Most important, Judge Louis L. Stanton of United States District Court, who is handling the civil case against Mr. Madoff, is being urged to consider broadening the protections normally available to investors in failed Wall Street firms to allow for the “devastating” circumstances of the Madoff scandal.
The above is taken from a story this morning in The New York Times about the beginning of the court phase of the Bernie Madoff scandel. What is striking to me is that for some reason this fraud is especially devastating and therefore the protection thresholds need to be expanded to cover losses. Give me strength.
This is no different than Enron, WorldCom, or any other corporate meltdown where stockholders and retirees get the shaft other than this is New York based (rather than Houston or, God forbid, Mississippi) and therefore requires special consideration. The other thing that rubs me the wrong way about this is that these are not unsophisticated investors or ordinary workers who had their pensions and 401(k) accounts tied up in company stocks. These are institutional and accredited investors who should have the financial savvy to know that no one beats the market all of the time. In short, they were greedy. Now they want the taxpayers to take them off the hook. I think not.
Join the great unwashed and take your medicine like the rest of us.
Related articles by Zemanta
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=525ffc64-4cfd-4144-a67a-e1cd9f06b3b3)
