$530 Million, Well, It's a Start

The victims of Bernard Madoff’s ponzi scheme have thus far received $530 million dollars in compensation.  The money is coming from the Securities Investors Protection Corporation, more commonly known as SIPC, and marks a record for the company.  While $530 million may sound like a lot, as you can imagine, that is just scratching the surface of the damage that Madoff created.  A court-appointed trustee has reported that 2,300 accounts have seen a combined total of $21.2 billion in losses.  SIPC has been authorized by congress to guarantee brokerage accounts for a maximum of $500,000.  Huge mess does not even begin to describe this ordeal, and you have to feel for everyone involved.  I’m sure we will continue to hear about this for quite some time.  Madoff, of course, is serving his 150-year jail sentence.  But don’t be surprised if you see him roaming the streets this Saturday…Madoff masks for Halloween are selling like hot cakes!  At about $40 a piece, maybe THAT money should go to the victims as well!  Fat chance.