Madoff a double-bluff insurance con?

Avid · 12-21-2008, 07:28 PM

http://www.sunniforum.com/forum/showthread.php?t=41361
THE MADOFF DOUBLE-BLUFF
by Muhammad Rafeeq (18th-Dec-08)

At first sight it was extremely refreshing. A white-collar financial crook raising his hands and pleading guilty to his financial crime. Th is has to be almost a first. Usually financial criminals when caught in the most obvious of wrong-doing plead 'not guilty'. The criminal can be caught boarding the plane, with a suitcase containing US$100mn of someone elses cash, with his mistress holding on to his arm, he will look into the camera with his most genuine 'Tony Blair look of sincerity' and say "What we have here is a misunderstanding.... " You make up the rest of the excuse, there is a million of them.
More on the link....

peaceandlove · 12-22-2008, 08:15 PM

Please see Ron Paul's comments at post #26 12/22/2008 on the thread:
Ron paul 10/20/2008 "New Era of Slavery"
http://projectavalon.net/forum/showt...?t=5753&page=2

December 22, 2008: Government and Fraud

Billions of dollars were recently lost in the collapse of Bernie Madoff’s self-described Ponzi scheme, in which too-good-to-be-true returns on investments were not really returns at all, but the funds of defrauded new investors. The pyramid scheme collapsed dramatically when too many clients called in their accounts, and not enough new victims could be found to support these withdrawals. Bernie Madoff was running a blatant fraud operation. Fraud is already illegal, and he will be facing criminal consequences, which is as it should be, and should act as an appropriate deterrent to potential future criminals. But it seems every time someone breaks the law, politicians and pundits decide we need more laws, even though lack of laws was not the problem.

The government itself runs a fraud much bigger than Madoff’s. Our Social Security system is the very definition of a Ponzi, or pyramid scheme. If the government truly had an interest in protecting people’s savings, they would allow people to opt out of Social Security altogether. We would cut wasteful spending, such as our overseas empire, to honor current obligations to seniors, and eventually phase the program out. Instead, as with Enron and Sarbanes Oxley, I expect new, unrelated legislation to be proposed that further damages freedom in the name of protecting us, amidst loud proclamations that they have made the world safe.

Remaining article and/or audio: http://www.house.gov/paul

12-21-2008, 07:28 PM	#1
Avid Avalon Senior Member Join Date: Sep 2008 Location: UK Posts: 660	Madoff a double-bluff insurance con? http://www.sunniforum.com/forum/showthread.php?t=41361 THE MADOFF DOUBLE-BLUFF by Muhammad Rafeeq (18th-Dec-08) At first sight it was extremely refreshing. A white-collar financial crook raising his hands and pleading guilty to his financial crime. Th is has to be almost a first. Usually financial criminals when caught in the most obvious of wrong-doing plead 'not guilty'. The criminal can be caught boarding the plane, with a suitcase containing US$100mn of someone elses cash, with his mistress holding on to his arm, he will look into the camera with his most genuine 'Tony Blair look of sincerity' and say "What we have here is a misunderstanding.... " You make up the rest of the excuse, there is a million of them. More on the link....

12-22-2008, 08:15 PM	#2
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Madoff a double-bluff insurance con? Please see Ron Paul's comments at post #26 12/22/2008 on the thread: Ron paul 10/20/2008 "New Era of Slavery" http://projectavalon.net/forum/showt...?t=5753&page=2 December 22, 2008: Government and Fraud Billions of dollars were recently lost in the collapse of Bernie Madoff’s self-described Ponzi scheme, in which too-good-to-be-true returns on investments were not really returns at all, but the funds of defrauded new investors. The pyramid scheme collapsed dramatically when too many clients called in their accounts, and not enough new victims could be found to support these withdrawals. Bernie Madoff was running a blatant fraud operation. Fraud is already illegal, and he will be facing criminal consequences, which is as it should be, and should act as an appropriate deterrent to potential future criminals. But it seems every time someone breaks the law, politicians and pundits decide we need more laws, even though lack of laws was not the problem. The government itself runs a fraud much bigger than Madoff’s. Our Social Security system is the very definition of a Ponzi, or pyramid scheme. If the government truly had an interest in protecting people’s savings, they would allow people to opt out of Social Security altogether. We would cut wasteful spending, such as our overseas empire, to honor current obligations to seniors, and eventually phase the program out. Instead, as with Enron and Sarbanes Oxley, I expect new, unrelated legislation to be proposed that further damages freedom in the name of protecting us, amidst loud proclamations that they have made the world safe. Remaining article and/or audio: http://www.house.gov/paul Last edited by peaceandlove; 12-22-2008 at 08:41 PM.