Are we now a ponzi scheme nation?

[FelixDeCat]

First Madoff, then Stamford, whos next? Who actually thinks they can get away with this? One day you'll get caught and wind up in Club Fed as a gardener....but is it worth it?

Are we now a ponzi scheme nation?

 

[darkxshade]

It's worth it if you get out in time.

 

[FelixDeCat]

Originally posted by: darkxshade
It's worth it if you get out in time.

You mean like Social Security?

 

[SunnyD]

Well actually, I will promise you double-digit returns on investments of $5,000 or larger. Please address checks to Prince Mufassa Mugabwe, Care of the Nigerian Consulate...

 

[AnonymouseUser]

Yes, and the SEC protects these guys.

 

[FelixDeCat]

Originally posted by: AnonymouseUser
Yes, and the SEC protects these guys.

So you are saying its Obama's fault? He hasnt been in long enough to clean up the SEC. Although I thought his ancestry was in Kenya, not Nigeria.

Chris Cox was roundly criticized last year for being asleep at the wheel.

 

[DaWhim]

Originally posted by: FelixDeKat
First Madoff, then Stamford, whos next? Who actually thinks they can get away with this? One day you'll get caught and wind up in Club Fed as a gardener....but is it worth it?

Are we now a ponzi scheme nation?

you just have to look at what FDR did. madoff and stamford look like amateurs in comparison.

 

[spaceman]

shit goes on over my head.
i have no fucking idea.

 

[Ricochet]

It's sad really. We are going to see many more of these. Not only has the SEC been asleep at the wheel but have also been woefully and willingly ignorant of the situation. The Madoff case has been shoved in front of their face a long time ago.

 

[AnonymouseUser]

Originally posted by: FelixDeKat

Originally posted by: AnonymouseUser
Yes, and the SEC protects these guys.

So you are saying its Obama's fault? He hasnt been in long enough to clean up the SEC. Although I thought his ancestry was in Kenya, not Nigeria.

Chris Cox was roundly criticized last year for being asleep at the wheel.

How in the hell did you pull Obama into this? He had nothing to do with establishing the SEC or their policies, though he will be forced to protect the SEC (or else he wouldn't have been chosen to run for presidency).

The fact is, the purpose of the SEC is to "restore trust" in the financial markets, not protect the public. Only occasionally do they have to act in a way that seems like the are protecting the public.

 

[FelixDeCat]

Originally posted by: AnonymouseUser

Originally posted by: FelixDeKat

Originally posted by: AnonymouseUser
Yes, and the SEC protects these guys.

So you are saying its Obama's fault? He hasnt been in long enough to clean up the SEC. Although I thought his ancestry was in Kenya, not Nigeria.

Chris Cox was roundly criticized last year for being asleep at the wheel.

How in the hell did you pull Obama into this? He had nothing to do with establishing the SEC or their policies, though he will be forced to protect the SEC (or else he wouldn't have been chosen to run for presidency).

The fact is, the purpose of the SEC is to "restore trust" in the financial markets, not protect the public. Only occasionally do they have to act in a way that seems like the are protecting the public.

Wait a cotton pickin' minute. How can the SEC not restore trust in the financial markets and not protect the public at the same time? What we need is an SEC that isnt asleep at the switch. To catch the schemes as soon as they become known.

But you cant have witch hunts! If someone thinks they can offer a 20% CD and do so profitably, this is America and they should be able to do it!

 

[sdifox]

what do you mean now?

 

[Drakkon]

What is amazing is these guys got caught for dealing with BILLIONS....just think of those getting away with the million dollar schemes and the thousand dollar schemes and the free ipod schemes...

 

[kranky]

I do think we're becoming a nation of people without shame, honor or a sense of responsibility and it is hastening our downfall.

People decide what to do based on whether they will get caught and what will happen, not based on right or wrong. For them it's simply a cost-benefit analysis. Trade 5 years in jail for $500 million? Yeah, they'll take the chance especially when that's the worst-case scenario. Put assets into trusts and family members' names, and even if they get caught their family is still living like the upper crust. And when they get out, they can go on a lecture tour and start making six figures a year again just talking about their crimes.

