July 11, 2009

Madoff's Beneficiaries

With Bernie Madoff safely in the big house for 150 years and his wife barred from having her blonde foils done at her local hairdresser, all would seem to be right with the world, aside from the little matter of his financial victims divying up the left over spoils, which will be small bickies relative to their original profit-taking expectations.

The MSM has covered the 'world's biggest ever ponzi scheme' in a slyly muted manner. So many victims, oh dear, oh handwring, oh my - even charities, oh golly, oh gosh! One evil man and one evil man's greed!

A few token shakes of the head or eyebrows raises in the direction of the fund feeders, but beyond that, you'd think every turkey had been taken for a ride, gullible, innocent babes, all losing billions or millions or hundreds of thousands.

Of course, a scheme that large, run over decades, can't possibly have resulted in everyone losing, otherwise the gig would have been up, oh, around 15 years ago. Nor can it possibly be true that everyone was blindly stupid, believing in the promises of ludicrous returns conjoured by one man.

No mention in the MSM of the tax minimisation services that Madoff facilitated for his clients, via his bogus investment scheme. Only a smattering of musings about the feeder funds, which made squillions from their cut of the take, sending new investors to Madoff. Nary a glance at the many billions in *profits* that investors took out over the life of the scheme.

The perp is locked up, his wife will have to find a new hairdresser or buy dye kits from the supermarket, case closed.

But it's a more nuanced than you've been told by the fourth estate, so before you put the nasty ponzi busines out of mind, think a little deeper, learn a little. The world of finance is never so clearcut and cutting corners is never just one man's burden.

Madoff's secret service

The Madoff victims who came out ahead

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