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US Federal Government is a Ponzi scheme, Madoff says

February 28, 2011
By

Apparently, sometimes it take a crook to tell it like it is:

Wall Street swindler Bernard Madoff said in a magazine interviewpublished Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.

 

“The whole new regulatory reform is a joke,” Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.

The interview was published on the magazine’s website Sunday night.

Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being “complicit” in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information.

He said in the New York magazine interview the Securities and Exchange Commission “looks terrible in this thing,” and he said the “whole government is a Ponzi scheme.”

A Ponzi, or pyramid, scheme is a scam in which people are persuaded to invest through promises of unusually high returns, with early investors paid their returns out of money put in by later investors.

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  • http://www.tellusyourjoke.com Harold Crews

    That is why the Fed’s put him away. He was getting a piece of its racket.

  • Anti Federalist

    It takes a crook to know a crook. At least with Madoff he duped people without threats of violence and/or imprisonment. Can’t say the same about the criminal gangs in Washington, the state capitols, or your local city council.

  • the29thtn

    Thought I agree it’s completely true that our current system is a Ponzi scheme, one that makes Madoff look like chump change, I was surprised at first to hear Madoff himself say it, though I suppose, after consideration, that he would have a right to be ticked off that the very people who sent him to jail are a million times worse than he is.



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