoff and was an experienced investor, ended up walking away).

Despite my personal feeling, I wonder how retirees with no income or foundations will take advantage of this, since they are non-profit to begin with.

Posted on: 2009/3/17 18:25
I'd go over 12 percent for that
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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I think saabconv hits the nail on the head and drives it clean through the board: we live in an age where personal accountability has almost vanished entirely. Deny, shift the blame, line up your apologists - whatever it takes: if you say it loud enough and long enough you can get away with anything.

That said, I do feel for the victims, regardless of their naivete, greed or other personal failings. Some (not all, but enough) of these people are well on in years and don't have the opportunity to regenerate what they lost and are wiped out. That could have been your parents or grandparents.

Posted on: 2009/3/16 16:05
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Some of those "financial advisors" need to be investigated next.

Posted on: 2009/3/16 15:38
Come on and rock me Amadeus
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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to repeat.. a good portion of madoffs investments were made by financial advisors who were investing their clients funds...from what i've read some were as small as $1000 ...some were charitable trusts and non-profits. madoff had a long history of paying people( the nature of ponzi)

Posted on: 2009/3/16 15:12
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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misterdude wrote:
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Vigilante wrote:
While I have little sympathy for wealthy people there were plenty of people who were trying to grow their money slowly and steadily. To say they were all after "a fast buck" is disingenuous and an over-simplification


It's heartbreaking to hear some of the victim's stories... especially the elderly, retirees, widowers...

But in the end, it all comes down to bad financial decisions. Like the Enron employees who had all of their retirement invested in company stock fund, the Madoff fraud victims need to take responsibility for their decisions.


Enron is a good example but like I said it has to do with appearances. Madoff was filthy rich, his friends were famous and filthy rich so to these people it seemed like a safe bet.

Posted on: 2009/3/16 14:51
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Vigilante wrote:
While I have little sympathy for wealthy people there were plenty of people who were trying to grow their money slowly and steadily. To say they were all after "a fast buck" is disingenuous and an over-simplification


It's heartbreaking to hear some of the victim's stories... especially the elderly, retirees, widowers...

But in the end, it all comes down to bad financial decisions. Like the Enron employees who had all of their retirement invested in company stock fund, the Madoff fraud victims need to take responsibility for their decisions.

Posted on: 2009/3/16 14:43
Come on and rock me Amadeus
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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saabconv wrote:
HOW are WE bitter? I am SOOOOO tired of people not taking responsibility for themselves. This is why this country is in the predicament that we're in. And just because something is a "charity" is mostly certainly does not exclude or excuse them from doing their homework. GROW UP!


Once again Yes and No. Madoff had an impressive resume in many peoples view. Chairman of NASDAQ, Board of Yeshiva University, philanthropist etc. While I have little sympathy for wealthy people there were plenty of people who were trying to grow their money slowly and steadily. To say they were all after "a fast buck" is disingenuous and an over-simplification. Madoff was no street urchin. Like I have said before, how many of you know exactly who, how and where your money is being invested? Really? Are you sure? Oh okay. Better be sure....

Posted on: 2009/3/16 14:25
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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I don't feel sorry for any of the Maddof investors either. They all thought they were in a elite club where they could earn returns far above the average without any risk. They flocked to him like moths to the flame. They should shut up and learn form their mistakes. Or maybe should we bail them out too?

Posted on: 2009/3/16 14:16
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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HOW are WE bitter? I am SOOOOO tired of people not taking responsibility for themselves. This is why this country is in the predicament that we're in. And just because something is a "charity" is mostly certainly does not exclude or excuse them from doing their homework. GROW UP!

Posted on: 2009/3/16 14:07
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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non-profits and charitable trusts were heavily invested w/ madoff...few directly with madoff but with investment people who then invested with him. I find the lack of empathy appalling.....i have a good friend who works for a charitable trust who as a result of her chraity's greed(?) will loose her job. Bitter a- holes on this site..

Posted on: 2009/3/15 19:17
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Saabconv is absolutely right. In a lot of the interviews you hear his "victims" complain that the SEC fraud fund will only insure their initial investment. That's up to $500K. They should quit their bitching. It's a basic rule of investing that you don't put all your "eggs" in one basket. They blindly accepted impossible returns and never questioned it.

I learned as a child that if something sounds too good to be true, it usually is. If these hundreds of adults couldn't understand that, well, there's another old saying--a fool and his money are soon parted.

