It may come to a surprise to some, but very few Americans were affected by Madoff collapse and those very few have long recovered not just their principal but also their expected return.
How? With a little help from the prosecutors from various States attorney’s offices who convinced two of the three Madoff ‘s Associates, his wife and sons to turn their states “voluntarily” to avoid facing charges that could potentially put each of them for almost 100 years in jail without the possibility of parole.
By far, most of the scammed institutions (an in turn individuals) were in Spain. Yes, I know it didn’t make the news that way, rarely the domestic news tell the whole truth. You can think that even journalists felt embarrassed to tell truth or that most (if not all) of this country journalists’ objectivity, fairness and ethos is a joke.
By the way, the third associate of Madoff and partner of the first two, considered the missing link between Madoff and the Spaniard Suckers, was a Colombian citizen residing in New York City.
Today, he is no longer to be found anywhere in the U.S. All his assets have been frozen pending trial. But don’t keep your hopes high in seeing him returning to the US any time soon, the U.S. does no longer have an interest on him, since all their citizens and the State already recovered in full both damages plus expected returns until the collapse, they have left that task and cost to any government whose citizens or itself have not yet been fully indemnify.
But not surprisingly, the now not so “new” residence of this known Colombian changed rapidly to where he managed to do what would prove to be his biggest and most profitable deals, Spain.
Would you have guessed? Probably no, as it never made it to the Spanish economic or generalist newspapers. On the other hand, if you had read the original editions of either Wall Street Journal or the Financial Times it was no secret either.
Wall Street and the City probably are still having a laugh at Spain.
At the end of the day, we may not be as different from the Greeks as we like to think.
We should probably stick a sign at every airport international terminal in this country saying: “Welcome to Scammerland, Crooks and Scammers, Specially If You Have Scammed us.“