They need to rescue GM and Ford because they are too big to fail. Market cap of GM = $2.5 B and Ford = $7.6B. The Madoff losses are 5 times larger than the marketcap of Ford and GM combined. Time for Paulson and Bernanke to crank up the printing press again.
It's a valid point in an invalid world. Now, the taxpayers step up again with SIPC. So, I wouldn't doubt it. He screwed a US Senator. Probably get an amendment to the Constitution.
SIPC insurance only covers funds held at broker/dealers, which would be securities and cash held at Madoff Securities, LLC., ( up to $500k/$100k cash ) but NOT Madoff's investment advisory service. Guess where the $17 billion was at???
It's time to make an example of these Wall Street criminals! Enough is enough. Financial fraud should be treated no differently to robbery and theft. I want to see some hangings god dammit! Time to round them up including that useless SOB Cox at the SEC. The mafia run a better operation than the SEC. I'm pissed.The economy is going into a shit hole because of these pricks. Damn Mozila and his criminal underlings.
I think the consequences of a failed manufacturing base in the U.S., e.g., where we are no longer producing our own autos, have a more longer term impact than the Madoff catastrophe. I have also heard that they are revising the figure down to $20 billion. But of course CNBC, which reported this $20 billion, is still using the $50 billion, because, to paraphrase a great quote from a great cowboy movie: "When the myth becomes fact, print the myth".
There will be a trial, maybe he's found guilty, there will be an appeal, the appeal process will take years, public indignation will go from a boil to a simmer to tepid indifference, he'll get off or get a relative wrist slap. Not what I advocate but does that senario sound familiar? Oh, there will be movie that will be the public consumption justice system whitewashing to cleanse any leftover disenchantment with ...our way of life.
He'll go to jail. He stole from the rich. That is a no-no. Stealing from the poor, middle class, the worker is O.K, since all the rich do that. That is how they get rich.