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Two numbers have been widely used in tallying Bernie Madoff’s epic swindle. First, investigators said it was $50 billion. That soon ballooned to $65 billion.Compared to that, every other fraud, including the Stanford case, has seemed trivial.
Now, the Fed’s are using a much lower loss number for the disgraced money manager: $13 billion.
AP (via The Big Money): The government said a search of financial records, including microfilm records dating to 1979, shows that investors suffered net losses exceeding $13 billion. In all, 15,870 claims have been made to the trustee by those seeking a share of any recovered money.
This comes after learning that half of Madoff fraud victims took out more than they originally invested.
This doesn’t make Madoff look any better, but $13 billion is a helluva lot less than $65 billion.
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