Rising Hegemon
So Bernie Madoff is going to plead guilty.Dear Bernie,
Good. Thank you for not wasting the public's time and the resources of its court system with a lengthy trial. May I recommend You Got Nothing Coming: Notes from a Prison Fish? It's the story of a nice New York guy like yourself who handled a voluntary manslaughter stretch with humor and aplomb. There are some practical tips for prison survival in the book that you won't want to miss.
Dear Bernie Investors,
I'm sorry your lost all your money, but would it shock you to know that beyond being sorry I don't care?
Let me repeat that:
I don't care.
Why don't I care? Because you opted out of the traditional banking system and into what the pros call the "Shadow Banking System". You did that because the potential rewards for taking that sort of risk were far greater than those you could possibly achieve in within the traditional banking system. Well, for years you knew rewards and now you know all about risk. Your losses are not my problem. Go sue Bernie Madoff and his lovely wife and kids or the feeder funds with the non-existent due diligence that got you entrée into the Madoff investor pool for fraud in federal court to try to recover your money. Meanwhile, keep your hands off my treasury.
xxx...res
P.S. (Update) Do I care when I consider that Madoff defrauded a lot of charities doing good work? No. Take it away, Frank Rich:
Buffett’s sermon coincided with the public soul searching of another national sage, Elie Wiesel, who joined a Portfolio magazine panel discussion on Bernie Madoff. Some $37 million of Wiesel’s charitable foundation and personal wealth vanished in Madoff’s Ponzi scheme. “We gave him everything,” Wiesel told the audience. “We thought he was God.”You thought your investment banker was God? Last I checked, Elie Wiesel was a religious guy. Time to go back to basics, Mr. Weisel:
You shall have no other gods before me.Even a religulous gal like me knows you don't want to mess with that sort of blasphemy.
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