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Banking

Dec. 11, 2009

The Lingering $65 Billion Question

Deborah Stein of Simpson Thacher & Bartlett examines the financial consequences of Bernie Madoff's Ponzi scheme.

By Deborah Stein

Bernie Madoff may be last year's news but the financial consequences of his $65 billion scam will not soon be forgotten. As Madoff victims seek to recoup their losses through any of a number of means - from tax refunds and SIPC claim payments to auctions of Madoff's pricey yachts, opulent homes and personal effects - many victims are facing the grim prospect of recovering only a fraction of their losses. Not unexpectedly, a number of Madoff's former clien...

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