After watching Madoff & Stanford specials, I feel ill

Yesterday, I watched PBS Frontline’s The Madoff Affair about Madoff’s $65 billion Ponzi scheme.

Tonight, I watched CNBC’s Secrets of the Knight: Sir Allen Stanford & the Missing Billions about “Sir” Stanford, who apparently ripped off 30,000 clients, many of whom invested their entire life’s savings with Stanford.

That these men could steal such incredible sums from so many investors is an astonishing indictment of our financial system.

That the government failed to shut down — or even warn about — these Ponzi schemes even after receiving a stream of tips and suspicions — over many years — about each financial institution is an even more astonishing indictment of our government (SEC, etc.).

Posted by James on Thursday, May 14, 2009