Political Discussions
Was it all Madoff's faults or his clients should share some of the blame?
Posted by AlexGreat • 6/30/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: blame, bulgarian, clients, fault, mad, madoff, wise
The man's not mad who eats two pies but mad's the one who gives them to the man.
== Bulgarian proverb
User Comments
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That is a bit like blaming the rape victim, don't you think? If you are implying that investing is somehow immoral in itself, then I guess you could make that argument. I didn't invest with Madoff, so I'm not personally angry with him. However, I am pretty pissed off at the criminals in the Kremlin on the Potomac that set into motion the largest tax increase in American history with Wasman-Markey on Friday. Congress has and will continue to create more victims than Madoff could on his best day.
edgycater.blogspot.com -
It doesn't make any sense to blame the victims. The SEC should have been all over Madoff a long time ago. There were plenty of warning signs and alerts, but nothing was done. Just like with the economy. -
Dual edged sword.
Give me your money. I'll invest it and you will get a better return with me than anywhere else.. I Promise.
No, you can not know what i do,
No you can have no insight in how i do it.
No you cannot ask any questions.
You just have to trust me.
There was some serious greed that got the investors involved in this they wanted the highest level of return, which is ALWAYS connected to the higest level of risk.
They aren't GUILTY of anything except being Greedy and stupid enough to hand over wads of cash to someone without having any insight, knowledge, or control over it.
Add to that the fact that the SEC had reports and did nothing, that is in essence a vote of confidence in MAdoff FROM The SEC, which if anything makes them partially to blame.
Since the SEC screwed up, the fact that the IRS is keeping tax money paid on non-existend earnings that the SEC should have uncovered a long time ago is about as criminal as you can get. If they say that Madoff's estate should be paying back, then why aren't they? -
Stupidity is not illegal
Nor is greed.
Taking advantage of stupidity and greed is, however.-
There were some pretty bright people who were ripped off by Madoff such as Steven Spielberg, Mort Zuckerman, Elie Wiesel, not to mention all the organisations who trusted him.
Here's a list:
www.businessinsider.com/2008/12/bernie-madoff-hosed-client-list -
People handing over their money to someone that they
A- don't know what or how he does it.
and
B- Accepts having no insight into how their life savings is handled..
Just because they can make an extra couple of percent.... Aren't that bright. At least not with finances.
No It's not illegal to be stupid, but if you leave your purse sitting on the sidewalk, you can pretty much expect it to be gone when you get back... So stupid/greedy people have themselves to blame in much of this. -
On a personal level, yes. A very small portion of the blame lies on those who should have known better - and no blame should lie on those who truly got conned.
On a legal level (which is what I thought we were discussing) absolutely not. Maddof is 100% in the wrong. -
The SEC is supposed to protect against things like that and they failed miserably even though they had plenty of warnings.
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Gullibility isn't illegal. Pyramid schemes are.
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Unfortunately stupidity is not illegal, but it's painful. It's painful for the bearer and those affected by it.
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check what Alec Baldwin thinks about it:
www.huffingtonpost.com/alec-baldwin/150-years-for-madoff_b_223505.html-
I don't care an ounce about what some apoplectic movie star thinks of it. Madoff is to blame for the crime...though there may be others, and some may be suffering for their greed, but most are suffering because of a crime was perpetrated against them.
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