THINKING ABOUT PONZI's

Bernie Madoff is about to be sentenced. The government is asking for 150 years. His victims are screaming that 150 is not enough.

Jail may be too good for this guy, but I have been thinking about something else.

The media is saturated with stories of hard working Madoff victims who will suffer immeasurably as a result of having their retirement assets virtually wiped out. These people may have been naive, oblivious or unsophisticated for putting their entire nest egg with Madoff. But many if not most of them were hard working people who planned a safe retirement. It is abundantly clear that our government received adequate warning and let them down. Probably the greatest regulatory failure of all time.

Why is it that these people are forced to suffer billions of losses while the Wall Street conmen that nearly wiped out the global financial markets have been bailed out by Uncle Sam? Hundreds of trillions (or is it gazillions?) have been spent to save the banks and their billions of bonus loot, but nary a nickel has been set aside to cover the apparent 50 billion loss suffered by Madoff's victims.

Bailout economics as distasteful as they are, you have to ask yourself, is justice served when gazillions are set aside to bail the financial service swindlers that created the great American Subprime disaster while those naive but hard working Americans who have been wiped out by the Ponzi king are left to fend for themselves?

Finally, why is it that not a single employee of the Securities Exchange Commission has been called to the carpet and fired for letting Madoff fly under the radar despite an explicit whistle blowing expose by Mr. Markopolis?

(The views expressed here are those of the author and not necessarily those of the WilliamBanzai7 Blog)

P.O.N.Z.I. SCAMIN in the U.S.A.
(R.O.C.K. in the USA, John Mellencamp)
WilliamBanzai7

Sing along link: http://www.youtube.com/watch?v=MzYkjvq-iLE

They came to the big City
To become scamster Wall Street clowns
Market zealots, MBAs, Quants, Hucksters and Cons
Smokin securitized crack boom bam

Chorus:
PONZI SCAMIN in the U.S.A.
PONZIN SCAMIN its the Wall Street way
PONZI SCAMIN in the U.S.A., yeah, yeah!
SCAMIN' in the U.S.A.

Said goodbye to business ethics
Said goodbye to good business sense
With dreams of bonus treasure in their heads
And lots of leverage and OPM in their hands
Some are black most are white
Ain't to proud to sleep on the NYSE floor tonight
With the blind faith in Croesus you know that they just might, be
SCAMIN' in the U.S.A.
Hey!

Voices from Friedman, Greenspan
And the rest of those Chicago School clowns
Filled their heads full of dreams of limitless greed
Turned the world of finance upside down

There was DICKIE FULD--JIMMY CAYNE--JOHNNY THAIN
(they were SCAMIN')
CITIGROUP--AIG--BAC
(they were SCAMIN')
Spotlight on MADOFF
Let's don't forget CHUCKIE PRINCE, STAN O NEAL and PANDIT THE CLOWN
SCAMIN' in the U.S.A.
SCAMIN' in the U.S.A.
Hey!

Chorus:
PONZI SCAMIN' in the U.S.A.
PONZI SCAMIN' its the Wall Street way
PONZI SCAMIN' in the U.S.A. yeah, yeah!
SCAMIN' in the U.S.A.