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Investment in Madoff Ponzi Scheme Outperforms Wall Street ...
An investment of $100 in Madoff's Ponzi scheme, made shortly before its collapse, now looks to be worth $79 as the bankruptcy liquidation winds down. An investment of $100 made at the same time in AIG is now worth $9, in Citigroup it's $16, in B of A it's $27, in Morgan Stanley it's $40, and even in venerable Goldman Sachs it's only worth $70! Similar comparisons could be cited for other firms.
WOW! Investing with the guy who was overtly stealing your money outperforms money invested in the "legitimate" Wall Street firms. And this in spite of the fact that the Wall Street firms received $100's of billions in bailout funds from the TARP program, and $29 trillion in essentially interest free loans from the Fed! Without that aid, money invested in ANY of these companies would have gone to $0 !!!
Now, you would not know this from the $10's of billions in bonuses the Wall Street execs paid themselves. It makes you wonder why Bernie is the one in jail. Why, Bernie should be looking for his own performance bonus payment for preserving so much of his investors' capital. They'd have fared far worse investing in Bank of America or Morgan Stanley after all.
Irony, sweet irony. And pretty much the same pack of wolves is still running our financial system!
BUT, the Washington politicians feeding at the trough of Wall Street campaign contributions still stumble about in puzzlement that the economy is not recovering faster.
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