Keane observations about life, politics and sports.

Monday, June 29, 2009

Breaking News: Bernie Madoff Sentenced to 150 Years in Prison

Financial investing scam artist (thief) Bernie Madoff was sentenced to 150 years in prison for his massive Ponzi scheme. His crime was running the second largest Ponzi scheme ever run (only trailing Social Security). Wall Street cheered the sentence and the stock market is up slightly today, but this conviction and sentence really has no bearing on the future of the economy. Companies that increase their profits will grow in value those that don't won't. However, having said that, this sentence will help to restore some faith in the markets. People will, wrongly or not, see this sentence as a strong deterrent against future fraudsters. Confidence in the integrity of the financial markets is paramount to keeping people willing to participate.



Post a Comment

Subscribe to Post Comments [Atom]

<< Home


View My Stats