Were you surprised to hear Bernie Madoff was going to have to forfeit
$171 billion to be used for restitution to his scam victims? I knew he'd stolen a lot of money, but I found it hard to believe he'd accumulated
that much.
He hadn't—it's a typo. See Dean Baker's "
Millions, Billions, Whatever: It's Hard to Get Good Help." No kidding.
The AP article I linked to above says Madoff's victims lost $13.2 billion, if you can trust that number. Forfeited assets of $171 billion would more than cover all the losses with plenty left over to pay legal fees and penalties, but I don't see any victims celebrating or quitting their post-retirement jobs. Baker says, "Bill Gates and Warren Buffett never had $170 billion."
It's hard to believe the Associated Press would make a mistake like that. It's harder to believe all the other media picked up the story and used that number without noticing it didn't make sense. What's absolutely incredible is it still hasn't been corrected. I just searched Google News for "Madoff" and "$171 billion" and got 1,335 hits. I searched for "Madoff" and $171 million" and got no hits. I did find one—one—
New York Post article from June 15 using $170 million. I didn't get any hits on "Madoff" and "typo," either. I didn't check all the 248 hits for "Madoff" plus "forfeit" plus "correction," but all the ones I did check were about "correctional facility" or "stock market correction."
I guess you really can't believe anything you read or hear in the news any more.
Afterthought: The "bloggers in glass houses" syndrome has struck again; it happens every time I criticize someone else's mistake. I thought I was publishing this earlier today, and instead I published the rough draft of an entry I was going to finish and post later this week. That wasn't enough, though. When this one didn't appear on my blog page or
Nevada Blogs, I tried to publish it again! I apologize to my e-mail subscribers for the duplication. You'll probably receive the same Revolutionary War post for the third time in a few days.