States Visited

Sunday, March 15, 2009

Irony - I love it

In 1902 Charles Ponzi migrated to the United States from Italy. He gained infamy for his financial scheming whereby existing investors were paid returns from the incoming investments of new investors. Eventually, these schemes fail because the inflow of new investors - and the money to pay returns to existing investors - can't be maintained. He didn't invent the concept, he just did it so well that his name has become synonymous with it. For obvious reasons, these schemes are against the law.

On March 12, 2009, Bernie Madoff pled guilty to eleven counts of fraud and admitted to running a Ponzi scheme that cost investors, at the latest count, about $65 billion. Once his plea was accepted in court he was taken into custody and now awaits sentencing - a sentence that could reach 150 years.

As I saw the news of his plea being blasted across the Internet I couldn't help but laugh. He should go to jail and every single thing he owns should he sold and the proceeds used to repay investors. However, the irony of watching an agent of the Federal government - the perpetrators of a Ponzi scheme 150 times bigger than that operated by Madoff - order this man into custody was astounding. But, it doesn't stop there.

The people are up in arms and full of indignation at his greed and corruption. How could he do this to people? Outrage! Everywhere you turn - Outrage!

Yet, I would be willing to wager that many of those same people that want to see this man put on the rack will fight tooth-and-nail to keep Social Security. Huh? No wonder this country is falling apart...

If you really want to read something humorous, find a copy of Social Security's official response to being labeled a Ponzi scheme. It is a masterpiece of double-speak that would make Orwell proud.

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