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State and federal offices are supposed to be watchdog agencies, but the federal [[Securities and Exchange Commission]] ignored numerous warnings that Madoff was running a Ponzi scheme.
State and federal offices are supposed to be watchdog agencies, but the federal [[Securities and Exchange Commission]] ignored numerous warnings that Madoff was running a Ponzi scheme.
Investors in the Madoff scheme paid taxes on their supposed "profits" (they may be able to recover some of the taxes for the last two years), and they can deduct their losses from their income taxes, so that they will recoup some of their losses. The many charities that lost money will not get any tax refunds because they do not pay any income taxes.
==External links==
==External links==
* [http://www.nytimes.com/2008/12/19/business/19ponzi.html?ref=business Alex Berenson, "With Madoff, Even Winners May Lose Out," ''New York Times'' Dec. 18, 2008]
* [http://www.nytimes.com/2008/12/19/business/19ponzi.html?ref=business Alex Berenson, "With Madoff, Even Winners May Lose Out," ''New York Times'' Dec. 18, 2008]
* [http://topics.nytimes.com/top/reference/timestopics/subjects/f/frauds_and_swindling/ponzi_schemes/index.html?inline=nyt-classifier "Ponzi Schemes," ''New York Times'' Dec. 18, 2008]
* [http://topics.nytimes.com/top/reference/timestopics/subjects/f/frauds_and_swindling/ponzi_schemes/index.html?inline=nyt-classifier "Ponzi Schemes," ''New York Times'' Dec. 18, 2008]
* [http://www.nytimes.com/2008/12/19/business/19loss.html Lynnley Browning, "Tax Deductions for Theft Losses Could Help Some Investors," ''New York Times'' Dec. 18, 2008]
[[Category:Finance]]
[[Category:Finance]]