Tuesday, July 14, 2009

Bernard Madoff’s new inmates in Butner, North Carolina include:

Omar Abdel-Rahman, the terrorist known as the “Blind Sheik” who masterminded the 1993 World Trade Center bombing and former Adelphia Commmunications [sic] Chief Executive Officer John Rigas… former U.S. Naval Intelligence Analyst and convicted spy for Israel Jonathan Pollard; former Colombo crime family boss Carmine Persico; and Russell Weston, the perpetrator of a 1998 U.S. Capitol shooting that left two U.S. Capitol Police officers dead.

Honestly, though, why is the former chief of Nasdaq being roasted on a spit while other traders and financiers who were probably complicit in similar schemes, less audacious perhaps and more legalistic, have wholly escaped punishment or any sort of accountability? One could argue that the deregulation of derivatives, pushed by Larry Summers and Paul Volcker, among others, caused more damage than Madoff and his Ponzi scheme. But for now, though it is speculative, one could make that argument.

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