i wondered about this, too. the new york times and cnn are using the $170B figure, too:

http://www.nytimes.com/2009/06/27/business/27madoff.html?hpw

http://money.cnn.com/2009/06/26/news/economy/madoff_sentence/index.htm?cnn=yes

A billion is the new million.

They actually used Madoff's accounting techniques to arrive at $170B.

The friendly Philadelphia city have hold whole day farewell event for Machel Jordan .
At firstly introduction player , the 76ers was expecially invited commentator at the secene airikbulls ,the man voice is be stuff of passion and inflammatory , "from the North Carolina-foot 6-inch -6 No. -23 - Michael - Michael Jordan!!!"

It is apparently hard to get good help. Five minutes with google identified the actual forfeiture order for Madoff. Note carefully paragraph 1 of the order (on page 6): "... MADOFF is liable for a personal money judgment in the amount of $170,000,000,000 ..."

www.usdoj.gov/usao/nys/madoff/20090626preliminaryorderofforfeitureecf.pdf

The report's own breakdown doesn't seem to add up to 170 billion. From the report cited in the comment above:

"As a result of the entry of the two orders today, the
Government has stripped BERNARD MADOFF and RUTH MADOFF of all their interests in property belonging to them, including, for
example:
• an account at Cohmad Securities Corp. valued at
approximately $46.67 million;
• an account at Wachovia Bank, N.A. valued at
approximately $13.3 million;
• a cooperative apartment located at 133 East 64th
Street, New York, New York, valued at
approximately $7.5 million (the "New York Co-op");
• property located at 216 Old Montauk Highway,
Montauk, New York, valued at approximately $7
million (the "Montauk Property");
• property located at 410 North Lake Way, Palm
Beach, Florida, valued at approximately $7.45
million (the "Palm Beach Property");
• approximately $1.48 million on deposit in the
United States Marshals Service Seized Asset Fund
representing the net proceeds of the sale of the
MADOFF's home at Chateau des Pins Villa 2, 279
Chemin de la Garoupe, Cap d’Antibes, France;
• all insured or salable personal property contained
in the above-listed properties including, but not
limited to: furniture, artwork, electronics and
appliances, jewelry, and apparel; and
• tens of millions of dollars of loans extended by
BERNARD MADOFF and RUTH MADOFF to family,
employees and friends."

From AP on Friday:

According to earlier court documents, prosecutors reserved the right to pursue more than $170 billion in criminal forfeiture. That represents the total amount of money that could be connected to the fraud, not the amount stolen or lost.

It appears that, as nw suggests, the figure of $170 billion ($171 billion in some AP articles) is correct, in that it represents the amount government prosecutors allege investors contributed to Madoff accounts over the lifetime of the fraud. Of course, Madoff's personal forfeiture is much, much less--in the millons, not billions.

Madoff got his punishment today (150 years in prison) for all the bad he did to many investors.

Unfortunately, it was billions in his case that he skimmed from people.

He well deserves it.

Michael
http://invetrics.com

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