“Why is this the big story? This is the small fish.  This is the manipulation of the entire financial meltdown by the government and the media….This is a small fry in comparison to the real criminals.” (Glenn Beck)


Financial investor Bernie Madoff received the maximum sentence of 150 years in prison on Monday, convicted on 11 counts stemming from a $65 billion Ponzi scheme.

Though the decision has been celebrated by many as an act of justice and a display by the courts as setting a precedent on white collar crime, many are still asking: who’s to blame?

Liberal news and opinion website AlterNet has this perspective.

“This isn’t just about Madoff. This is about the system in which Madoff’s scam took place. This is about systemic fraud and malpractice, the cultural trade of due diligence for easy profit.”

Yahoo! Finance reports from the victims’ perspective, who find fault with government officials.

“Madoff investors feeling some sense of justice today at the 150-year sentence handed down, but they’re expressing a tremendous amount of outrage aimed at federal regulators for failing to stop the scam or to make payments they feel are due to them now.”

The story has garnered international attention- France 24 talks to Amir Weitmann, author of “The Madoff Affair” who pins the blame solely on the mastermind.

“There’s no doubt. I wrote it very clearly that Bernie Madoff is the prince of evil.  He’s an incredibly evil person who had this incredible ability of defrauding his family, his best friends, his oldest business partners…”

But political journalism organization Talking Points Memo claims that while Madoff is taking the rap- other swindlers are getting off easy.

“He has been very useful as a public face and scapegoat. He alone swindled billions.
Large corporations and banks stole or wasted trillions. Most of their principle actors are still very prominent and directing current policy.”

What do you think?  Was justice served? Was this the work of a sole scammer or the result of a broken financial system?

Madoff: Who's Really to Blame?

by Nathan Giannini
0
Transcript
Jul 1, 2009

Madoff: Who's Really to Blame?

“Why is this the big story? This is the small fish.  This is the manipulation of the entire financial meltdown by the government and the media….This is a small fry in comparison to the real criminals.” (Glenn Beck)


Financial investor Bernie Madoff received the maximum sentence of 150 years in prison on Monday, convicted on 11 counts stemming from a $65 billion Ponzi scheme.

Though the decision has been celebrated by many as an act of justice and a display by the courts as setting a precedent on white collar crime, many are still asking: who’s to blame?

Liberal news and opinion website AlterNet has this perspective.

“This isn’t just about Madoff. This is about the system in which Madoff’s scam took place. This is about systemic fraud and malpractice, the cultural trade of due diligence for easy profit.”

Yahoo! Finance reports from the victims’ perspective, who find fault with government officials.

“Madoff investors feeling some sense of justice today at the 150-year sentence handed down, but they’re expressing a tremendous amount of outrage aimed at federal regulators for failing to stop the scam or to make payments they feel are due to them now.”

The story has garnered international attention- France 24 talks to Amir Weitmann, author of “The Madoff Affair” who pins the blame solely on the mastermind.

“There’s no doubt. I wrote it very clearly that Bernie Madoff is the prince of evil.  He’s an incredibly evil person who had this incredible ability of defrauding his family, his best friends, his oldest business partners…”

But political journalism organization Talking Points Memo claims that while Madoff is taking the rap- other swindlers are getting off easy.

“He has been very useful as a public face and scapegoat. He alone swindled billions.
Large corporations and banks stole or wasted trillions. Most of their principle actors are still very prominent and directing current policy.”

What do you think?  Was justice served? Was this the work of a sole scammer or the result of a broken financial system?

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