Even the New York Times got into this 25 Random thingy. When the Times reported on this, you know the thing is coming to an end soon. So I am glad I was part of this cultural phenomenon or fad. That was the very first time I participated in this kind of modern day chain letter, usually I just filed those chain letters to my garbage. But I took an exception probably that has something to do with the sender and part of it was because it was non threatening--it didn't say if you don't compile then calamities will strike you and your family, that would have pissed me off right away. Anyway for whatever reason, I compiled and did it right away.
The Madoff Ponzi scheme which lost $50 billion is garnering more attention every day. Markopolos, the private securities fraud investigator and star witness to the Congressional hearing, details how basically the SEC is non-functioning and lacks the expertise to investigate securities fraud despite tips presented by Markopolos years before Madoff finally got arrested last year. Markopolos expressed fear for his own life during his investigation on Madoff. I think this is just another example of what a magnificent failure the SEC is. But as far as the Madoff case goes, most of the victims are billionaires to begin with so losing a few millions here and there, they are still multi-millionaires by and large. I really don't worry about their well-being. But of course, Congress being Congress, powerful victims got to be taken of, they got to take care of one another. I think after this financial shitstorm, we are going to have more BS regulations that make the lives of the rank and file more difficult.
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So many things to be pissed off about. What's up with people not paying taxes (you know who) and didn't get letters from the IRS. Double standard for the rich and work-ant like myself?
ReplyDeletePoliticians by their very vocation aren't supposed to be honest. Actually my standard is so low that I would say let Daschle be the health care reform czar if he is really one of the kind expert to fix the health care system.
ReplyDeleteAnd we need to reform the tax system too. Apparently you don't need to pay any tax even in the amount of $100 thousands as long as you are not audited or being asked into the cabinet.
You know you are so right. Our honest system has to go. Flat tax?? Haa...let's have a debate on that!
ReplyDeleteI was so excited about Daschle too. Don't worry. I believe that there are many others who can fix the health care system. You know how many so-called health care proposals have been sitting around in the white house since the Clintons. Do you remember when Hillary waved the new "health card" on TV 16 years ago. Boy I sure love to get hold of that right now.
Did I say flat tax? I believe progressive tax is still the way to go.
ReplyDeleteOr we should just appoint Wesley Snipes to revamp the Tax codes then nobody would have to pay taxes anymore, rich or poor.
No comment about your country's tax regime as I'm trying to stave off politics... (my blog curfew excuse is getting flimsier and flimsier...)
ReplyDeleteAnyway, couldn't resist commenting because of the NAMES of those guys involved!! I mean, Markopolos? Like Marco Polo except using the whole name as a surname (or maybe it's to denote his clan is Marco Polo's?). I thought the Madoff name couldn't be topped (I mean, seriously, having a guy whose name is like Made Off and then he turned out of have made off with millions of dollars of other people's money, you can't make this up!)
Snowdrops:
ReplyDeleteI don't blame you, my blog is just magnetic, mere mortals just can't resist.
Markopolos, that sounds Greek to me. Madoff, yeah you are right.
ReplyDeletethanks for doing the 25 random things. i thought it was a wee bit boring too. :P
ReplyDeleteCR, you are welcome. No, it wasn't boring.
ReplyDelete