There are press reports that Bernie Madoff has cancer and doesn’t have many years left to live. If this is the case, does Bernie win in the end? For decades, Bernie has been pilfering his clients for millions, and living far beyond his wildest dreams.
Let’s say that through an honest living, he could have made $50 million over the past 30 years of work. However, through his devious ways, he makes $450 million more. Even though he’s in jail now, and spends 5 years before he dies at age 76, doesn’t he come out ahead despite getting the book thrown at him?
Putting it another way, would you be willing to spend 5 years in jail if you knew $450 million was waiting for you at the end of your sentence? I bet many would say yes! Parallels of Bernie can be seen in the housing and credit card market. You buy a mega mansion for no money down, default on your million dollar mortgage after 5 fun filled years, and hand over the keys to the bank!
What do you guys think? Does Bastard Bernie win in the end? Or does the government and the people that Bernie swindled get justice? Anybody who thinks Bernie’s wife or sons were clueless needs to come back to reality. Is Bernie swindling us again? Only this time, he may be tricking a billion of us, not just thousands.
Financial Samurai – “Slicing Through Money’s Mysteries”