Sunday, February 22, 2009

Scammed Out of Your Life Savings? Government Owes You

Apparently I haven't had enough of the Madoff madness because I just had to express my pure astonishment at a quote from this article in today's New York Times, from a woman at a Town Hall meeting of Madoff creditors: "This is a human tragedy, and we should be getting help from the government like any other victims. I lost my entire life savings that I worked for my entire life."

Help from the government? Because you voluntarily put your money with somebody obviously not vetted properly--to get the most return--who scammed you? I know you worked your entire life for those savings, lady, but don't you think taxpayers (who work their entire lives) have better things to do with our money than to pay you for your bad choices? Your sour investment is not a "human tragedy" like Hurricane Katrina or the attacks of 9-11.

But as expected, the government will come to the aid of investors, with up to $500,000 available from its Securities Investor Protection Corp. While that amount may be less than lost by most of Bernie's victims, it will at least insure that those of limited worth won't be left penniless.

What galls me is that woman's sense of entitlement. Such a quick reaction: Think, "human tragedy," and immediately, "government owes me." By the way, though Bernie confessed to Ponzi-ing $50 billion, so far the claims from 2,350 wronged customers only total about $1 billion, according to court-appointed trustee Irving Picard. Yes, it's a human tragedy, but when you work your entire life, sometimes you find out the most valuable things in it are free.

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