Deadline: tomorrow! Help meet our fall fundraising goal GIVE NOW

Madoff investors may get some money

Marketplace Staff Nov 10, 2009
HTML EMBED:
COPY

Madoff investors may get some money

Marketplace Staff Nov 10, 2009
HTML EMBED:
COPY

TEXT OF INTERVIEW

STEVE CHIOTAKIS: Former investors in Bernard Madoff’s Ponzi scheme could get some welcome news today. They could potentially get some of their money back. Marketplace’s Nancy Marshall Genzer joins us now, live from our Washington bureau with more. Good morning, Nancy.

Nancy Marshall Genzer: Good morning.

Chiotakis: So why the optimism?

Marshall Genzer: Well, Steve we’re expected to get details today of the will of a Madoff investor who died recently. We’re talking about Jeffry Picower. You may remember he’s the millionaire who died in his Palm Beach swimming pool last month. Now, the New York Times is reporting that his will could be filed today. And it quotes Picower’s lawyer as saying he left $2-7 billion behind, and the Times says that’s at least double the money that’s now available to cover investors’ losses.

Chiotakis: So Nancy, why would Madoff’s investors be entitled to any of that money?

Marshall Genzer: Well Picower was accused of actually being in on the Ponzi scheme. And he was actually expected to face criminal charges. The trustee in charge of gathering money to refund investors says Picower made $7 billion from the Ponzi scheme, and the trustee is actually trying to actually claw some of that money back for investors. Picower’s family says he didn’t know anything about the scheme, they say he was a victim too. And he was also deceived by Madoff.

Chiotakis: All right, Marketplace’s Nancy Marshall Genzer joining us from Washington. Nancy, thanks.

Marshall Genzer: You’re welcome.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.