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> clients entrusted him with more than $19 billion in principal > Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?
Yes. It is very hard to spend $19 billion.
Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Here's the one lesson I really want us to all learn from this: the only thing the rich fear is prison because prison robs them of time. Fines are just the cost of doing business. There are many other scandals: the whole subprime disaster, pollution from plants and the like where no one went to prison and people really should've.
That is why Madoff ended his life in jail while banks/funds CEO in the 2008 are now richer than ever stealing money from the poors and taking 0 accountability for the subprime crisis that destroyed a whole decade. In my book he was better than any of those bankers. He shown to the world that some people are smarter than the banks and that they will be severely punished if they do not abide by the laws that helps those banks to win.
Earlier quoted context omitted.
Hopefully, but to be blunt, if that model of punition actually worked, then the homicide rate would have been lower back when gibbeting was still a thing.
Financial criminals and murderers are not comparable. Prison is like a death sentence to a rich person.
Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Here's the one lesson I really want us to all learn from this: the only thing the rich fear is prison because prison robs them of time. Fines are just the cost of doing business. There are many other scandals: the whole subprime disaster, pollution from plants and the like where no one went to prison and people really should've.
that is not the number one learning and I think you are wrong. The real powerful and rich do not fear jail. They fear people like madoff that targets them. That is why Madoff ended his life in jail while banks/funds CEO in the 2008 are now richer than ever stealing money from the poors and taking 0 accountability for the subprime crisis that destroyed a whole decade. In my book he was better than any of those bankers…
EDIT: Yes, non-profits and pension funds as well. That's not taking from the rich. Madoff was not Robin Hood.
Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Bitcoin is not, in any way, a Ponzi scheme. It may be the subject of a bubble, it may be subject to market manipulation, it may still play a part in any number of scams or frauds beyond the ones that have already been identified, some of which themselves may be Ponzi schemes. But, even if, for the sake of argment, all of those and more were true, Bitcoin itself would still not be a Ponzi scheme. It is and would still…
Earlier quoted context omitted.
that is not the number one learning and I think you are wrong. The real powerful and rich do not fear jail. They fear people like madoff that targets them. That is why Madoff ended his life in jail while banks/funds CEO in the 2008 are now richer than ever stealing money from the poors and taking 0 accountability for the subprime crisis that destroyed a whole decade. In my book he was better than any of those bankers…
Oh, please. Madoff ruined plenty of "normal" people's life savings. Say what you will about other bankers, but please don't try to elevate someone who destroyed the life savings of others. EDIT: Yes, non-profits and pension funds as well. That's not taking from the rich. Madoff was not Robin Hood.
Here's the one lesson I really want us to all learn from this: the only thing the rich fear is prison because prison robs them of time. Fines are just the cost of doing business. There are many other scandals: the whole subprime disaster, pollution from plants and the like where no one went to prison and people really should've.
Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Why is Bitcoin different than gold though? Is gold also a Ponzi scheme?