Wednesday, February 11, 2009

Comparing Bernie Madoff to over paid banking execs is beyond ridiculous!

What continues to amaze me is how little the talking heads in the main stream media seem to understand about capital markets. The silly argument of comparing Bernie Madoff to over paid banking execs is beyond ridiculous! The over paid execs in many cases are more a kin to a superstar baseball player having a bad year or not living up to his superstar status. Yes there are exceptions giving the 70’s generations inability to produce anyone of substance and having the necessary leadership qualities. Don’t forget there is also corporate America’s propensity to reward “ass kissing” instead of creativity and hard work. Contrary to popular belief the capital markets are one of the most over regulated industries on earth. One look at Sarbanes Oxley or any of the million SEC directives and one would instantly understand what I am talking about.So you ask once again you ask how did Bernie commit such a vast criminal conspiracy?

While much of the mainstream media is concentrating on weather his family was duplicitous or not and yes of coarse many of them were. The real issue is and remains are what the hell were the SEC and all the regulatory bodies thinking? Recounts of his operation show numerous instances where even the smallest and simplest securities regulation was being violated. Over the years there had been numerous complaints made against him and his operations that went unheeded by authorities.

One can only conclude by this that many people both aided and abetted Bernie over the years or at lest remained hands off for reasons unknown. My point being that it was obvious for a long time that he was doing something wrong, very wrong. No one could pull off a scam of this magnitude by themselves.

To make matters worse the very same people that refused to investigate Bernie are the same people in charge of running, some say destroying the banking system. Once again I will repeat, if you destroy the capital markets then people will become ever more dependent on big government for security.

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