Weinberg loses life savings in Madoff Ponzi scheme
Sen. Loretta Weinberg (D-Bergen)

Weinberg loses life savings in Madoff Ponzi scheme

By Max Pizarro | December 22nd, 2008 - 2:19pm
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The Wall Street Journal reports that state Sen. Loretta Weinberg (D-Bergen) lost her life savings in Bernard L. Madoff’s alleged $50 billion Ponzi scheme.

According to the Journal, Weinberg had her savings, about $1.3 million, invested with Stanley Chais, a Los Angeles money manager and one of Madoff’s victims.

"Irwin had a saying, 'If you made a dollar and a half, you put 75 cents into a savings account and you lived on the other 75 cents,' " the Journal quotes Weinberg, speaking of her late husband, who had his own business building and designing retail stores. "That's how we lived."

On Monday, the senator described her husband as a hard-working child of the Depression and said of the news, “This is another road in one’s life that one must traverse. I’m a lot better off than a lot of other people who were affected by this.”

Weinberg said she had never heard of Madoff until a week and a half ago, when the scandal broke.

“I have work to do and that’s the best antidote to this,” Weinberg said. “All I will say about Bernard Madoff is his legacy to the world will be that he took money from the Eli Wiesel Foundation.”

Darn

All those taxpayer dollars she has saved up over the years are gone

This sucks!

I have always admired and respected Weinberg as one of our best legislators. This is horrible!

SHAME

BurlingDem you are a sh#t.

I'm a taxpayer and I'm fine with some of my money going to hardworking public servants. Kudos to Senator Weinberg for her philosophical outlook on a personal tragedy not of her making.

This is Awful

Say what you want about Loretta Weinberg (and I am a big fan) but I don't think anyone would wish this on another human being. It seems to be there has to be a loophole closed that would make it mandatory for investors to disclose all of the other people they are investing with on other people's behalf.

I wish the good Senator from Teaneck luck, and hope that she will be ok.

Just Some Thoughts...

New Banker

Maybe Ferriero can extend a generous loan. Christmas is the time for giving after all.

Big Joe is toasting tonight...

I guess Weinberg has a love-hate relationship with con men.

She has a great attitude

about this. She sounds like she has her head on straight.

Victim of greed and stupidity

All of the brilliant eople who were taken in my this scheme make you wonder if their BS detectors had been turned off in the name of greed.

This is a terrible thing to happen -- lose $1.3 million.

Billy P

Weinberg got what she deserved!

She was part of the New Jersey Ponzi scheme.  Taxing to death New Jersey citizens for years. 

What goes around comes around.

Granny & Grandmama

You've gotta feel bad for our seniors Camdenbeer or not!  Did anyone ever wonder how many people those two "ripped off" getting their millions?  Guess what comes around does go around as mentioned.  Now they'll have to get rid of their maids and downsize like the rest of us.  What a shame...Oh, maybe they will re-think their libral ways by cutting taxes, and stop giving our money away.  Ham & cheese, peanut butter and jelly isn't really that bad. 

Ridiculous

Whether you agree with Weinberg's politics or not - I don't - celebrating the loss of life savings is beyond low. The one bright spot for Weinberg is that she will probably be able to take advantage of the insurance provided by the SIPC. While the maximum she could recover is $500k, it is certainly better than nothing. Here's to hoping everything works out for her.

Agreed...

Her politics doesn't matter..sucks this happened to anyone, including her.

How would you like it?

Where is NJ Attorney General?

Senator Weinberg is on of many NJ residents who were bilked by this fraud. Why doesn't the NJ Attorney General open an investigation based on NJ securities laws to further punish this guy?

stateguy ?

You cannot be serious! Open an investigation on what? Do you want Jonnie to appoint another committee of twenty nobodies to investigate stupidity; sounds like an Arlene Spector move.  Annie, "no guns", is spending her valuable time on defending e-mails; tax dollars at work! (DAH)

Madoff

Here's the solution. Hang Madoff by his balls until death does he part. Would Grannie and Grandmama agree? Probably not a good libral political solution, but real justice would prevail the moderate conservative way.

camdenbeer=trash

I guess living in a trailer and having an exceptionally small penis would turn /anyone/ bitter. but this is a new low, even for Camdenbeer.

Liberal incest

must admit there is some schaden freude at seeing the Frois Gras and the 201 elite crowd being screwed by their own peeps for a change. Less money for them = less crack cocaine for cookie

Weinberg should step down now

"Weinberg said she had never heard of Madoff until a week and a half ago, when the scandal broke". And she is in Trenton managing our tax dollars ?. Her district is a social and financial mess and is one of the highest   taxed in the US.

Burling"Dem" You Are The Death Of.....

....the Republican party.

The kind of absolutely irredeemably stupid cruel and ignorant remark you made typifies what's wrong with Republicans in general. Yes, Republicans.

You are no Democrat. You aren't even a real American.

