http://www.nytimes.com/2010/12/12/business/12madoff.html?_r=1&partner=rss&emc=rss&src=ig
"The trustee?s lawsuit, filed last year, sought to recover approximately $200 million that the family received in salaries, bonuses, expense-account payments and gains in their own investment accounts at the Madoff firm. More recently, the trustee, Irving H. Picard, filed a new lawsuit in London that named Mark Madoff, 46, along with other directors and executives of the Madoff affiliate there, Madoff Securities International, Ltd. It was aimed at recovering profits and payments the defendants received from that subsidiary, on whose board Mark Madoff served. "
Replies
10
Beach Fanatic
And the tragedy continues. . . .
Beach Fanatic
Many maintain that he was innocent (and maybe naive.) If so its a tragedy for him and his wife and kids,
I wonder how Bernie is taking the news?
I wonder how Bernie is taking the news?
SWGB
So sad, that someone's entire life was so ingrained in materialistic possessions that they had to take their life at the slight fear of losing it. That herd could apparently use some thinning.
SoWal Insider
The greed of gain has no time or limit to its capaciousness. Its one object is to produce and consume. It has pity neither for beautiful nature nor for living human beings. It is ruthlessly ready without a moment's hesitation to crush beauty and life. ~Rabindranath Tagore
Beach Lover
The greed of gain has no time or limit to its capaciousness. Its one object is to produce and consume. It has pity neither for beautiful nature nor for living human beings. It is ruthlessly ready without a moment's hesitation to crush beauty and life. ~Rabindranath Tagore
So true, so sad, GAME OVER.
Beach Fanatic
The greed of gain has no time or limit to its capaciousness. Its one object is to produce and consume. It has pity neither for beautiful nature nor for living human beings. It is ruthlessly ready without a moment's hesitation to crush beauty and life. ~Rabindranath Tagore
Sounds like the preamble to the 2012 Republican National Presidential Convention.
Edited
Beach Fanatic
So sad, that someone's entire life was so ingrained in materialistic possessions that they had to take their life at the slight fear of losing it. That herd could apparently use some thinning.
Or maybe he wanted to "provide" for his family via his life insurance policy - not an altogether uncommon thought among some in his situation. If his wife failed to convince him that his value far exceeded his monetary wealth, God bless her. If she implied that it didn't, God save her.
SoWal Insider
I don't think Life Insurance pays if the departed took his life. At least that's what most small print says on life ins.
SoWal Expert
It depends on the policy. Some do include suicide. Maybe his suicide has nothing to do with having to give up worldly possessions. Maybe he actually felt guilt, so much that he couldn't stand to look in the mirror anymore. Too often, we are too quick to judge people whom we don't know.
Beach FanaticAuthor
I don't think Life Insurance pays if the departed took his life. At least that's what most small print says on life ins.
Not any more.
Almost all states have a two year exclusion on suicides.
More than likely if Mr. Madoff bought the policy more than two years ago, the beneficiaries would receive the death benefit.
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