Tuesday, April 12, 2011

Madoff's Mistake

Remember Bernie Madoff? He's the guy who ran a long-running Ponzi scheme that wreaked havoc on thousands of lives. Yes, that guy. Well, in relation to the giant Ponzi scheme on Wall Street, he's small potatoes, so, why is it that he is the only "bankster" doing time?

According to Cenk Uygur (video below), it's because he made the mistake of stealing from the rich. You see, those who directly invested with Madoff had lots and lots of money, which translates to lots and lots of clout. In fact, Madoff's direct investors were covered by Securities Investor Protection Corp (SIPC), which can pay out up to $500,000 to injured parties.  Therefore, not only do Madoff's victims get some of their money back, they get the satisfaction of seeing justice prevail.

Below: Matt Taibbi agrees, and enlightens us as to how the game is played.



Links:

Why Isn't Wall Street in Jail?

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