Madoff Ponzi Scheme and SEC Failure Epitomize Superiority of the Private Sector

Im vlogging about how this Madoff Ponzi scheme was totally missed by the SEC, twice, because as a government agency with ties to Madoff, they had no incentive to find anything wrong, and a lot of incentive to assume things were okay. On the other hand, private agencies found out about the Ponzi scheme and warned their clients because the profit motive keeps them accountable. This goes to show that government is inferior to the market. The solution is to disband the SEC, not give it more power and more laws. Anyone who can afford to invest in a hedge fund can afford to pay a private company to check it out for them.

Category:

News & Politics

Tags:

• Madoff
• Ponzi Scheme
• Pyramid Scheme
• SEC
• Private Sector

[kasdri]

Actually Markopoulos caught this scam in the early stages , but no one would listen to him.

[lulunarf]

No one at the SEC would, but Akisa, the private firm that checks out investment opportunities for fraud, listened, and told its investors to steer clear.

[Weeth]

Poor girl. Logic based on the realities of human nature is so 17th Century. Haven't you heard... ? The idea that government can bring universal prosperity into existence by command is what's up. Keynes is the new black.

Don't worry, it's all very complicated. You'll need an ivy league degree to really understand this stuff—at least.

[catalinaguerrero]

hot

[BABS7474]

that's about $50,000 in a million places.geez that's not too much.

[rugged74]

Of come on! Madoff is buff, you know you want him!

[LiptonGuy]

Is this for real ?

A lady that actually wants to talk about a finance story ?

[lulunarf]

Thanks for the encouragement and subscription!

[FlintPublic]

I'm happy to hear someone voice appreciation for all forms of valuable work. And I'm happy to hear you're open to the important role unions play in an equitable free economy. We'll have to work on the notion that private business gets the final say-so on whether its workers have the freedom to chose to organize without fear, intimidation and retaliation or not. Though I'm sure we'll have opportunity for that discussion in 2009. Have a happy holiday and thanks for great dialogue!

[lulunarf]

You're right about America's white collar superiority complex. I try to appreciate and respect every kind of gainful employment. My problem isn't with workers acting in their own self interest, but with government's attempts to obstruct a company's ability to act in its own self interest. I'm not upset with the union workers. If a private business ever wanted a union, I would support that. But using laws to force business to accept unions irks me.

[FlintPublic]

Heavens no. There are value-adding white-collar jobs. There are white-collar unions. But the horrified tone of your response gets at my original point: there are too many Americans who take for granted (and ridicule) the hard work these men and women have as much right in expecting to earn a decent living doing as any marketing manager. This idea that unless you went to college you're worthless to society is wrong and insulting. Have you flushed or used electricity today? Dressed? Driven? Ate?