can the Madoff payoffs drain the SIPC?

[gh]

(more money the Feds would have to come up with?)

http://www.sfgate.com/cgi-bin/article.c ... 01&sc=1000

[gm]

Interesting that the SIPC is not a federally-backed program, which means the govt would have to make another charity bailout decision. Personally, if you lose all your money being greedy/ignorant, I don't know that the feds should pay you.

[Pego]

In Madoff's case, I am willing to reconsider my opposition to capital punishment.
I am serious.

[Marlow]

Personally, if you lose all your money being greedy/ignorant, I don't know that the feds should pay you.

This is going to be the albatross around Obama's neck. Now that we've set the bailout precedent, every major lossee will feel entitled. Where the line is drawn will determine his sink-or-swim probabilities.

[gh]

what's this "we" shit?

[Marlow]

what's this "we" shit?

Like it or else, it is YOUR Administration and Congress. WE are all in this together.

[Mighty Favog]

Now that we've set the bailout precedent, every major lossee will feel entitled.

Flynt, Francis Want $5 Billion Porn Bailout
http://www.msnbc.msn.com/id/28545081/

[Marlow]

Flynt, Francis Want $5 Billion Porn Bailout[/b]

Talk about a recession-proof industry! :shock:

[BruceFlorman]

In Madoff's case, I am willing to reconsider my opposition to capital punishment.
I am serious.

Capital punishment for a white collar crime in America?! Don't be silly. In this country, the guy that holds up a liquor store and makes off with $500 to feed his crack habit is gonna be treated far more harshly than this Madoff character.

[Pego]

In Madoff's case, I am willing to reconsider my opposition to capital punishment.
I am serious.

Capital punishment for a white collar crime in America?! Don't be silly. In this country, the guy that holds up a liquor store and makes off with $500 to feed his crack habit is gonna be treated far more harshly than this Madoff character.

No doubt. I am just expressing a secret evil wish that I know is totally unrealistic.

[gh]

Madoff's wife pulled $15M just before the arrest (quel coincidence!)

http://www.sfgate.com/cgi-bin/article.c ... 537S10.DTL

[tandfman]

In Madoff's case, I am willing to reconsider my opposition to capital punishment.
I am serious.

Capital punishment for a white collar crime in America?! Don't be silly. In this country, the guy that holds up a liquor store and makes off with $500 to feed his crack habit is gonna be treated far more harshly than this Madoff character.

No doubt. I am just expressing a secret evil wish that I know is totally unrealistic.

In his case, I'd be willing to overlook a minor violation of the US Constitution, which prohibits cruel and unusual punishment. His was a cruel and unusual crime.

One of the many unfortunate adverse effects of the Madoff scandal is the impact it is having on charities dependent on the donations of wealthy individuals who invested with Madoff. Today's Wall Street Journal has an article on some of those situations, mentioning a few important health research projects that are being suspended because their funding has dried up. (Unfortunately this article is not available on the WSJ public web site.)

There is nothing that they could do to this bastard that would make me think his punishment is excessive.

Edited to fix typo.

[jazzcyclist]

In Madoff's case, I am willing to reconsider my opposition to capital punishment.
I am serious.

Capital punishment for a white collar crime in America?! Don't be silly. In this country, the guy that holds up a liquor store and makes off with $500 to feed his crack habit is gonna be treated far more harshly than this Madoff character.

No doubt. I am just expressing a secret evil wish that I know is totally unrealistic.

The Chinese use the death penalty on white coller criminals, why can't we? I think what Madoff did was every bit as morally repugnant as what Julius and Ethel Rosenberg did, and more dastardly than liquor store robbery.

[tandfman]

Madoff's bail was revoked today and he was sent to jail. I suspect he's going to spend every day of the rest of his life in confinement.

http://www.nytimes.com/2009/03/13/busin ... adoff.html

[bad hammy]

Of course the guy is scum, but it is refreshing to have at least one guilty asshole fess up and say - yep, I did it - knowing full well it was going to cost you every one of the days you have left on this planet.