The news this morning is that Bernie Madoff is talking about the $65 billion dollar ponzi he ran. If you go back and read what I wrote on January 11, 2009, when the news first broke about Madoff and how much money that at the time they figured to be lost, I said, it takes more than one pair of hands to do this. Now Madoff is talking a little, we can see that a $65 billion dollar ponzi scheme takes several pairs of hands. It will be interesting to see just how powerful those at the top are, and whether their power can save them from the law and ultimate justice. My personally opinion is that a few smaller fish may get prosecuted, but the big big fish will swim free. The big big fish build fire walls around themselves so that no blood or shit gets on them.
Stay tuned.
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3 comments:
Of course they knew - but given that they were, themselves, invested in the scheme, why would they not just keep their mouths shut and collect the money?
In the old days, the banks gave away a lot of services and made their money on the spread between what they paid to borrow money and what they charged people that they loaned it to. Fee business became a bigger piece of the equation and it is more stable. Banks like JP Morgan Chase make big bucks from their fee business and the Madoff money made the banks some nice fees.
Oh I so agree. Maybe the fact that his son committed suicide and he couldn't do anything about it is getting to him. I doubt he has a remorse however.
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