You are a scumbag.

You are so damned eager to take a perverted pleasure in the misfortune of Weinberg that you completely displace what should be abject contempt for the real thieves that have financially raped our nation and dump your foul and feculent "load" on Loretta.

Madoff is a symptom of a systemic Ponzi scheme that we call the "financial services industry". Eight years of Reagan and sixteen years of Bush's (with a little help from Bill Clinton) have "succeeded" is dismantling most of the protections that were enacted in the wake of the last depression.

The people we pay to watch our money have been stealing it.

And the best you can do Burling"Dem" is to take pleasure in the loss of this good woman's life savings.

You are as bad as Madoff.....hell, you're worse. Madoff, at least, isn't publicly crowing about how he screwed his victims.

Meanwhile, you malicious creep, consider the possibility that there just may be a God.

Loretta has lost some money; but you have degraded your own soul.

The same applies to CAMDENBEER1 and any other sick pathetic piece of excrement that takes pleasure in Weinberg's misfortune.

 

 

From Frederick Douglass

If there is no struggle there is no progress......Power concedes nothing without a demand. It never did and it never will.

Nick Lento

what a hypocrite. Your Cliffside Park and its corruption and its eminent domain has ruined so many lives and business dreams. Cliffside     wants its parks back too.

Networker: You Are Confused

Unlike most Republicans, I condemn the corruption (even when it is perversely legal) in my own party.

Keep in mind that it was a BUSH appointed SCOTUS that has allowed these abuses of the eminent domain statutes.    I agree with you that Cliffside did wrong to condemn a whole block on Anderson Avenue and give a sweetheart contract to a "friendly"/connected developer.   (I wonder if they have the cash to even complete the project at this point?!)

The BCDO and the various local machines are indeed corrupt.

Cleaning up the pay to play system needs to UNITE all of NJ.

When Christie Whitman was in charge she did NOTHING to deal with this problem.  

When the Republicans ran Bergen County they did NOTHING to clean up pay to play.

The corruption is SYSTEMIC!

Weinberg is an honest reformer. For her to be the victim of this and lose her life savings is evil. And for anyone to take pleasure in that is evil.

YOUR Chris Christie had the POWER to initiate RICO investigations and prosecutions that would have likely put a THOUSAND NJ pols (mostly Democrats no doubt!!!) and their associates/bribers in jail. He never did that. Why?

YOUR President Bush and his allies have weakened all the protections against the kinds of scams that have become business as usual in our financial services industry. I don't see ANY reform movement in the Republican Party in NJ....or nationally.

The $ame people are $crewing ALL Americans and they don't give a $hit if you are "right" or "left" wing; in fact they laugh at your "loyalty" to an e$tablishment that'$ raping you.

I am a Democrat who wants to see the Democratric party AND the Republican parties cleaned up.  

The whole Iraq war was/is a corrupt boondoggle.   The scale of the corruption of the Bush administration is precisely what has CREATED the current financial "crisis".

The real answer is for all of us to do whatever we can to clean up the systemic corruption and to be decent human beings; not cruel malicious scumbags who take pleasure in seeing people lose their life savings.

What part of that last paragraph troubles you? If the answer is "none of it"; then we are on the same side.

Here's some video that I shot that I believe may be of interest to you.

http://www.youtube.com/watch?v=Zd8qsQiUUxo

http://www.youtube.com/watch?v=B4QLxiYrhw4&feature=channel

http://www.youtube.com/watch?v=uf42kU6Hy8Y&feature=channel

 

 

Frederick Douglass

If there is no struggle there is no progress......Power concedes nothing without a demand. It never did and it never will.

Lento

You really need to get a life, that is all.

You started good, then turned into a ranting maniac, no wonder all Dem controlled areas are so messed up. Raving lunatics like you give Democrats a bad name.

Merry Christmas

Happy Hanukkah Happy Kwanza

Burling"Dem"

Glad to hear that you believe that I "started" well.

Which parts of what I said do you disagree with?

Be specific.

Quote, in context.

Give reasons.

Let's have a discussion.

From Frederick Douglass

If there is no struggle there is no progress......Power concedes nothing without a demand. It never did and it never will.

Mom in Law

you forgot Happy Christmas,remember Jesus is the reason for the season

Weinberg

CAMDENBEER1  - You Hit a Home Run..........I am celebrating tonight on hearing of the news and I hope it hurts all the way down to her OLD BONES................$1.3 million - Maybe “Guardrail Jonnie” can give her some money but then again what does she have to offer at 104 years old??????????

 And Lento you Dumb A _ _ don’t INSULT us Real Republicans suggesting that you know anything about anything.  Who the Hell cares what George Bush did he's gone in one week anyway and it will be back to Democrats screwing things up again for 4 years till someone else DIES.... 9/11.... 

Why don't you just follow the suggestion of Misscookie the mindless above in the reference to being small and stick it in your ear.  

