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Bernard Madoff arrested for running Ponzi scheme

Apparently the irony is completely lost on the professional criminals in the FBI and SEC.

According to a Bloomberg article,

Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees was a long-running $50 billion Ponzi scheme in what may be one of the largest frauds in history.
[...]
“It’s all just one big lie,” Madoff told his employees on Dec. 10, according to the government. The firm, Madoff allegedly said to them, is “basically, a giant Ponzi scheme.”

Madoff faces as much as 20 years in prison and a $5 million fine if convicted.

Semi-libertarian, neocon warmonger, and all-around fascist State-lover Neal Boortz used to rant about Social Security until he was blue in the face on WSB radio in Atlanta. Maybe he still does. He said it was an enormous pyramid scheme, a Ponzi scheme, that any private investor would be arrested and put in solitary confinement for offering. But what happens to the professional criminal class in Washington, D.C. for not only offering but forcing the Ponzi scheme called Social Security on its subjects? Nothing!

Now, Neal and I and the rest of you finally have a real-life example of a private investor being arrested and imprisoned (rightfully so, I expect) for running a private Ponzi scheme by the very same government that forces the largest Ponzi scheme in the history of the world on its captive subjects!

Hat tip: Lew Rockwell.

Posted in Rants