Hi All,
I rarely post videos from TechTicker. Usually their content isn't worth writing home about. Well, yesterday's story was about the SEC, the IRS and the SIPC. Evidently these agencies have been slow and inflexible about making Madoff victims whole. They have lost significant portions of their wealth (or all their wealth), yet these agencies are not letting up. Now, don't you think this is little like kicking somebody after they are down? Its definitely bad manners and probably also bad policy.
Check the video below. -
Wikinvest Wire
4 comments
The tough thing with this is that a significant portion of the evaporated funds are actually with the IRS. (taxes paid on faulty gains)
Hey FJ,
You know what, the IRS should refund EVERY penny of that, or at least liberalize the ability of Madoffs victims to deduct the theft losses.
While I definetly feel sorry for the Madoff victims, taxpayers are not responsible for their investment losses.
Should the SEC have caught him earlier? Yes.
BUT - investors are responsible for doing due diligence before they give someone all their money to invest.
BTW - the victims will be able to file amended tax returns to recover most (if not all) of any overpayment of taxes.
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