Bernie Madoff has died

Post by sushisource » Wed, Apr 14, 2021, 5:21 PM UTC

backtoyoujim wrote: post #189

cletus wrote: post #30

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.

I disagree. -- “Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” Fishman said. “At one point, he cornered the hot chocolate market. He bought up every package of Swiss Miss from the commissary and sold it for a profit in the prison yard. He monopolized hot chocolate! He made it so that, if you wanted any, you had to…

Post by jasonwatkinspdx » Wed, Apr 14, 2021, 5:23 PM UTC

cletus wrote: post #81

nemacol wrote: post #59

Earlier quoted context omitted.

Do you think that a system of public service / community service requirements instead of fines would be better for common offenses? Without any real research I have often thought that instead of fines for parking violations, noise complaints, (other misdemeanors) etc - having someone spend time instead of money would make those sorts of punishments more equitable. There are issues - child care if a parent has to spen…

The criminal justice system already does this extensively. Often people are sentenced to community service. So I guess your question is really should this be extended to more low-level offenses like minor traffic violations? It's an interesting question. In Switzerland, for example, speeding above a certain level ceases to be a fixed fine and is instead a percentage of your income. I'm a fan of that. Fixed fines tend…

Post by graeme » Wed, Apr 14, 2021, 5:26 PM UTC

shawnz wrote: post #267

graeme wrote: post #265

Earlier quoted context omitted.

If the technology in fact has no such potential I fail to see the distinction. Particularly when the actual mechanism of raising value for early investors is convincing more to come in based on that narrative, but old investors can only cash out from new ones.

The distinction is that any investor can form their own opinion about the technology equally well. We don't, and can't dictate to investors what technologies they ought to consider worth investing in. The mechanism you are describing is the mechanism by which every speculative investment works. That's not what identifies a Ponzi scheme. In fact it specifically can't be a Ponzi scheme if the old investors are aware th…

Post by lostcolony » Wed, Apr 14, 2021, 5:30 PM UTC

sushisource wrote: post #281

backtoyoujim wrote: post #189

Earlier quoted context omitted.

I disagree. -- “Bernie really was a successful businessman with quite original insights into the market, and he’s continued applying his business instincts in prison,” Fishman said. “At one point, he cornered the hot chocolate market. He bought up every package of Swiss Miss from the commissary and sold it for a profit in the prison yard. He monopolized hot chocolate! He made it so that, if you wanted any, you had to…

Assuming that's actually true, what an amazing picture it paints of him just being a complete fucking dick. It's not like the money he was making from that mattered at all... he did it just for shits and giggles. What an unbelievable asshole.

Post by monocasa » Wed, Apr 14, 2021, 5:32 PM UTC

iudqnolq wrote: post #286

monocasa wrote: post #282

Earlier quoted context omitted.

The whole point I'm making here is that you can sue an entity without personhood.

That's right. I just pointed out the one of the pieces of evidence you used is slightly wrong. Suing the government is a very special case.