The folks who lost great sums of money to Bernard Madoff’s $50 Billion financial scam are now looking to the government for help. They are petitioning the Feds to “bail them out” now that GM and Ford are on the take just as are the nation’s biggest banks. As understandable as it is for the banking system and (to a lesser degree) the auto industry to be supported in their efforts to re-gain their footing, helping out the victims of Madoff would set a dangerous precedent. Every investor who ever made a bad investment or entrusted their finances to a less than honorable broker would hit up the Feds (and therefore us) for restitution.
I find it deeply disturbing that folks like Madoff could even get away with such an outlandish scam that threatens to destroy all trust in our financial markets. The free market system has created tremendous opportunity but has also opened the doors to unscrupulous individuals. With the freedoms of our system comes great responsibility. Unfortunately the actions of the few have caused a groundswell of anti-capitalism. Our whole way of life is being attacked and greed is at the heart of it.