Monday, February 28, 2011

Bernie Madoff: 'The Whole Government is a Ponzi Scheme'; 'The Whole New Regulatory Reform is a Joke'

Ponzi?  I guess it takes one to know one....

I am not sure what to feel, when I find myself in agreement with so much of what Bernie Madoff says in a fresh interview with NY Magazine.   I guess when you have nothing left to lose, you can be brutally honest. Thankfully our regulatory bodies are captured, our politicians are bought and paid for, and our circus and bread goes full steam ahead.  So nothing to see here....

"It's unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme."

Now now Bernie... Goldman is only doing God's work...

The piece is mostly about how Bernie got to where he is now, but there were definitely some interesting big picture quotes as well.  Full interview here:

  • He sees himself not as some evil mastermind but as part of a system of corruption, maybe its linchpin, but he believes that people have lost their perspective on what actually occurred.
  • Madoff told me he wished he’d been caught earlier, anything to put an end to a nightmare he didn’t have the courage to end himself. In his mind, he even tried to act honorably. “I was always able to rationalize it … Look, I tried to give moneys back to my individual clients when I realized it was impossible to get myself out. I tried to return funds to my friends, moneys to the smaller clients. They wouldn’t take it back …"

[Jul 17, 2009: Jon Stewart - the Pyramid Economy with Goldman Sachs as the Eye]

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