Maddoff - treason?

Buckterrier · 12-15-2008, 03:52 PM

Only listened to one news story about this A-HOLE, (I'll get to pissed if I read/listen to more). But it got me thinking... With these horrible economic times, people loosing jobs, homes, life savings, etc. etc. etc. maybe we should start charging these people with treason. Thoughts?

widgeon13 · 12-15-2008, 04:19 PM

Well, since much of the money was invested for charitable foundations I would say no punishment would be too severe. The question is how many more of these pieces of s--- are out there?

But then again, a lot of the victims seem to be the wealthy (Greenwich, Palm Beach, Hamptons) most likely avoiding taxes on the income generated.

Buckterrier · 12-15-2008, 07:05 PM

Quote:

Originally Posted by widgeon13

Well, since much of the money was invested for charitable foundations I would say no punishment would be too severe. The question is how many more of these pieces of s--- are out there?

But then again, a lot of the victims seem to be the wealthy (Greenwich, Palm Beach, Hamptons) most likely avoiding taxes on the income generated.

Yeah that is kinda ironic. I just figure drastic times require drastic measures. Is it really any worse then a terrorist? Actually it is because they are doing it to fellow Americans. At least terrorists, warped as it may be, have a reason.

Neilk · 12-15-2008, 08:38 PM

Can we charge the SEC with treason? Where the eff were they? Enron, mortgage crisis, Maddoff. Damn!

2.70Racer · 12-15-2008, 11:39 PM

Neil,
You have seen through the smoke.

The SEC is one government department which has failed the American people.

Eliot Spitzer exposed the SEC for the lazy, do nothing bunch of political hacks they are.

President Obama has the opportunity to simply dissolve this dept.

It has been worse than nothing.

svandamme · svandamme's Garage

is SEC not involved?? as i understand it, Maddof worked as a private investment company, not on the stock exchange?

The Gaijin · 12-16-2008, 05:58 AM

A simple con man on a large scale.

Aurel · Aurel's Garage

It was easy to divert the public on a wild goose terrorist chase around the world, while the real crimes that truly affect every american were commited on Wall Street.

Mo_Gearhead · 12-16-2008, 08:17 AM

Quote: "It was easy to divert the public on a wild goose terrorist chase around the world, while the real crimes that truly affect every american were commited on Wall Street."
____________

What an absolute crock of shyt!

If you believe terrorism is a "wild goose chase" you best see a physician, to have your head extracted from your azz.

Having said that ...these past few months have certainly produced plenty of fodder for several books to be written in the not so distant future ...on how government, politicians, regulators, etc. have allowed the American way of capitalism to dissolve into a steaming pile of crap.

One or more of those future books may (again) point out the truth to the adage that "chasing yield" can be very dangerous. Especially in the case of Mr.
' I Maddoffwithyormony '.

HardDrive · 12-16-2008, 10:50 AM

Quote:

Originally Posted by 2.70Racer

The SEC is one government department which has failed the American people.

Eliot Spitzer exposed the SEC for the lazy, do nothing bunch of political hacks they are.

President Obama has the opportunity to simply dissolve this dept.

It has been worse than nothing.

+1

Giving the illusion of safety and regulation is worse than nothing.

This Madoff affair is bad for American, at a time when we can least afford it.

Dantilla · 12-16-2008, 10:55 AM

Madfoff's ponzi scheme is peanuts compared to what will happen someday to the Social Security system.

Our current Social Security system is the mother of all ponzi schemes.

Porsche_monkey · 12-16-2008, 12:05 PM

1. the offense of acting to overthrow one's government or to harm or kill its sovereign.
2. a violation of allegiance to one's sovereign or to one's state.
3. the betrayal of a trust or confidence; breach of faith; treachery.

1. and 2. are the 'traditional' definitions. I don't think 3. applies legally.

I am assuming this guy will go away for a long time for the fraud he has perpetrated, better to see him charged with a crime he will be convicted of than to see him found not-guilty of something more serious.

You have ample applicable laws. And I am sure they will be applied appropriately.

There is an onus on the individual investors as well. I have investments through a broker. But I also receive separate confirmation from the financial institution that holds the investments.

Mo_Gearhead · 12-16-2008, 12:50 PM

Buckterrier · 12-16-2008, 01:15 PM

Quote:

Originally Posted by Porsche_monkey

1. the offense of acting to overthrow one's government or to harm or kill its sovereign.
2. a violation of allegiance to one's sovereign or to one's state.
3. the betrayal of a trust or confidence; breach of faith; treachery.

1. and 2. are the 'traditional' definitions. I don't think 3. applies legally.

I am assuming this guy will go away for a long time for the fraud he has perpetrated, better to see him charged with a crime he will be convicted of than to see him found not-guilty of something more serious.

You have ample applicable laws. And I am sure they will be applied appropriately.

There is an onus on the individual investors as well. I have investments through a broker. But I also receive separate confirmation from the financial institution that holds the investments.

I read the definitions myself prior to starting the thread. #1 certainly does not apply. On it's face #2 doesn't seem to. But here in the US we all have the right to "Life, Liberty, and the Pursuit of Happiness". Some lawyer somewhere could argue by stealing on such a grand scale he is breaking his allegiance to his sovereign country.
Unfortunately white collar crime in the USA gets one a 5 month sentence at a country club suspended after 2 months served. Of course they have to pay back maybe a 1/100th of what they stole.

K. Roman · K. Roman's Garage

He may be the next DB (douchebag) of the future.

Superfund CEO, Christian Baha.

Porsche_monkey · 12-16-2008, 01:28 PM

Quote:

Originally Posted by Buckterrier

Unfortunately white collar crime in the USA gets one a 5 month sentence at a country club suspended after 2 months served. Of course they have to pay back maybe a 1/100th of what they stole.

You want to see soft? Look north. In comparison you prosecute white collar crime vigorously. See Black, Conrad.