The punishment he gets is not what we should be taking away from all of this. What we should be taking away from all of this are two things. One, do due diligence. Two, if it sounds too good to be true, it probably is. You always have to ask "How do they make their money". If you can't answer it, or the answer makes no sense then you shouldn't do it.
While true, I admit to having a vast interest in his punishment.
I'd love to see the 150 years the prosecutors want.
He said flat out he never invested a dime of it, just threw it in a bank acccount, sent out enough to cover the first few investors and then sucked down the rest.
He's an American hero, ffs. This is what all Americans aspire to, it seems. Money for nothing and your chix for free, eh.
They just fined him $171 billion dollars but of course the appeals will set in. Monday he will be sentenced regarding possible jail time.
I want the 150 jail time but I suspect the probation. We'll see.
On the whole audit thing, are you paying attention to what Bernanke said? He said that if Ron Paul's H.R. 1207 bill passed Congress and allowed an audit of the Fed, he would make sure the American economy suffers. Not in those exact words, but close enough.
Including the link so you can listen to. Let me know what you think.
http://www.infowars.com/bernanke-congre … -collapse/
Bernanke fearmongers that Fed audit would be ‘takeover’ by Congress, trigger economic collapse
The comments underneath are fascinating. I read a bunch of them last night.
That son of a bitch. I hope it does pass. In my opinion the only decent politician is Ron Paul. He's been warning us about this deficit spending since 2001. I can't wait till it passes and people really see what those bastards have been up to. We'll have an old fashioned tar, feathering and run them out of the country on a rail.
I don't think it will pass but yeah, I hope it does too and I admit to a liking for Ron Paul on many of his beliefs, not all, but many.
He at least understands the economy and while I think he has honest intent, I think in some areas he is just wrong. He was for bailouts for homeowners who were upside down, for one. I am anti bailout all directions. We shouldn't reward stupidity. Read the damn contract next time.
Yeah, I hear you about the bailouts. I'm kinda surprised he'd support them, it's quite unlike his usual fiscally conservative stand unless he feels that the Fed holding down interest rates misled people into buying homes. Which admittedly the Fed did do. But you're right, we shouldn't reward stupidity or ignorance. If we do, we only encourage more of that kind of behavior.
He used that as an excuse, that the lenders were predatory, but anyone in their right mind knows that if you make 10k a year as a Walmart greeter you can't afford a 500k McMansion. Is america illiterate? The mortgage amounts of the ARMS are explained, the jump is in print. I don't want to reward people who would knowingly purchase a house they can't afford. If everyone had exercised common sense, the speculators wouldn't have gotten a hold in the market and doubled the price of houses in the first place.
We Austrian economists like to call that sort of thing moral hazard. It's what happens when you use other people's money instead of your own. Even businesspeople can succumb to it. You just don't treat other people's money the same as your own. Well that and the craziness about housing prices never going down. The went down during the Great Depression and now look, we're in another depression and housing prices are falling. People are so gullible sometimes. That's why due diligence is so important and why I don't feel sorry for Madoff's victims.
In agreement both counts, housing and about Madoff's victims.
I have a link I can dig up if you need it, but I can sum it up. Madoff told his victims that they were not allowed to ask any questions about what he did with their money. It was a take it or leave it proposition in which they agreed that he could have it based on they get x return on it, no questions asked. Pretty shady. I have zero sympathy.
They are allowing for victim's statements on Monday, also, before the sentencing.
Ponzi schemes are an absolute nightmare to unravel. The main reason being that the people who got on board first invested and got their payout, but they didn't know it was a scam. The poor schmucks at the tail end were the ones who lost their ass. How do you even begin to judge what's fair and what isn't? Especially when you consider that his first investors have used the money they cashed out to fund other investments. It's going to be a bloodbath.
several months ago there was some question on whether those first few who got paid out would be legally obligated to return it. on that, I think no.
I don't know whatever happened with that, so possibly it got dropped. or maybe they are waiting for the outcome of the madoff trial.
the charge they were going to use to get this money back was collusion and conspiracy.
I would love to see him (and his wife) have to get real jobs with minimum wage incomes, make them live in subsidized housing and give them a 1974 Ford (with no A/C and an AM only radio) to drive. But I guess that would be considered "cruel and unusual punishment."
I would say cleaning sewers and cleaning up after elephants with a up close and personal feeding experience with crocodiles would be a good start.
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