Expatriate Owl

A politically-incorrect perspective that does not necessarily tow the party line, on various matters including but not limited to taxation, academia, government and religion.

Tuesday, December 16, 2008

The Madoff Scandal

There is so much on the Internet about the Bernard Madoff scandal, and the story will likely persist for some time to come. We obviously haven't seen the worst of it yet.
In addition to my agreement with all that it is a big disgrace, and in addition to my joining those who call for Madoff's incarceration and impoverishment, my specific commentary is as follows:

1. If indeed Madoff was running a "Ponzi" type scheme, then, by definition, the later the scheme collapses, the greater the numbers of victims and dollars that are involved. Better it should fall apart now than a month from now.

2. I don't have any money directly invested with Madoff, but the effects on the market cannot help but affect my other investments.

3. A few of the affected investors, institutional and corporate, have evinced arrogant attitudes towards the public in general and/or me personally. Maybe, just maybe, this will inject into them a small quantum of humility.

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