Feds Move to Take Madoff’s Houses, Silverware

Oh, happy Monday. There seems to be a small amount of retribution for the likes of Ponzi schemer Bernie Madoff and A.I.G.

Happy headline #1: Government Seeks to Take Bernie and Ruth Madoff’s Houses, Assets.

It might be a drop in the bucket compared to the $50 billion that Bernie Madoff bilked from investors, but it’s satisfying nonetheless. The Feds are moving to seize the Madoff’s possessions, including their beachfront home in the Hamptons at 216 Old Montauk Highway, Montauk, NY (above) and the one at 410 N Lake Way, Palm Beach, FL (below). Hmm, neither house is as ostentatious as one would imagine for a guy who allegedly pocketed all those billions. Maybe it’s all in the silverware? BTW, the silver is located at the missus’ address at 113 E 64th St, New York, NY. Here’s the official doc, listing the assets the government is trying to seize:
Notice Seeking Forfeiture of Madoff Property

(Photo of Ruth and Bernie Madoff courtesy ABC News)

Happy headline #2: Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses

This insurance giant received $170 billion in bailout money, and then passed a good chunk of it on to “counterparties.” To top that off, it was also revealed A.I.G. would hand out $165 million in bonuses to its execs. Thankfully, the Obama administration is trying to put a halt to the bonuses. Not sure if they can, but they’re trying. According to the NY Times article:

A.I.G. executives say that they are contractually obligated to pay the bonuses to their executives, including those who are part of the A.I.G. division where the company’s crisis originated.