150 Years and Counting…

by

bernie_madoff_newyork

Bernard L. Madoff – the Charles Ponzi of a new generation.

By the sounds of it, Bernie isn’t feeling particularly happy just now, which may have something to do with the 150 years in prison he has to look forward to, not that he’s expected to live more than 10-15 years anyway, since he’s 71 right now.

The Federal Judge called his crimes ‘extraordinarily evil’, and handed out the maximum sentence, which was more than 10 times the sentence proposed by the Defence. His wife has effectively disowned him, claiming she had no idea until he told her, just prior to being arrested. None of his family or friends were in the court, or submitted any documents testifying to his character or good deeds.

Pyramid schemes work by enlisting investors to a seemingly credible business venture, the only way for them to see a return is by recruiting new investors. If anyone wants to withdraw their investment, it is payed out of the existing capital, effectively, the system never ends as there is no exit strategy, well, except for getting caught and sent to jail, where according to the TV show OZ, lots of pretty bad shit happens to you… and everything gets narrated by a dude in a wheelchair.

OzOne_3

This all seems straightforward enough – if a little overly symbolic – dodgy man runs an extremely dodgy pyramid scheme, effs up thousands of people’s lives (including a Noble laureate) and gets done for it.

But is it actually possible that nobody else can be held responsible? Strikes me that Bernie took advantage of an economic climate of competitive deregulation, and pathetically weak regulatory enforcement. I mean, there was a whistle-blower who repeatedly warned the S.E.C that Madoff was perpetrating a massive scam, and yet it took them YEARS to respond.

An estimated 13.2 billion dollars has been scammed since 1995, all masterminded by a former head of NASDAQ.

I’m no financial expert, but i’m pretty sure Madoff deserves to never see freedom again, and i assume there’s more convictions to come.

Christopher Skase eat your heart out.

Let our friends at Sesame Street explain a bit more clearly…

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One Response to “150 Years and Counting…”

  1. Henry Says:

    Quality Post, Sesame Street always knows how to sum it up!
    Now I only hope that scammers downunder get similar sentences when they get caught out….

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