Government Protects the Greedy and Complicit, Screws the Innocent Investors
Government strikes again! People who personally invested with Bernie Madoff are eligible for SIPC (A form of government-sponsored investment insurance). Pensioners who merely invested in a pension fund or 401K that in turn invested with Madoff get nothing. Squat. Nada
This is bass-ackwards
People who knew him personally or invested directly should get nothing, because they had to be either stupid or greedy to look at the returns they were getting and not suspect something.
Pension fund and 401K managers should be prosecuted along with Bernie. This is their profession, and they didn't think something was fishy? Once again, they were either professionally incompetent or implicitly complicit.
Meanwhile, pensioners who depend on a monthly stipend and knew nothing of the Madoff scheme their funds invested in, are not eligible for this FDIC-like program for investments.
Finally, our stupid government, which shields people from investment fraud like this through the SIPC, insures a ponzi scheme.
You want these people running health care?
WSJ NBC NY – Madoff SIPC CSM USA Today
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