When faced with the choice to do something to help others or just turn away, they choose "do nothing" rather than make the effort. People who do get caught doing something wrong are not ashamed about it, they utter a public apology and assume that squares everything. Their apology is really that they are sorry they got caught, not for what they did.

If these billion-dollar scammers thought their entire families would be treated with disrespect, stripped of everything they own in order to make amends, without the hope of serving time in a country-club prison and later ostracized for what they did, they would not be so brazen.

 

[WaTaGuMp]

Watch American Greed on MSNBC, you wont believe how many are out there and the kinda shit greedy people do.

 

[FelixDeCat]

Originally posted by: kranky
I do think we're becoming a nation of people without shame, honor or a sense of responsibility and it is hastening our downfall.

People decide what to do based on whether they will get caught and what will happen, not based on right or wrong. For them it's simply a cost-benefit analysis. Trade 5 years in jail for $500 million? Yeah, they'll take the chance especially when that's the worst-case scenario. Put assets into trusts and family members' names, and even if they get caught their family is still living like the upper crust. And when they get out, they can go on a lecture tour and start making six figures a year again just talking about their crimes.

When faced with the choice to do something to help others or just turn away, they choose "do nothing" rather than make the effort. People who do get caught doing something wrong are not ashamed about it, they utter a public apology and assume that squares everything. Their apology is really that they are sorry they got caught, not for what they did.

If these billion-dollar scammers thought their entire families would be treated with disrespect, stripped of everything they own in order to make amends, without the hope of serving time in a country-club prison and later ostracized for what they did, they would not be so brazen.

You took the words right out my mouth. You are right about the big profits...but we go after drug dealers seizing their assets and selling them off. And as far as I know if there is a money trail going back to family members, it is subject to seizure as well. We should be equally zealous with these financial schemers.

The billion dollar schemers are no better than the free Ipod scammers IMO.

 

[IceBergSLiM]

Its alot more than those two. Those two are just notable because they were in the Billions.

 

[torpid]

Madoff got away with it for a very long time. He probably would have continued to get away with it had people not been scared by the stuff hitting the fan last summer/fall.

 

[Epic Fail]

Originally posted by: torpid
Madoff got away with it for a very long time. He probably would have continued to get away with it had people not been scared by the stuff hitting the fan last summer/fall.

Yup, at 70, he was almost home free until shit happened.

 

[IceBergSLiM]

Greed is amazing. If half these dudes were thinking clearly they would have got out before the feds even caught wind. faked their death and disappeared forever.....

 

[AnonymouseUser]

Originally posted by: FelixDeKat
Wait a cotton pickin' minute. How can the SEC not restore trust in the financial markets and not protect the public at the same time? What we need is an SEC that isnt asleep at the switch. To catch the schemes as soon as they become known.

Smoke and mirrors. The only reason anyone gets busted in schemes like this is when the fallout is too great to keep everything under wraps.

Here is a good criticism of the SEC.

 

[compuwiz1]

As smart as these guys were in being able to pull off these scams initially, they were too stupid to get out to a different country and slip off into obscurity.

 

[kranky]

Originally posted by: compuwiz1
As smart as these guys were in being able to pull off these scams initially, they were too stupid to get out to a different country and slip off into obscurity.

No, they were too greedy to be satisfied with the loot they already had. I'm sure they knew they could end it and take off for Antigua or somewhere, but since they were able to keep the scam going they couldn't resist. Had the financial meltdown not occurred, they would still be at it today. What astounds me is that they didn't just use some of the scam earnings to cover the losses. I guess once they stuck the dollar in their pocket, it's theirs forever.

I go back to what I said earlier. As was pointed out, they could have headed for another country, sent their assets to a numbered bank account outside the US, and lived happily ever after. Why didn't they? Because they aren't afraid of what's going to happen. Slap on the wrist, nice comfy condo (um, it's really jail, I suppose), sit a couple years, then go back home and enjoy the hundreds of millions they stole. As long as they still get invited to the A-list parties and have the apartment overlooking Central Park, what's to beef about?