Madoff Investors Denied Fantasy Money

A judge ruled yesterday that if you invested with Bernie Madoff, but withdrew all the money you invested, you didn't actually "lose" money, regardless of the fictional account balance Madoff presented you. Take one guess who disagrees with this.

Yes, it's those very same investors. They say their "losses" should be calculated according to their final account balances, which were totally made up by Bernie Madoff, out of pixie dust, and which promptly disappeared when the fraud was discovered. But the people who invested with Madoff and didn't get their original investment out in time—the ones who lost real money, as opposed to fantasy money—say they should get first crack at any reparations, and a judge agreed.

Is it possible to feel sorry for people and think they're greedy, at the same time? Because that is how we feel about these "I am entitled to my fantasy money" Madoff investors. If this is not possible, we just feel sorry for everyone.
[NYT]