Thursday, March 12, 2009

Bernie wakes up on Friday the 13th

Two consecutive Friday the 13th's! Can you take it? May be you are not friggatriskaidekaphobic, yet you are difriggatriskaidekaphobic ....Well, it can only happen in February-March on a non-leap year, more precisely every non-leap year when February 13 falls on Friday, hence about every 6+ years. One person who definitely will find it hard to take it is he who will be rising from a bunk bed in a closet size cell after years of 7-million dollar penthouse living. Yes, Bernie Madoff. Unfortunately, while the size of his new residence is quite transparent, there's been much confusion on the size of the loss hence the recoverable amount. Based ont the latest statements, his clients had investments of $64.8 bn. But hey, everyonen knows this was a Ponzi scheme, which means that amount is based on years of misstated returns, probably as many as ... 13 years. Counting only the net investment into Madoff funds, prosecutors are looking at a maximum recoverable amount of 10 to 17 billions, perhaps ... 13!

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