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Originally posted by keeb333
Here's the problem I have with the whole Madoff scam:
When Bernie Madoff takes money from later investors to pay off earlier ones, it's called a "Ponzi Scheme" and is illegal.
When the US Government does it, it's called "Social Security".
I fail to see the distinction. Can someone please enlighten me, or should the people in charge of SS also be going to jail for the same reasons?
Originally posted by Arbitrageur
Originally posted by keeb333
Here's the problem I have with the whole Madoff scam:
When Bernie Madoff takes money from later investors to pay off earlier ones, it's called a "Ponzi Scheme" and is illegal.
When the US Government does it, it's called "Social Security".
I fail to see the distinction. Can someone please enlighten me, or should the people in charge of SS also be going to jail for the same reasons?
You're right, it's the same kind of Ponzi scheme. The only difference is, when Madoff ran out of money, he's not allowed to print any to pay people off, the government is.
Glad to see he got 150 years, the punishment fits the crime, if he ever serves it, that is.
The length of Madoff's sentence, which is based on the sweeping magnitude of his crimes, gives him an incentive to escape and virtually ensures that he'll be sent to a prison instead of a minimum-security camp, according to prison consultants.
Originally posted by BlackOps719
I am anxious to see if Madoff suddenly has a heart attack or a stroke in the dead of night and abruptly "dies"....like Kenneth Lay and Roland Arnoll and other billionaire criminals who were facing lengthy prison sentences.
Funny how they always seem to do that