Madoff...stealing people's dreams

Madoff….stealing people's dreams

So recently, I watched the Netflix documentary called MADOFF: The Monster of Wall Street, which tells the horrible deeds of 

Bernard L. Madoff, who was once the senior statesman of Wall Street. 

In 2008, he became the face of lies and hate for his financial downfall and ruining tens of thousands of peoples lives. He ran the largest and possibly most devastating Ponzi scheme in financial history.

The paper losses totaled $64.8 billion, including the fake profits he had credited to customer accounts for over twenty years. More than money was lost, at least two people, in despair over their losses, died by suicide and it caused the suicide of two prominent bankers and Madoffs own son.

Madoff got 150 years in prison but only had served 11 of them before he died in prison of kidney disease.

But even that wasn't enough to make up for the pain he caused so many innocent people.

What got me as I watched this was where were the consequences? Why weren't other investors charged with crimes? What about the banks who clearly knew what was going on? 

Even the Securities Investor Protection Corporation, the industry-financed organization set up in 1970 to provide limited protection to brokerage customers, spent more on the Madoff bankruptcy than on all its earlier liquidations combined They were fiercely attacked by victims, who felt they had been wrongly denied compensation. And yet they walked away scott free. 

The Securities and Exchange Commission, which unsuccessfully investigated more than a half-dozen credible tips about Mr. Madoff’s fraud scheme since at least 1992, it was the most humiliating failure in its 75-year history.

And yet nothing happened to them. 

Yet the lives of hundreds of thousands of people were changed forever. Many people lost their life savings, they lost their homes, their retirement funds, and their children's college funds, yet where is the justice for them? There will never be justice for them because our government does not give a shit. Let's bail out the banks that did phony mortgages, knowing that people would lose their homes.

Let's bail out the credit card companies that allow people more spending that they can afford. It doesn't matter because the government will protect its own. And we just keep getting screwed over and over. Welcome to the United States today.  The government no longer cares about you.

So today, my friends remember so many people trusted this man even when they knew it sounded too good to be true. Yes, they should have known better, but we must put the blame on who truly deserves it, the government who allowed this to go on for over twenty years. We must change the laws to protect people, not banks or financial institutions or people in government. We must be the change we want to see  

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