That’s only my opinion I could be wrong - NOT

Dissection/Deconstruction/Demolition

MM says...

>>>CAMDENBEER1 - You Hit a Home Run..........I am celebrating tonight on hearing of the news<<<<

This is someone admitting to celebrating a criminal act. So much for, "law and order". In "mad" max's world there is no real law or order, just subjective pettiness.

>>>and I hope it hurts all the way down to her OLD BONES<<<

Here we see MM delve directly into the pit of malicious, malevolent sadism.

 >>>................$1.3 million - Maybe “Guardrail Jonnie” can give her some money<<<<

Infantile cheap shot.  Indicative of a diminutive mental capacity. 

>>>but then again what does she have to offer at 104 years old??????????<<<

Here we have MM making fun of someone who is older and implying that the old are better off dead.  What does that tell us about the kind of person this is?

>>>And Lento you Dumb A _ _ don’t INSULT us Real Republicans suggesting that you know anything about anything.<<<

Here we have an example of pure unadulterated crass ad hominem.  If MM is an example of a "real Rebublican" the party is doomed.  

I dare say that no decent Repbublicans (there are many!) would want to be in the same arena with MM, let alone allow themselves to be defined by him, or her (Maxine?) 

>>>Who the Hell cares what George Bush did he's gone in one week anyway<<<

Actually it's more like 3 weeks.  This is another example of the infantile time sense of this pathetic impulsive creature.  Nothing from "the past" matters.

>>>and it will be back to Democrats screwing things up again for 4 years till someone else DIES.... 9/11....<<<

That is such a warped perspective.   It implies that only one party is flawed and that no one has "died" except for the 3000 9-11 victims.   That fragment sounded like something one would hear from a mentally deranged individual.

>>>Why don't you just follow the suggestion of Misscookie the mindless above in the reference to being small and stick it in your ear.<<<

More petty mindless invective.   Is this truly a typical Republican?   A "real" Republican?   

>>>That’s only my opinion I could be wrong - NOT<<<

That's the part where MM declares him/herself incapable of error.   Gee, I thought perfection was a Divine attribute?   Perhaps MM is God???

 

PS

Seriously MM, you must be a very troubled individual to be able to hold so much ugly bitterness and hatred in the space where your heart should be.

Loretta Weinberg is a successful humane being who is making a positive contribution to humanity and she would be that without a single penny to her name.  

People who take pleasure in the misfortune of noble public servants like Loretta Weinberg, and then go so far as to have the chutzpah to brazenly share that ugliness in this public forum are no credit to  the Republican party.  Quite the contrary.

Mad Max, if you really believe i'm a "dumb ass"; why not come up and out of the gutter of anonymity?

Show your face.   Use your real name.  Come out of the dark.  Stop hiding.  What are you ashamed of?

I'll be happy to engage you in a formal moderated public debate on the "points" you have raised re Loretta Weinberg's recent misfortune in your above comment.

I'll be happy to make a video of you and I having a public discussion of you justifying your words here.

I'll be happy to put that video up on the web for all who read these blogs to see.

So, If I'm such a "dumb ass" you should have no fear or hesitation in accepting my challenge. Eh?

Come on "Mad Max"....make my day!  :-)

From Frederick Douglass

If there is no struggle there is no progress......Power concedes nothing without a demand. It never did and it never will.

Amazing the people that have

Amazing the people that have been caught out on this huge scam. Funny though, for some it was with stolen money. Karma bites.play roulette poker reviews play blackjack online video poker movie download horse racing betting iphone ringtones

re

(School of Political Science)Why don't you just follow the suggestion of Misscookie the mindless above in (School of Performing Arts) the reference to being small and stick it in your ear. School of Social Service

Sure

Her politics doesn't matter..sucks this happened to anyone, including her.

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The Ponzi Scheme Scandal

Sadly, many investments were affected by the Madoff scheme, not only the ridiculously wealthy but also many charitable foundations that invested in him. It is shocking how hedge fund investor Bernie Madoff could defraud thousands of very wealthy investors out of $50 billion. In connection with this, another name is involved. Ezra Merkin is a name you probably never heard before. Well, you may get to know about Ezra Merkin now. He's the latest name that's added to the others sued in conjunction with the Madoff scandal. He is accused of having run the feeder funds that gave cash advances to Madoff. Madoff himself is awaiting sentencing, while his lawyers try to appeal his bail revocation. Merkin hasn't been charged with a crime yet, only sued. But there may be a need for some big cash advances so Ezra Merkin can pay his fines.

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The real enemy here is

The real enemy here is greed. If these people would have been content with what they had, rather than try to horde more and more capital, then they wouldn't be in this mess.

Just my thoughts

Say what you want about

Say what you want about Loretta Weinberg (and I am a big fan) but I don't think anyone would wish this on another human being. It seems to be there has to be a loophole closed that would make it mandatory for investors to disclose all of the other people they are investing with on other people's behalf

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