Tag Archives: banking

Why We Should Not Believe Bernie Madoff!

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According to the Yahoo article “Madoff to NY newspaper: Banks ‘complicit’ in fraud”, Bernie claims that the Banks were complicit to what Bernie was doing.

First, why should we believe Bernie?  He’s proven himself to be not trustworthy (and that’s being nice)!  He ripped off thousands of investors that thought he was legit.

Perhaps he thinks that he can testify against the banks in some way and that somehow the banks really made him create his Ponzi scheme, maybe he thinks he can even get a reduced sentence?  Perhaps he believes that he can redirect the blame or cause as much damage to society as possible by stripping away the confidence in the banking system?  Who knows…

Here’s a guy that had an incredible history with the financial system.  Shoot, he was chairman of the NASDAQ stock market!  Why would you think that he had a Ponzi scheme going on, if I were a bank employee, I would think that he’s legit too.  Perhaps this is why the government didn’t investigate this man either!

I don’t think the bank executives are naive enough to get involved in a Ponzi scheme, and for Madoff to say, that the banks were aware of what was going I’m sure is inaccurate.  What bank executive/employee, in their right mind would help fuel a Ponzi scheme if they knew about it.

I think he’s a man that’s beat and will spend the rest of his life in prison.  So why not try and mess with business/people.  I’m just disappointed in the journalist that picked up this story like it’s real news…  come, this guy has no credibility whatsoever!

I know that a lot of boomers move a lot of their money into high yield savings account like the American Express Savings account after Bernie stole the money from so many other boomers.

Please, please don’t believe anything Bernie Madoff says!  And shame on the media for picking this story up and acting like it’s legit!

-MR

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Is the Government Destroying Our Banking System?

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I ask this because the government keeps making it harder for the banks to recover.

First, the government provided the bail out money from TARP.  But then they said that the banks need to keep certain capital levels in reserve.  Then, they complain that banks aren’t lending out money…?

Now, I read today that Barney Frank has introduced a bill to give the government the power to take over the banks whenever an emergency or whatever arises.  Now that is crazy!  I don’t have much respect for the politicians anymore when they start thinking they can run businesses better than the experts in the field.

I found a great article that really presents out how illogical the government is handling the entire banking mess Here at SmartMoney.com

I wish the government would stop focusing on the short term problem, and focus their attention on the real issues of job loss in the United States, instead of punishing the stockholders of the financial systems (some of many real victims in this mess).

Now, I don’t like some of the credit card practices that banks are pulling, but let’s let the bank get off of the ice before we pull the rug out from under their feet.

-D