Tuesday, February 10, 2009

Madoff: Piece of a Larger Puzzle

Bernie Madoff, mastermind investor of the largest ponzi scheme in history scammed over $500 billion in a scandal that is a mere dot stain in the larger blood drawn in financial scheming that has lead to a global economic collapse. His ponzi scheme which used new investor money to pay out profits to signed up investors was central to a congressional investigation of Madoff's crime in conjuction with the SEC.

According to financial fraud investigator Harry Markopolos who testified before Congress, the Securities and Exchange Commission turned a blind eye and deaf ear to the scandal after Markopolos "gift-wrapped and delivered the largest ponzi scheme in history."

Markopolos claims that the investment scandal's effect on European investments is decimating but not yet entirely visible. Clearly, the SEC assisted Madoff in concealing the scheme and perhaps even participated in the run away crime spree. The American government has given the SEC a free hand in committing financial atrocities against the American people.

While members of Congress strongly chided the SEC for their utmost failure and ignorance of their basic duties, little will be done to punish those responsible for allowing the $500 billion heist to carry on for well over a decade. This past weekend, Reverend Al Sharpton protested outside of Madoff's penthouse Manhattan apartment for his ability to remain a free man on bail citing the deplorable state of hundreds of thousands of Americans who languish indefinitely behind bars for minor drug crimes. But, Markopolos and Sharpton's message of justice do not appear to be making any major changes to how the SEC regulates and how the federal government regulates the haphazard financial regulator.

In a country where apparatuses of justice hold open prominence in public, it is highly discouraging that these supposed bastions of fairness harbor the deepest and most sadistic retrogressive ideas toward the rule of law.

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