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Madoff money -- Why is a Democratic committee clinging to it?

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posted on Mar, 26 2009 @ 11:34 AM
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My guess is that once this news circulates, the money will be quickly returned, but why the delay?

As mentioned in the article many recipients have already returned monies contributed by the Madoffs, why is the Dem committee holding onto this stolen money?

Could they be earning interest on the deposit until the last minute?

Give the money to the fund for those who were robbed by Madoff.

Don't worry about saving face, there is no excuse for this



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Bernard Madoff, who stands convicted of fraud in a $50-billion Ponzi scheme that bilked thousands of investors, ruined lives and closed down charities, was a big giver to Democratic causes.

According to the Center for Responsive Politics, Madoff and his wife Ruth gave $238,200 to federal candidates, parties and committees in the years since 1991, with Democrats getting 88% of their donations. Overall, Madoff and other individuals at his company, Bernard L. Madoff Investment Securities, donated $372,100 in campaign contributions over the same period, with 89% going to Democrats.

Most Democrats who discovered they had Madoff money in their coffers rushed to give it away.


additional article found here: Dems Keep Madoff $$, Media Has No Comment




posted on Mar, 26 2009 @ 12:29 PM
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You got it.

They are earning interest on the cash. Same thing bankruptcy trusties do. They collect and seize all the assets and cash of the co. or person declaring bankruptcy and put it in an account that accrues interest and they get to keep all the interest that is earned.

So you can imagine 4% on 50 million bucks is a pretty penny, and think some of these bankruptcy cases last a few years.

[edit on 26-3-2009 by Hastobemoretolife]



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