Whoever reads that title will think I am nuts…
If they believe that I am serious – well, need I say more. Of course there needs to be regulation, but who is watching? If this story is anything to go by – no one!
It has been years, decades even since both Thatcher and Reagan were in office – and there has been many times when governments and president could have done something to regulate the markets among other things. This is applicable to both Europe and the USA.
But they didn’t. They didn’t not just because of political philosophy – but because we, all of the voters who could take them to task – didn’t. Now, as the old saying goes, we are reaping what we saw.
There are one or two people who I know who really don’t think that people, businessmen/women, entrepreneurs, should earm more than $250,000 a year – that, to them, is well enough to live on and have a good life. Maybe they are correct – I just disagree with them – people who work hard and get to the top and make a fortune – well, that is up to the individual. This, as an aside, brings me onto those who don’t care how much people earn – no, they really don’t care – one of those still works in a McDonald’s and has said he will work there all his life – he just loves that job – good on him I say.
But we have to look at what greed can and does do to people.
LONDON, England (CNN) — Some of the biggest names in global finance say they have lost hundreds of millions of dollars in an alleged $50 billion “pyramid scheme” that led to the arrest of a New York financier last week.
The rich, or supposed rich, stealing millions off the rich – some will scoff at that – it is, after all, their fault.
In some part that is true – in another it is completely wrong. Those who are rich have their wealth and to us who are looking up the pole of riches it seems that this is something that will bring them down to Earth a bit – just to see how it feels to lose so much.
That, to me, is the politics of envy – and I don’t agree with it.
Madoff, a former chairman of the Nasdaq exchange market, was arrested Thursday on a single securities fraud charge for operating a $50 billion Ponzi scheme from his investment advisory business.
A federal court in Manhattan Friday issued a temporary order freezing Madoff’s assets and appointing a receiver over him and his firm, his global securities broker company, Bernard L. Madoff Investment Securities (BMIS).
A Ponzi — similar to a pyramid scheme — is an investment fraud in which high profits are promised to investors from fictitious sources. Early investors are paid off with funds raised from later ones.
These schemes, whether for the ultra-rich or the poor should be illegal, you cannot make money out of nothing. Thatcher, Reagan and their ilk believed that deregulation would kill off these things, “Let the market do their work” it obviously didn’t – and will not in the future.
While you have people like Madoff around you will need regulation. And while you have people like Thatcher and Reagan proposing de-regulation, you will always have Madoff’s in this world.