Disgraced financier Bernard Madoff must forfeit $170 billion, a federal judge ordered Friday.
via FOXNews.com.
OK, I am not a math whiz, but if the guy embezzeled $50 billion, and was a failure at investing. His three houses are worth $22 million, he had liquid assets of $80 million. Hmm.
Forfeit means you give something up, which means you have it. So where is the other $169.9 billion?
Where did the $170 billion number come from? Did the judge added up all the claims against Madoff and issued a forfeiture order? Are we talking treble damages? Looks good on the news, but three times zero is still zero.
Who will ultimately get the cash that is recovered? After all the government has expenses here, and there are lawyers to pay… Stay tuned.
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