Another Sordid Tale From Wall Street

For the American people, this week in U.S. politics has been most instructive when it comes to greed, power and ideology. The caustic situation of Illinois Governor Rod Blagojevich aside, there were other events that provided an eye-opening glimpse of corruption and hubris.

In the flurry of reportage this week, did anyone miss the story of Bernard Madoff? Reported to authorites by his own sons via their lawyer, Mr. Madoff–once a Nasdaq chief–pulled a fast one and defrauded his victims out of at least $50 billion.

You know the tip of iceberg of that entire investigation? When asked by those in law enforcement about his wrongdoing, Mr. Madoff answered, “There is no innocent explanation.”

That should be the retort to end all answers.

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2 Responses to “Another Sordid Tale From Wall Street”

  1. talesinthesun Says:

    It is amazing the number is 50 BILLION.
    CNBC had an interesting take on this today. All the people paying taxes on their”profits” over the years. What happens with that money? Do they adjust their returns and get huge refunds now for overpayment?
    Again 50 BILLION….. Amazing

  2. Ceci Says:

    talesinthesun Says:

    It is amazing the number is 50 BILLION.

    If that doesn’t signify the epitome of greed during this era, nothing will. When I read about this in the papers earlier today, I was quite astounded that Mr. Madoff had taken that much money from his investors. I mean, that’s the type of money that could be used to run a small country.

    CNBC had an interesting take on this today. All the people paying taxes on their”profits” over the years. What happens with that money? Do they adjust their returns and get huge refunds now for overpayment?

    To be honest, who truly knows? When people get into the range of making millions (if not billions) of dollars, what happens to one’s finances are rather nebulous with all the alliances and the breaks that are given.

    All I know is that the über-wealthy are treated with kid gloves while the middle class and the poor have to stretch every dollar they earn. What is worse, is that the less than one percent of the super rich keep more of their money than the rest of us. It is obvious that they aren’t the ones who are being hurt by the economy. Like the wealthy during the Great Depression, the rich of today will survive their circumstances hands down and possibly make more cash out of it.

    So, when people in that price range get tax breaks rather than middle-to-lower income people, it almost seems like a crime. It is even worse, when one of über-wealthy is caught stealing money when they are already well-to-do beyond their means. To me, that is the straw breaking the camel’s back. 😦

    Again, thank you for your comments. Keep them coming. 🙂

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