Wednesday, March 10, 2010

Madoff and Stanford "Victims" Want Government to "Make Them Whole"

Jewish and Christian coalition of the (once-)wealthy to make the rest of us pay, ultimately. Can you spell C-H-U-T-Z-P-A-H?

Investors Who Lost In Madoff and Stanford Schemes Want Government to "Make Them Whole" (3/10/2010 Jesse's Café Américain)

Citing the Business Week article, the post informs us that the Madoff and Stanford victims have banded together and have been lobbying Congress for a law that could require Wall Street firms to pay billions of dollars to cover some of the losses they suffered.

"Revenue neutral" solution to so that this wealthy group of investors are made "whole". RRIIGGHHTT.

But as Jesse's Cafe says, "What about the rest of us?":

What about the many who have lost, on a percentage basis, equally if not more devastating amounts of their retirement savings in the tech, housing and credit bubbles? Their only fault is that they lack the political connections and high powered lawyers to make the case for them to the Congress, and the influence to get their way from pliable Congressmen.

...To take the losses of wealthier investors from hedge funds and other high risk investments having no productive benefit or socially redeeming value, and socialize them to the many is almost unbelievable.

This holy coalition even has Federal Reserve Dallas's spokeswoman as one of the lobbyists, and influential Senators are already quite sympathetic to their "plight".


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