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Thanks to Steve Harbeck for Clarifying!!

Exactly as I've been saying;
1. I didn't "steal" $50 billion. Why the media insists on putting that into every f--king headline story is libelous. Ira will be dealing with you people later.

2. As my friend Steve Harbeck stated two days ago, there's close to $850 million on deposit in various BMIS accounts. Sure, $250mil of that came in from Bob Jaffe's father-in-law pretty recently, and another $10 mil came in from my friend in Great Neck a few days before this mess started, but the point is there's PLENTY of money to go around. Add another $1bil plus that SIPC has in their treasury, another $1bil plus that the SEC has in a reserve fund...and everyone is close to being made whole!

3. On top of all that, my estimate about $2.5 billion in tax refunds that the government will provide was way low. I've always worked to under promise and over deliver and if you read the the NY Times this morning, the IRS is probably going to be paying out 10x that amount..Yep. $20 billion is the potential.

4. Exactly why I keep insisting that a TARP bailout of Madoff...$7 billion, is a much better way to solve this. We can stay in business and right now is a perfect time to be doing covered call writing. I'm thinking we can produce 20% returns. Trust me.
5. BTW-Peter and the kids just received their SIPC claim forms; I've explained to them that when returning the claim forms, they'll need to provide not just the brokerage statements that Jodi and Frank sent out, but the copies of either the checks they deposited or copies of the wire transfer confirmations that were made by the banks that sent the money into BMIS

Finally-for those Russian gangsters that are scaring poor Sonja: stop it! She's a very sweet lady and she didn't do anything wrong!! And I dare you to document what you bums supposedly invested. If nothing else, Putin will be on your ass in a heart beat.

Full post as published by Bernard Madoff on January 07, 2009 (boomark / email).