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Madoff to NY magazine: Government a Ponzi scheme

Cold Highway

Cold Highway

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Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.

"The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.

The interview was published on the magazine's website Sunday night.

Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information.
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The funny or sad part (depending on how you look at it) is that out of all the public figures in our political discourse, it takes a convicted criminal to actually come out and say it.

Madoff to NY magazine: Government a Ponzi scheme | recordonline.com
 
chevydriver1123 said:
The funny or sad part (depending on how you look at it) is that out of all the public figures in our political discourse, it takes a convicted criminal to actually come out and say it.

Madoff to NY magazine: Government a Ponzi scheme | recordonline.com
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It's not too much of a stretch to think that our regulatory agencies could learn from this guy....hell, we interview serial killers to learn from them.

'Course I think we know one way to stop these investment frauds. Fire the freakin' SEC officials who ignored warning letters time after time. Seems like the SEC is like the old volunteer fire departments: foundation savers.
 
Some Government programs have a strange resemblance to a ponzi scheme but pass as a good Idea when launched.

The big thing to me is that these programs way to often cost tax payers a fortune with no real benefit in the end.

Who would know better than Madoff? Seriously>
 
Madoff's exactly right.
 
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