NEW YORK – Wall Street swindler Bernard Madoff said recently published interview that the federal government is a giant Ponzi scheme.
"Before the Feds showed up, I had it wonderful: a great family, mistresses, millions of dollars and a thriving business," quipped Madoff. He added this is what the US Ponzi scheme did to me:
Afterwards, my business was destroyed, my wife left me, one of my children committed suicide and here I am in jail. Why does the government hate private enterprise?
"The whole new new regulatory reform is a joke designed to put white collar criminals like myself out of business. ," Madoff said. As Madoff discussed his disdain for the financial industry and for its regulators, he suggested the Feds should go after blue collar criminals like the Mafia, not high end criminals like himself.
Madoff said in an earlier New York Times interview that banks and hedge funds were "complicit" in his Ponzi scheme to fleece people out of billions of dollars.
He said they failed to scrutinize the discrepancies between his regulatory filings and other information.
Madoff said If these banks had done their jobs years ago, I would have served my time by now.
He said in an interview that the Securities and Exchange Commission "looks terrible" was also remiss and ignored a Whistle Blower who had years ago fingered Madoff as a crook.
Madoff said, "If the SEC had done their job, i would have been arrested eight years ago."
A Ponzi, or pyramid, scheme is a scam in which people are persuaded to invest through promises of unusually high returns, with early investors paid their returns out of money put in by later investors.
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