"Will The Madoff Debacle Finally End The "Who Could Have Known?" Era?"

[specimenfred1984]

http://www.huffingtonpost.com/arianna-huffington/will-the-madoff-debacle-f_b_151219.html

----See if this sounds familiar:

An ambitious and risky undertaking carried out with hubris, and featuring the weeding out of anyone who raises alarm bells, little-to-no transparency, an oversight system in which no central authority is accountable, and the deliberate manufacturing of ambiguity and complexity so that if -- when -- it all falls to pieces, the excuse "who could have known?" can be used....

Is it Iraq? Fannie Mae? Citigroup? Bernie Madoff?

The correct answer is: all of the above.----

[benld74]

1. IT IS NOT OVER YET!!! There's more suprises to come,,,

and WHOCUDANODEIT?

[damntexdem]

2. Who could know?

;-)

[notesdev]

3. Not even close

We're maybe 1/10th of the way into seeing just how much of our apparent prosperity and wealth was a result of one fraudulent scheme or another... these guys have been hollowing out our economy for decades, offshoring industry, outsourcing some jobs while importing cheap labor to replace Americans in jobs that couldn't be farmed out, replacing savings with debt, replacing real assets with phantoms, insider trading, rampant bribery in government. This country is so far gone that if the full truth were known, civil society would disintegrate immediately.

[HughBeaumont]

4. Who could have known?

Uh, practically anyone with a brain stem could have.

[Fumesucker]

7. Once again the DFH contingent proves correct and the pragmatic centrists disastrously wrong..

And yet the pragmatic centrists are the only ones worth listening to. :shrug:

[SpiralHawk]

5. "Smirk." - Republicon 'regulators'

eom

[natrat]

6. madoffs niece married to SEC official

[KharmaTrain]

8. As The Sheeple Sleep...

The initial reaction of the Madoff scandal here was predictable..."soak the rich"...they deserved what happened to them. The real story here is Madoff isn't the only "fund manager" who played these games and it wasn't just the rich who got soaked. It was pensions, endowments and trust funds for anything but the rich. For example, a local privately run elderly center that had money invested in a Madoff-type fund is now on the verge of closing...their endowment is gone...add to that cut backs in most state and federal funding. The residents, mostly the parents and grandparents of people in this community, still don't understand how this happened and that it could take down other funds as well. While most slept, their retirements and savings (if one was lucky to have any) were all drained into booshie's cronies pockets on their way out of town.

The real outrage will be when, and if, there's a full investigation of what really happened here...how regulators looked the other way while this pyramid scheme grew bigger and more out of control...as long as people were making money, no one said boo. Right now all we have are company names...inanimate objects...when these collapses go to court (if not criminal, civil), faces will be put to who took the money...then lets see how the corporate media reacts.