Posted on: 2009/3/15 14:30
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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You think because somebody has a non-profit group for the Holocaust that he can't possibly be greedy? Who's being naive now? I'm SIMPLY SAYING that if you are writing checks to BERNARD MADOFF instead of the funds that he is supposedly investing for you - then you're not the brightest. And if you actually invest money with anybody or any group without doing research then you get what you deserve. Stupidity and naivity is NOT an excuse for all the crying and whining these "victims" have been b*tching about. GROW UP already

Posted on: 2009/3/15 13:46
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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numerous non-profits were swindled...Ellie Weisel is he greedy too.

Posted on: 2009/3/13 22:09
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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saabconv wrote:
Greed begets greed. These "victims" were looking to make a fast buck. And in some respects, they got what they deserved.


Yes and No. Some people were going for the easy buck but others were victims of their middle-man. How many people really know how and where their companies pensions, 401k's etc are being invested (grown)?

Posted on: 2009/3/13 17:51
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Greed begets greed. These "victims" were looking to make a fast buck. And in some respects, they got what they deserved.

Posted on: 2009/3/13 17:04
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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I watched Bernie drive to court on TV this morning. He was riding in a Kia. A Kia! He ran out and bought a brand new Kia just to ride to court.
Lawyer:" Bernie, baby, don't bring the Mercedes to court. There's gonna be cameras there. It looks bad"

Posted on: 2009/3/13 3:42
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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That prison is much too nice for him.Hopefully he lives a long time and stays in jail remembering what got him there.

Posted on: 2009/3/13 3:14
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Resized Image

Madoff's new digs - I wonder what that would fetch on craigslist?

Hey can't you see it now -- the kids all sitting around him -- learning the ins & outs of High Finance.

Posted on: 2009/3/13 3:04
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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injcsince81 wrote:
What is unbelievable and criminal is that the SEC had a whistleblower telling them for 10 years about the Madoff scam.

They did nothing.

They knew about the Wall Street risky bets on RE - they did nothing.

I just overheard a manager at my work saying on the phone that US needs a good revolution, and it should not be bloodless, either.

Hear Hear !!

Posted on: 2009/2/8 1:58
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Xerxes wrote:
I think we should all dig deep into our pockets and help these guys out with whatever money we can spare.


UTTER BULLSHIT!

Posted on: 2009/2/7 23:17
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Another example of GREED I believe - These 2 investors, like others were more then likely given extraordinary returns for their investment which was far greater then any safer, smaller returns.

The gamble didn't pay-off, so I say its a case of GREED that outweighed risk. As they say - if its to good to be true, then its most likely going to be a swindle or a money black-hole.

I bet the investment money of others is well hidden and all Madoff might have to do is sit it out in prison for a few years, then retire with a siht load of money.

Posted on: 2009/2/7 19:47
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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What is unbelievable and criminal is that the SEC had a whistleblower telling them for 10 years about the Madoff scam.

They did nothing.

They knew about the Wall Street risky bets on RE - they did nothing.

I just overheard a manager at my work saying on the phone that US needs a good revolution, and it should not be bloodless, either.

Posted on: 2009/2/7 14:40
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Re: Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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I think we should all dig deep into our pockets and help these guys out with whatever money we can spare.

Posted on: 2009/2/7 14:32
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Prominent Journal Square Developer on client list of accused swindler Bernard Madoff
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Hudson residents on client list of accused swindler Bernard Madoff

by The Jersey Journal
Thursday February 05, 2009

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Lowell Harwood, left, and his nephew, Scott Harwood, of Harwood Properties in Jersey City at Journal Square last January. Scott Harwood and Lowell Harwood are both on the Madoff list.

A list with the names of several thousand clients who lost money by investing with Bernard Madoff -- including the prominent Harwood family of Jersey City -- has been released in a New York City court filing.

The names are listed on a 162-page document filed late yesterday in U.S. Bankruptcy Court in Manhattan. Each page carries 84 single-spaced lines. Some customers are listed multiple times, presumably because they had multiple accounts.

Lowell Harwood is one of the developers involved in the $400 million Journal Square project that includes 1,600 residential units and 70,000 square feet of retail in two towers, one 68 stories, the other 50.

The Madoff customers include prominent people and institutions that already had been publicly revealed. The amount each person or institution invested with Madoff isn't listed.

The list was compiled by AlixPartners LLP, a Dallas company hired as claims agent by the trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC.

Authorities say Madoff admits he lost more than $50 billion belonging to investors. Defense lawyers say he has cooperated with authorities to help identify assets.

Posted on: 2009/2/5 16:09
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