Spoils of Madoff's Feast Go on the Auction Block

They're the spoils of a feast that's over forever: Bernard Madoff's stuff on a government auction block.

[Another Poster]

Were are all the billions that he stole? All I hear is about Madoff's "possessions", what happened to the liquid assets?

[ChattyCathy]

WOW, No one person should have this much stuff! and soon he won't... LOL!

[Balto]

Another Poster wrote:

Were are all the billions that he stole? All I hear is about Madoff's "possessions", what happened to the liquid assets?

The asseets have been spread around to Madoff's family, cronies, and early investors. Not everybody who "invested" with Bernie went belly up. Many early investors are sitting pretty with the dough that came in later. This scam couldn't have gone on for decades without a lot of happy folks near the top and middle of the pyramid.

[VOR]

What I love is the people who estimate their losses. I'd be pretty sure when they say they lost $5 million, they are talking amount the amount on their last statement from Madoff, after years of phony 15% gains. IF you roll it back to their net investment, it's likely way less than half of what they are claiming.

In any event, I wouldn't want anything owned by this sleezebag in my possession

[Mikey]

Another Poster wrote:

Were are all the billions that he stole? All I hear is about Madoff's "possessions", what happened to the liquid assets?

The government must have seized it, or it simply disappeared, he took the money over many years. I am sure it more people than just Madoff profited from this ponzi scheme but when you think about it Wall Street is largely a gigantic ponzi scheme. A lot of people lost their shirts when the NASDAQ crashed and it was filled with overpriced internet companies. A lot of people have more recently lost their shirts and homes because of the subprime crisis.