Mr. Madoff has brought to the forefront, again, the sad reality on which the present regulatory and investment ethics are grounded, and teh sad acceptance by all.
If you think nothing can be done, I suggest you write a note with your feelings to the Senate Banking Committee.
Express to your elected officials a yawn, yeah or nay, for tough regulatory environment. Either way, let regulators know what you think of the present situation, at this point your opinion counts, amid the flagrant set of scandals they want to hear do people care or it is just another short memory whiohc people will forget.
Let’s give credit to Mr. Madoff.
It was himself who tipped his family and senior employee of the charade. No a single regulatory agency got even a whim of what was cooking, they were to busy covering up the “real” banks schemes.
Do not forget to send a kick in the butt to the SEC for failing to recognize most of the investment and bank practices are no dissimilar to Mr. Madoff scheme. Intentionally, I used the word scheme with pure intent as way to deceive others.
If Mr. Madoff is going to go to jail, thus, the same should occur to the rest of schemers in the banking industry. Those banks receiving billions of dollars in tax payers money are much not different, they too would have collapsed as Mr. Madoff scheme.
Government has failed to investors, citizens and the country. Elected officials continue to fail to stop tax payer’s money use in the cover-ups, from the bank industry too many obscure financial industry pyramid schemes.
The big difference here is that one is operating under the umbrella of regulation and this is only 20% as recognized by the SEC, and 80% is unregulated in many forms of schemes.
Mr. Madoff major case against him is that he ran and unregulated operations, the same were SWAP and many CDOS and off the books operations in most banks and investment houses around the country.
We only have a solution that is to replace in mass all head regulators for failing at their jobs. That must include the Federal Reserve chairman whom was a proponent of such unregulated instruments.
When you fail to discipline you end up with self-destruction and that is not a good path to follow.
We all have dreams of fortune.
It has become so prevalent to scam around investments that it is an ethical stand that is perceived as acceptable and to some extend considered as part of the “process” to the leaders of the country.
The latest research conducted at major universities from where the next generation of leaders will come such as Harvard, Yale and other Ivy League schools shows that we are in ethical trouble.
The latest study shows that most MBA graduates are willing to comprise their ethics for money. When money is so easy to take from others in a questionable and illegal way and the penalty is so lame, the risk-reward ratio is tilted towards the unethical. Who is going to take the task of reeducating and creating tough white collar penalties for people who affect social well been.
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