Wednesday, March 4, 2009

Bernard and Mrs. Madoff

I have continued to follow the Bernard Madoff case as he approaches being sentenced or facing a Grand Jury. Recently his wife has claimed that her fortune, some $50 million or so, is separate and apart from her husbands, that she somehow was able to accumulate this wealth outside of Mr. Madoff's Ponzi scheme. Okay, if she says so. But what strikes me about all of this, and Mrs. Madoff, is the complete lack of a humility, sorrow, and conscience these "people" possess. Now, as for the alleged vicitms, do they deserve the public's sympathy? I am not referring here to the charities that invested in Madoff's investment and securities firm, but rather the millionaires and billionaires who are no less dispicable in their dealings than is Madoff. How exactly did most of them obtain their bulging bank accounts? And perhaps if they weren't so suseptable to collecting even more money they would not have invested with him in the first place. His scheme was to present his investment firm as an exclusive club. Only the high and mighty were allowed in this club. In the end most of them got exactly what they deserved. Greed is a mighty thing. So I don't picture myself shedding a tear for the victims, but I am outraged that the SEC could allow this to happen. Not surprised, mind you, but outrraged.