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Actually most of the money Madoff took in went right back out to his victims - that's how Ponzi schemes work.
by billswift 16y ago
Actually most of the money Madoff took in went right back out to his victims - that's how Ponzi schemes work.
- houseabsolute 16y agoTheoretically, that would mean that none of the victims were defrauded of any money, or the ones that received money fraudulently could conceivably be forced to return it. But that's not my understanding of what has happened.
- billswift 16y agoActually, the earlier "victims" tend to make out pretty well, especially in the beginning. Later victims purely lost out. And Madoff certainly "skimmed" enough to live pretty well on.