Showing posts with label Bernard Madoff. Show all posts
Showing posts with label Bernard Madoff. Show all posts

20090221

Terminator 5 - Rise Of The Taxes

$42 bn. Petty money these days. Not even a Madoff.

$42 bn. The deficit of the World's 8th economy. The Golden State. The Land of Milk and Honey.

California.

From 49ers to 42ers. From Gold Rush to Bank Rush. From Californication to Califoreclosure. From No Problemo Gubernator to Hasta La Vista Berniemador.

To add insult to injury, they're going to pry tax raises out of Schwarzenegger's hands, over his dead Hummer.

It keeps getting better.

20081217

Madoff with his head(ge funds)

A $50 bn scam (Bernard Madoff's Ponzi scheme)
A $913 m scan (the SEC budget for 2009)
A $138 bn scandal (see "
How the Fed Reached Out to Lehman" NYT 20081215)


It looks a little bit like computers and the race against hackers : the more open the networks, the more likely bad guys will outsmart the system, and anything can happen.

Well. Not quite right.

Entering NYC's financial market ain't that easy. Plus everybody knows everybody... Actually, thieves pal around with cops all the time. Furthermore, post-9/11 America is not post-Hoxha Albania, where no-one knew anything about capitalism and Ponzi schemes could flourish as quickly as culprits could vanish.

Madoff didn't vanish.

The man is smart enough to know he was bound to crash, and the more he postponed his escape, the bigger the final ka-boom. Come on. Even Woody Allen would take the money and run.

But Bernie kept parading in lavish mansions. Bernie kept deceivingly spreading the wealth around. Bernie kept smiling his best dummy smile.

Because somehow, Bernie kept existing.


Bernard Madoff fell because his Second Life Avatar Bernie didn't follow The Woody Law.

Morale of the story : when dummies outdumb dummies, anything can happen.
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