Madoff and crew is the mafia. another bigger organization(cia, fbi, nsa) other small time street hustlers a shut down madoff's operation.
Even if the individual union retirees are left alone, if the Union's Pension Fund is subject to "Clawbacks", that could threaten the very existence of the Pension Fund, leaving retirees busted, and future retirees bereft of any retirement fund at all.
It seems to me that this clawback stuff is what is really gonna screw the pooch. Once people fully understand what it means there is gonna be a major hit in investor confidence in the stock market as a viable way of saving for retirement IMHO.
His big risk is his family. I know someone aware of a situation. Madoffs grandchildren are in school with classmates whose families have lost money on his scheme. It has not been hugs and kisses. I also doubt that some of the South American and possible eastern European folks who lost money because of him will forget this. If I was his family I would be changing my name and moving to a really out of the way place now if I had not already.
Good point. Most of the public won't really "get it", they'll just come away thinking that if you invest in ANYTHING you might 1. Lose it all 2. Have to give back what you lost
Sleeze bag, or is it sleaze bag? The concept of social security is by far a much BIGGER ponzi scheme. Both dollar magnitude and numbers. Impacts far more people, who incidently, have NO choice in being a participant (both entering the game or witdrawing from it). And that's in nominal terms. Now, asjust it for inflation and stir. Or is it rinse and repeat? Better yet, let's change the game and raise the age of majority to 68 and/or indicate inflation is benign to keep the COLA from kicking in. In fact you're a participant. So am I.
Interesting Mr. Pain I read somewhere recently that his safest place right now is prison. That gels with what you are suggesting. Indeed many of his investors were Latin Americans with undeclared assets and income and they are not coming forth with the fact that they lost money because it was undeclared. Yes I think these people have an alternative view on how to render justice than the nicety of the US judicial system. On a separate point. He is allowed to continue house arrest after attempting to transfer millions of dollars of valuables such as jewellery and heirlooms which is in violation of his bail order? The system favors crooks - cheat and I've got 90% chance of winning and 10% chance of getting caught and punished. Great risk-reward. A trader would love those numbers
Asjust or adjust? Social security exists to help lower income people, however the entire system is corrupt and taken advantage of.
His famliy is at real risk as they are not under arrest, or at least yet. There is no excuse for him not being in prison. I liked the other poster who suggested water boarding to get him to give up the location of the stolen money.