tag:blogger.com,1999:blog-7905729024656704090.post89169494997339298..comments2024-03-16T10:51:29.949-04:00Comments on <center>Misunderstood Finance</center>: How Much Will Madoff Victims Collect?Milton Rechthttp://www.blogger.com/profile/02488660316957122768noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7905729024656704090.post-14186706055901980342009-12-13T10:18:17.717-05:002009-12-13T10:18:17.717-05:00“He’s [Picard] violating a federal statute which m...“He’s [Picard] violating a federal statute which mandates that customers be paid based on their last statements,”<br /><br />Pretty much says it all, as SIPC is running an insurance scam, with totally inadequate reserves to cover contingent liabilities, for decades. Sound like AIG's credit default swaps, doesn't it?<br /><br />Hum ... convinced me! I'm going to set up an offshore reinsurance company, charge premiums totaling, in the aggregate, tens if not hundreds of millions of $dollars, and pray that I will not have destructive claims. If I do, then I merely deny and/or declare bankruptcy. And they'll never find me because I used third and fourth degree distance nominees to own my reinsurance firm.<br /><br />Thank you SIPC & AIG for showing me the light of free enterprise making a $buck, and thank you SEC for defining the definition of negligence!Anonymousnoreply@blogger.com