Bernard Ponzi-Madoff stole 50 billion dollars from people, which is clearly the largest, most vile scam in U.S. history — unless, of course, you consider what Fedzilla has done and continues to do with impunity.
Fedzilla is using hundreds of billions — possibly more than a trillion– of our tax dollars against our wishes to prop up private industries due to the financial meltdown caused by Fedzilla as a direct result of its willful lack of fiduciary oversight of Fannie Mae and Freddie Mac. Big Brother is a felon.
The shady, negligent and, in my opinion, criminal behavior by the crooks who ran Fannie Mae and Freddie Mac are as guilty as Madoff. The elected bandits such as Sen. Dodd and Rep. Frank who turned a blind eye to Fannie and Freddie in order to line their own pockets have also gotten away with the crime of the century. If their behavior wasn’t malicious, reprehensible and criminal enough, these same elected bandits are now bilking taxpayers by making us pay to clean up their horrendous ethical and soulless behavior. If these thugs had any personal or professional ethics, they would have resigned.
Madoff committed his decades-long crimes right under the Fedzilla nose of the Keystone Cops at the Security Exchange Commission, who are responsible for enforcing the federal securities laws. If the SEC couldn’t nab the biggest bandit in U.S. history after the SEC had been informed of Madoff’s highly suspicious investing activity on numerous occasions, the question needs to be asked: What good are they?
In typical Fedzilla fashion, the SEC’s budgets and manpower increased during Ponzi-Madoff’s 50 billion dollar robbery. There is a lesson here: the more bloated Fedzilla becomes, the less effective it is at carrying out even its most basic responsibilities and duties.
No SEC official will be fired or demoted, much less criminally charged, for failing to bust Ponzi-Madoff and protect American investors. The lack of Fedzilla accountability is sickening, though sadly predictable and all too familiar.
America does not need more SEC employees, more regulators, more investigators, more regulatory guidance, and more taxpayer dollars to pay them. I say they should get less. Rewarding an agency or an individual for poor performance is the wrong approach. They deserve to be punished, their budgets slashed and their management fired.
And while the SEC is being grilled by congress for their bumbling ineptness, Ponzi-Madoff is sitting comfortably under house arrest in his posh New York City apartment that he paid for by ripping off American investors. If we had a justice system instead of a legal system, Ponzi-Madoff and his close associates and family members who knew of his con would be sitting in a cage with the other street rats while awaiting their trials. There are 50 billion reasons why this con artist crook should be denied bail.
The stench gets stronger, the waste piles higher. What else is new?