This seems a fair time to reiterate that despite the claims of the lying, moronic sacks of shit at the New York Times and elsewhere, FTX victims are not getting a “full recovery” of their assets. They are getting a return of the U.S. dollar value of their digital assets in early November of 2022, which is roughly 85% less than those assets are worth today.
The bottom line: Sam Bankman-Fried's FTX fraud trumped Madoff as the top financial fraud of all time, and — thanks to a large amount of luck with crypto prices and the AI boom — a similar recovery looks likely, in much less time.
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Ironically true. Yes, a similar recovery.
For one, Madoff was found guilty in 2009. $1 in 2009 is equal to $1.47 based on this random website I just found https://www.in2013dollars.com/us/inflation/2009?amount=1 (I have no idea the veracity or quality of this site, but that jives).
But take it even further, as again, it's about the kind of assets.
"Typically, a position will consist of the ownership of 30–35 S&P 100 stocks, most correlated to that index, the sale of out-of-the-money 'calls' on the index and the purchase of out-of-the-money 'puts' on the index." https://en.m.wikipedia.org/wiki/Madoff_investment_scandal
So clearly the investors believe the S&P 100 was involved, would be a decent proxy for this fictious strategy. So, how has iShares S&P 100 ETF (OEF) done since Madoff's sentencing June 29, 2009? Back then, about $47.79. Today $288.70. 83.44% loss. So, yep. Pretty similar indeed Axios! Excellent reporting.
"
This seems a fair time to reiterate that despite the claims of the lying, moronic sacks of shit at the New York Times and elsewhere, FTX victims are not getting a “full recovery” of their assets. They are getting a return of the U.S. dollar value of their digital assets in early November of 2022, which is roughly 85% less than those assets are worth today.
"
https://www.axios.com/2024/12/30/madoff-fraud-recovery-victims-94-percent
"
The bottom line: Sam Bankman-Fried's FTX fraud trumped Madoff as the top financial fraud of all time, and — thanks to a large amount of luck with crypto prices and the AI boom — a similar recovery looks likely, in much less time.
"
Ironically true. Yes, a similar recovery.
For one, Madoff was found guilty in 2009. $1 in 2009 is equal to $1.47 based on this random website I just found https://www.in2013dollars.com/us/inflation/2009?amount=1 (I have no idea the veracity or quality of this site, but that jives).
But take it even further, as again, it's about the kind of assets.
"Typically, a position will consist of the ownership of 30–35 S&P 100 stocks, most correlated to that index, the sale of out-of-the-money 'calls' on the index and the purchase of out-of-the-money 'puts' on the index." https://en.m.wikipedia.org/wiki/Madoff_investment_scandal
So clearly the investors believe the S&P 100 was involved, would be a decent proxy for this fictious strategy. So, how has iShares S&P 100 ETF (OEF) done since Madoff's sentencing June 29, 2009? Back then, about $47.79. Today $288.70. 83.44% loss. So, yep. Pretty similar indeed Axios! Excellent reporting.