Selective Victimization

The New York Times tells us Madoff had plenty of accomplices - his so-called victims. I can hardly wait for the piece that tells us how all those soon to be bailed out takers of sub-prime mortgages were accomplices, too. But the Times won't go near that.

They would never say such a thing about someone who didn't have a lot of money to start with, or more likely in their view, simply doesn't have the brains to look out for themselves. It's a shame liberals have so little respect for the people they would purport to defend.

They're more likely to jump on the LA Times / NAACP victimization meme in that instance. Funny how that works out.

Madoff Had Accomplices: His Victims

Did he want to talk about it? He wasn’t sure, he said. I asked his name. “I’m not going to give my name unless there is some benefit for me,” he said dourly. “I haven’t had too many benefits lately.”

Comments

[Meredith]

I agree with the NYT article. I was saying some of the same things to my husband last week. These "victims" put all their eggs in one basket that seemed too good to be true. They were just as greedy. But I also agree with your point that there is selective victimization in this country.

[Fred Beloit]

Good point, Dan. The NYT, going under the financial waves, adheres to its chief mission of shouting the messages of the Democraticic party. They have no talent for recognizing the irony.

[mary]

Amazingly, when you get to talking about this with others a lot of people believe they "got what they deserved". People feel that they were really played but that they are not stupid people so when the market was down and they were getting those great returns they had to have known something was amiss. But, they were greedy, they thought they were part of an exclusive club of people who had the secret and they didn't want to rock the boat. Similar to all the dems who didn't pay their taxes. People think the non tax payers and the "victims" are in the same mind set. Sort of "Let me do what is best for me and not think about anyone else or the consequences." The mentality somehow morphed into people not engaging their consciences. Same for the mortgage brokers and clients. I guess it is just "the ends justify the means" gone over the edge all at the same time. Those who play by the rules are the most angry at everyone who didn't. Lately I've heard a lot of "maybe I shouldn't pay my mortgage like I have done for the past (insert number) years faithfully and see if they will bail me out?" and 'maybe I should just run up all my credit cards and then just walk away and see how they like it then." People are angry.

[ah]

The NYT is correct! And the housing meltdown was indeed as much caused by the home buyers and home owners as the real estate / loan brokers as the banks. Interestingly nothing has changed other than the fact that banks no longer have money to fund loans. The number of advertisements re. loan modifications, how to make money with foreclosures with zero or little of your own money is staggering. Sadly I have yet heard one person--politician or financial expert on financial show such as CNBC dare to to bring to light the real reason the banks don't have money. If any one tells me that these folks don't know then I say they need to be fired from their jobs. There is no coincidence that Geiner (and his colleagues) has Pinocchio's nose just like Madoff.

[Paul A'Barge]

Yes, the victims should be held responsible, but .... several folks complained about Madoff to the SEC and the SEC opened an investigation and found nothing.

You can rant on and on about personal responsibility but if we're to be a vibrant investment culture and if we expect the investment class to grow to include average Americans, we are going to have to have an SEC and FBI etc that do their job and catch these mutts before they steal everyone's savings.

And it's going to be that or we're going to go back to the late '40's and then we really will have a class war on our hands.

You choose, America.