No, not that one.
Tomorrow, or more accurately, today, is Bernie Madoff's sentencing. I'll tell you, reading this article makes me want some lenient sentencing.
wtf
These assholes are saying that their losses are not the difference between what they invested and what they withdrew. No, they are saying that their loss was the bogus number that they were given even though none of those trades/transactions ever happened. So, say I invested 10 million and over the course of ten years, ol' bernie told me my money had increased in value up to 50 million. Over the course of those ten years, I withdrew a total of 7 million dollars. My true loss is 3 million dollars plus inflation. These people are saying, no their loss is the 50 million.
This to my mind is more greedy and dispicible than whatever bernie did.
Agreed, but the money on paper becomes money in people's minds, and they think it is real. If they thought they had $50m, they prob spent like drunken housewives, which might not have been the case if they knew it was really $3m or less. Not that I have that much sympathy for them.
ReplyDeleteBut you can see why the economy is fouled up, and it has nothing to do with Wall St. The savings rate is way up and consumption way down. You would have thought people would be saving when times were good and prices high, and buying when times were bad and prices low. For the most part, people are doing the exact opposite. Debt is also way down, which again, now is the time to take risks with other people's money if you can get your hands on it.