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Thursday, March 17, 2011

We Are All Ponzi Scheme Victims - So Why Didn't Madoff's High School Scam Scare The F**K Out of Us Yet?!


I was just reminded last night how friggin greedy those bankers and investment idiots on Wall Street can be, and what little has been done by the current administration to stop us from landing straight down in the gutter once again.  After watching the documentary movie Inside Job again, it really hit me how all of this reform talk from the President during his campaign was just a smoke screen to get him elected.  Not one of those bastards who took this country down an extremely ugly path of financial destruction has been mentioned in any federal indictments so that they can pay for their painful wrongdoings.

Haven't we learned that ponzi schemes in this country are god**mn illegal already?  What Bernie Madoff did was unspeakable, bilking $50 billion from people of all walks of life, and it is especially sad for those who lost their life savings and retirement money.  But Madoff had his day in court and paid dearly for it, to the tune of 151 years in prison, and will never see the light of day again in his lifetime.  He even lost his son to suicide after all of the ugly truth came out.  So judgement was definitely served in his case.

But what about the TRILLIONS OF DOLLARS that were lost due to the CDO / Credit Swap scam of the century that the investment banks, money management firms, insurance companies, and ratings agencies were pitching to us for the last decade.  Has there been any sort of accountability that has occurred or is going to happen?  It seems as though Goldman Sachs, JP Morgan, BofA, Citigroup, et al. are untouchable business pariahs and will never be put in a position where any of their senior leadership serves jail time or are forced to pay back the enormous amount of money lost in their corporate greed.

To make things even worse, is the fact that those same companies who unsettled the financial markets world wide are now paying their employees BILLIONS in annual bonuses like nothing ever happened.  Unlike what Gordon Gekko thinks, we should stop the Greed from being Good, and cut the High School money obsession.  Maybe then our grandsons and granddaughters will have a little bit of money to spend in the future when they cash out our 401K's!

11 comments:

that's cuz most Americans like the easy life but not have to work hard to get it. it's the so called "American Dream"

So true the get rich quick mentality is killing this country especially when there is no accountability at the highest levels

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