<story><title>Madoff’s Victims Are Close to Getting Their $19B Back</title><url>https://www.bloomberg.com/graphics/2018-recovering-madoff-money/</url></story><parent_chain></parent_chain><comment><author>numlocked</author><text>The article doesn’t mention a &lt;i&gt;really&lt;/i&gt; important dynamic here — a LOT of the madoff IOUs were purchased by hedge funds for pennies on the dollar, from Madoff investors who needed liquidity for e.g. retirement and couldn’t wait decades to get their money back. Dunno if there still is, but there was an active and liquid market for Madoff receipts for a while. A fund could tell an individual who was wiped out by Madoff “we’ll pay you $0.20 on the dollar for your claim against Madoff”, and then collect the $0.80+ that’s been recovered over the past 10 years. I don’t have an estimate of what % of the recovered dollars are going to the original investors...but it’s not 100%. A lot of the claims have been traded.</text></comment>
<story><title>Madoff’s Victims Are Close to Getting Their $19B Back</title><url>https://www.bloomberg.com/graphics/2018-recovering-madoff-money/</url></story><parent_chain></parent_chain><comment><author>montenegrohugo</author><text>Imagine you invest in a hedge fund, and get some amount of returns back. But then, years later, a lawyer comes and tells you to give him the profits because the fund was illegitimate (without you knowing this) and therefore they don&amp;#x27;t belong to you.&lt;p&gt;This is exactly what is happening to all these people.&lt;p&gt;Doesn&amp;#x27;t this feel unfair to anyone else?</text></comment>