http://blogs.the-american-interest.com/contd/2008/12/24/the-madoff-ponzi%e2%80%94where-did-all-the-money-go-and-what-does-this-have-to-do-with-our-fiscal-deficit/ Continuing the Conversation Thu, 08 Sep 2011 20:35:51 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://blogs.the-american-interest.com/contd/2008/12/24/the-madoff-ponzi%e2%80%94where-did-all-the-money-go-and-what-does-this-have-to-do-with-our-fiscal-deficit/comment-page-1/#comment-310 HB, MBA Sat, 07 Mar 2009 15:25:01 +0000 http://the-american-interest.com/contd/?p=685#comment-310 I disagree with your statement on later investors being the biggest losers. Legally, it is the earlier investors, because the income they've received for such a long time is not legally theirs. What they received is the principal of subsequent investors. Not only do they lose what they gave Madoff, they also have to return the mis-labelled income. I disagree with your statement on later investors being the biggest losers. Legally, it is the earlier investors, because the income they’ve received for such a long time is not legally theirs. What they received is the principal of subsequent investors. Not only do they lose what they gave Madoff, they also have to return the mis-labelled income.

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