Monday, December 15, 2008

Re: Bernard Madoff's Ponzi Scheme, or, Madoff Vs. Blagojevich

I suppose what Bernard Madoff did was a bad thing- I'm not smart enough to follow this too closely, and the only "screwing" is metaphorical so my eyes kind of glaze over when I read stories like this- but the following line from this story caught my eye:

"There is no innocent explanation," Madoff said, according to the criminal complaint. He told the agents that it was all his fault, and that he "paid investors with money that wasn't there," according to the complaint.

"Paid investors with money that wasn't there." How similar is that to the government's "bailouts"? Who's going to jail for those "schemes"?

Moreover, compare the reactions of Madoff ("there is no innocent explanation") to those of Rod Blagojevich ("I don't care whether you tape me privately or publicly. I can tell you that whatever I say is always lawful."). Both are assholes, but which one is the bigger asshole?

I don't know the answer- I'm really asking! I don't know!

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