IRS to allow Ponzi victims to claim theft losses

IRS to allow Ponzi victims to claim theft losses

www.reuters.com

As theft losses, investors are entitled to a much larger deduction than the normal "capital loss" deduction, which is typically capped at $3,000 per year.

Under the new rules, victims would be able to take a deduction of as much as 95 percent of the amount they invested, plus investment income they thought they had earned, subtracted from any money given back to them by the government's insurance program, the Securities Investor Protection Corporation.

(visit the link for the full news article)

This is rediculous! Everyone is getting a bailout except me!!!!.

In all seriousness, this is so bogus. If I got mugged, do I get to write off my new Nikes?

The people who lost the most in the Maddoff/Stanford messes are wealthy people with connections. This is why they are getting preferential treatment.

How about all the investors who got their holdings stolen from them in the bogus WaMu to JP Morgan Chase transaction. That was the largest corprate theft in this nation's history after the AIG bailout.

JP Morgan Chase paid $2 billion for WaMu and took all the good assets and left all the "toxic assets" with federal government. In March JPM tried to buy WaMu for $7 billion, but WaMu rejected them.

Is it a coincidence that on September 25, 2008 WaMu is seized and TARP is signed into law on October 4, 2008. FDIC couldn't wait two weeks? WaMu was to valuable to JPM.

This system is so corrupt.

www.reuters.com
(visit the link for the full news article)

I'm pretty sure the Social Security and Income Tax scams qualify as Ponzi schemes. Write those off or demand to see your "return on investment."

reply to post by thisguyrighthere


Don't get me started on Social Security:

A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned.

Source

In other words, the Social Security taxes paid by today's workers and their employers are used to pay the benefits for people who are currently retired, and for other beneficiaries such as workers who become disabled or the families of workers who die.

Source

Sounds the same doesn't it?

Gee... Can I get restitution for the ponzi scheme that is the "Federal" Reserve...?

I think THAT's what we all should sue for!

The fact that they could even make such a hypocritical statement shows you just how dumb they think you are. I guess in reality they could just be throwing all the lesser ponzi schemes to the wolves to give them time for their ultimate plan to come together. Probably was part of the plan anyways.

Peace

[edit on 17-3-2009 by Dr Love]

I was just discussing this with a friend of mine, and we came to the conclussion that this insanity must be because the people pulling Obama's strings lost money with Madoff.

IRS is part of the executive branch, and this is not legistlation, its an IRS regulation.

I think its nuts that they get to deduct not just the actual money they gave to Madoff and lost, but they get to deduct the imaginary gains that Madoff was telling them they were getting.

They are writing off money that never actually existed.

LOL!

Great find. Starred and flagged.

Isn't the IRS a bunch of nice guys. Thanks for letting us claim these losses.

It shows they are scared #@$#less and losing control and will promise anything to the angry mob.