Thursday, March 12, 2009

Use them to prevent future Ponzi schemes

Remember the real life character Frank William Abagnale from "Catch me if you can" book/movie? I think with Madoff we should do something similar. We can confiscate his assests and distribute to the "investor" "victims" to reconcile and restore whatever justice can be restored. I am puzzled with the combination of these two words at once. Invester by its very name is someone who takes risks. Investing in Madoff's scandal is no matter how Ponzi it may look, is still a sort of risk. In this particular case it is 100% risk which the investors probably didn't realize or did they? Anyway coming back to Mr. Madoff, the man pleaded guilty to all counts of fraud, etc. and seems to be repenting for his mistakes. I am not siding him or being compassionate toward him. But logically when you put someone this talented (regardless whether he is caught or not, he did have the brains to raise all this money for his program) in the jail it is quite useful to put them to best use to serve the society so future schemes of this sort can be prevented. If he is deemed to be the one of a kind Ponzi schemers then who best to catch such schemes in action than the guru (remember SEC --whom we pay Millions of dollars a year to do their job---and/or other or any organization federal or state DIDN"T catch him or his schemes early enough DESPITE tips by men like Harry Markopolos for almost a decade). My take on this issue is to allow Mr. Madoff to be used for the betterment of the society as Frank lectured FBI agents. This is one of the ways Mr. Madoff can pay to the tax payers as he plans to spend perhaps the rest of his life behind bars. Let him earn his food in the jail by giving back to the society what he took from the society.

Let me hear your take on this.

No comments:

Post a Comment