During George W. Bush’s ill-fated push to privatize Social Security, conservatives condemned the use of surplus retirement taxes to help offset the deficit. But few Democrats or Republicans decry the government’s custom of padding its coffers with fees from an agency with a mission that’s more significant than ever: the More…
Speaking of Bernard Madoff — and who isn’t, these days? — the inevitable next chapter of this saga is the first-person tales of woe from his wealthy victims. The Daily Beast steps right up with a piece by Alexandra Penney, a New York artist, and former editor of Self More…
That’s the question Yves Smith at Naked Capitalism asks about Bernie Madoff’s huge Ponzi scheme. He also raises another good point: Why didn’t Madoff make a run for it?
Forget credit default swaps, mortgage-backed securities and all those complicated financial instruments that are causing the economy so much trouble. Wall Street is reeling today instead from a straightforward, by-the-books, $50 billion Ponzi scheme apparently orchestrated by the once-respected investor Bernard Madoff, a former chairman of the Nasdaq Stock More…
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