Saturday, September 18, 2010

Madoff futures market

The New York Post reports:
Even from behind bars Ponzi King Bernie Madoff is able to get folks to open their wallets.

Big investors this week jumped at the chance to buy a claim of a Madoff victim who reportedly lost $250 million to the fraudster, sources told The Post.

The investors, which include hedge funds, were offering pennies on the dollar for the claim -- in the "low twenties." one hedge-fund trader said -- in the hopes of turning a nice profit when proceeds from the defunct Madoff operation are distributed.

It could not be determined at press time if a deal had been reached.