A host of wealthy people are shook by revelation the investment firm of Bernard Madoff is all a hoax and was conducted with mirrors and slight of hand. Dozens of Jewish organizations and famous people like Steven Spielberg or Mort Zuckerman were conned into believing the nice man who one met at the country club was, in actuality, the greatest con man in the history of con jobs. Mr. Madoff finally confessed last week his business was “all one great big lie” and that his investment returns were false and he had been paying old clients with the money of new ones year after year. For 48 years, the hustler was respected on Wall Street as among the most astute investors. Federal judge Louis Stanton ordered that investors draw upon a special government fund set up to protect investors at failed brokerage firms.
Bernie Madoff is a con man, extraordinarie. The issue is whether those who were conned are entitled to a government bail out. Each year, millions of dollars are conned out of Americans by the Nigerian swindle but those who invest in a false hope of gaining millions for few thousand dollars wind up with nothing. Each day, somewhere in America someone is conned by a salesperson or enters into a contract to get a stove that makes them pay twice the cost of the stove. The difference in capitalism is those with enormous wealth who get conned while those with little not only get conned but they lose everything.
No one sheds a tear for the poor schumuck who got conned into buying that lousy car, but if your name is among the elite of America, federal judges will swing into action and make certain your stupidity is somehow rewarded. Ah, the fairness of capitalism in action.