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Monday, December 15, 2008

NY Judge Wants Bailout of Madoff Investors

We've reached a "jump the shark" moment on the government bailouts. A NY federal judge wants a U.S. government agency to "protect" (i.e. bail out) investors in Bernard Madoff's Ponzi scheme.

The problem: since the Securities Investor Protection Corporation founding by Congress in 1970, it has advanced a total of $507 million to duped investors. The Madoff scheme runs about 100 times that amount. If the government ok's this, they might as well bail out every individual or corporation who has ever lost money on an investment, wager or poker game.