Thank God that Madoff is a Democrat, and that his scheme was launched and carried out during the 48-year period during which Democrats were in charge of Congress for 34 years and primarily responsible for banking and investing oversight. Since his clientele were predominantly Democrats, perhaps they will finally realize that wrongfully blaming Republicans for everything won’t bring back their lost investments, especially when Democrats weren’t fulfilling their oversight responsibilities.
Madoff’s mistake was in being a financier instead of a politician. Ponzi schemes are not illegal when done by a government. As proud as Madoff is of his $50 billion fraud, think of how proud the Democrats are of Social Security’s and Medicare’s $60 trillion unfunded hole. Just as Madoff took money from new investors to pay “earnings” to earlier investors, Social Security takes from current workers to pay retired ones. Unfortunately for Madoff, the financial meltdown caused some of his investors to try to cash out, forcing Madoff to admit their money was all gone. Fortunately for politicians, they can keep taking from current workers and paying retirees until they have to pay out more than they take in (estimated to start in 2018). Then politicians can pretend to pay out of the Social Security “Trust Fund” – actually the money will come from the General Fund income taxes - plus raise payroll taxes on workers because the Social Security recipients and the soon-to-be recipients will have enough political clout to get whatever they want.
Democrats are always very generous with their blame of Republicans.