Tag Archives: madoff

Obvious ‘Madoff with the money’ gag

Over at Bystander’s, some sanctimonious caants are talking a load of sanctimonious cant about one of the financial services community’s finer comedians, Bernie Madoff, and why he’s a Very Bad Man Indeed.

They pointed me to this document, which is absolutely superb – the self-pitying ramblings of people who, having grown used to receiving copious quantities of pretend money-for-nothing, now believe their lives are ruined because they have to live off their employee pensions.

My comment there was:

Some people who were super-rich are now rich; some people who were rich are now on the same level as everyone else. And all of them were *utterly, unimaginably stupid* to entrust their money to someone like Madoff. Their whiny sense of entitlement doesn’t exactly contribute to one’s sympathy for them, either. “Oh noes, I’m no longer a gazillionaire, instead I just have to live on my pension like every other bloody pensioner…”

For those who’re wondering ‘what happened to the money’, there never was any – he paid out the $60bn that he received as fake profits to his investors. In other words, he took $60bn from gullible shmucks, and paid it out mostly to the same gullible shmucks. That’s why ‘harmless redistribution’ above – the scheme’s only impact was to reward early investors at the expense of latecomers, like all Ponzi schemes.

…and if I were a US taxpayer, I’d be marching in the streets against the greedy morons getting a penny of my money in compo.

…and I stand by every word. I simply don’t understand tough sentencing for financial crimes, given that money simply doesn’t matter that much, and nearly everyone who loses out in a financial scam thoroughly deserves to do so.