Madoff scandal exposes government failure

Future of Freedom Foundation
by Sheldon Richman

12/24/08

Begin the obvious: a false sense of security is worse than none at all. When people believe government is protecting them from bad financial services, they are more vulnerable to scams than if they knew they had to protect themselves. The government’s huge regulatory apparatus broadcasts one unmistakable subliminal message: Have no fear because Big Brother is watching over you. Is it any wonder that people are less wary than they would be if they did not believe that? As long as government plays a regulatory role — or people believe it does — they will assume that key activities are being monitored. And even when an activity is known to be unregulated, the implication is that if regulation were needed, government would be doing it...

http://www.fff.org/comment/com0812p.asp


Informant: Thomas L. Knapp

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Justice For Mr. Madoff?

All Right, But Just This Once.

By Dave Parts

The victims go after other victims? The perpetrator sits in his town home, living as a king in exile, and the investors must fight each other over the scraps? It is beyond absurd.

http://www.informationclearinghouse.info/article21531.htm

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Living to Tell About Madoff

Tiernan Ray, Barrons: "James Hedges, President and founder of LJH Global Investments in Naples, Fla., has invested billions in hedge funds and private equity since 1990 through relationships with numerous hedge funds... And in 1997, he took a meeting with Bernard Madoff in New York to consider placing money with the man now accused of perpetrating a $50 billion global Ponzi scheme."

http://www.truthout.org/122708D



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