Sunday, December 14, 2008

There's No Crime Like White Collar Crime

Josh Marshall has a very interesting take on the whole Madoff case.  What Madoff was doing may not have been much different from what all these over-leveraged financial firms holding lots of worthless paper may have been doing for the duration of the real estate bubble.

Duncan Black over at Eschaton points out that the high rollers may not have been the only victims.  A lot of charitable funds and non-profits may be badly hurt or ruined by this.

The Madoff scheme so far amounts to $50 billion in losses and is expected to get bigger.
$50 BILLION!  
How many decades worth of the annual total number of armed robberies in the USA does that add up to?

2 comments:

JCF said...

Madoff with the cash... [Pun alert]

There's no doubt that some lower-class schmuck who knocked over a 7-11 for $50, will spend more time in jail than this World-Class Wanker (thief!). >:-(

Grandmère Mimi said...

How many decades worth of the annual total number of armed robberies in the USA does that add up to?

That puts it the right perspective. Where are the police? GWTW that blew through the land with the Rethugs in power.