Recently, the Mainstream Media reported on the suicide of Bernie Madoff's son. During the reporting cycle, all the old charges against Madoff, the Ponzi King, were repeated over and over ad nauseum. Most of the writers expressed glee over Bernies's 150 year sentence and praised the U.S. Judicial System which put him away for all time. Not one "reporter" even touched on the greed of those who invested in Madoff's ponzi scheme; not one reporter mentioned that time-honored and always correct adage--"..If it looks to good to be true--then it most probably isn't."
Madoff's investors never questioned the fact that they were getting about a 15% return on their investment when every other financial vehicle from bank cd's to money market interest rates to treasury bonds to corporate bonds were providing interest rates in the 1% to 4% range. What about all those "Certified Financial Planners" who advised their clients to invest in Madoff? What were they thinking of? Maybe that's why the financial engines of the U.S. are mostly broken and why we are nearing the financial abyss that is making our Chinese investors so skittish.
From my point of view, Madoff was a crook. A very smart, sly, oily crook; but a crook, nevertheless. But 150 years?
Dis he steal from the poor? Did he fleece old people out of their retirement savings? Did he break open piggy banks and stuff the pennies, nickels and dimes they contained into his underground vaults? No!! By all accounts he fleeced the very greedy, the very rich--the Ivy League alumni who never earned a dime by their own hard work and sweat. You don't agree?? Okay! Take a long look in a mirror and repeat after me--"I just read a blurb about a 2011 investment which is "guaranteed" to generate a minimum 15% return at a very low risk level. Would it be a good idea to take a lot of money from my money market account, currently earning about 1%, but which is my back-up should I lose my job, and invest it in this new financial vehicle?" If your response is yes, you probably should be sitting in the cell next to Madoff.. If your answer is no, then you might just agree that Madoff's investors--those who shared his 15% dream, should also share his 150 year sentence.
Compare the above with what happened in Vermont not too long ago. A man was convicted of sexually abusing a now 9 year old girl over a period of about 3 years. The "Judge" sentenced him to time served and probation. His reasoning? The convicted felon was very small in physical stature--about 5" 3" and 125 lbs, and the "Judge" feared that he might not be able to defend himself from the other inmates if he were to be imprisoned.
How do you feel about the U.S. Judicial System now?
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