Frontline Presents » The Madoff Affair

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Frontline is airing a special tomorrow (9PM, May 12th) titled » The Madoff Affair. Should be an eye-opener.

A statement Madoff made in court following his arrest caught my attention cuz it reflected my impressions of the Wall Street culture .. (after I watched » Inside the Meltdown) .. that it seems like everything on Wall Street is about turning a profit .. at any cost .. regardless of the suffering & misery their actions might bring to countless Americans. And that enough is never enough.

Bernie MadoffHow can $50 billion not be enough? That's billion with a 'B' .. as in » $50,000,000,000.00 .. enough to turn 50,000 paupers into millionaires .. 25,000 hobos into multi-millionaires. Feed the hungry (steak & lobster for a lifetime).

Madoff's comments confirmed my impressions .. (nearly word-for-word) .. tho this mindset is difficult to understand, cuz life is short and (very obviously) no one gets out of here alive.

And I dare say he's not the only one. Madoff is merely the poster boy for Wall Street greed.

What kind of dysfunction drives such a culture? Hard to believe that greed alone is responsible .. and there are not more serious psychological defects at play.

••• today's entry continues here below •••

On a tangential note, I know of no one who is not offended that our government rewarded this dysfunction (which brought our economy to its knees) by sending Wall Street truckloads of our (taxpayer) money.

The reason folks are offended is not because this is merely wrong .. but rather because it's downright immoral.

That's what happens when the guy holding the keys to our Treasury is in bed with Wall Street. Any company that is too big to fail .. is too big.

As part of his sentence, they ought to have Madoff teach a class to all SEC employees .. about how to identify these problems .. cuz he obviously outsmarted the government regulators assigned to audit him (numerous times).

The real story of the Madoff Affair is not how Bernie made off with billon$ in the largest stock fraud in history. It's about the failure of incompetent US regulators to catch him .. even after numerous people called ther SEC and told them, "This guy is running a ponzi scheme."

But biggest crock of all however is that Madoff's SON's knew nothing of the scam. Puh-leeaze! Are the authoriies gonna get snowed AGAIN, by the same guy? I hope they're getting a handsome payoff for not going after his kids. 

If you miss the broadcast, you can catch the feature online.

For more along these lines here's a Google search preconfigured for the query » bernie madoff wall street ponzi scheme

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This page contains a single entry by Rad published on May 11, 2009 6:47 PM.

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