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Tuesday, July 14, 2009

A Ponzi scheme worse than Madoff's

Just how unusually evil were Madoff's actions? Not that unusual. In fact, the whole notion of paying off past investors with the funds of present investors is at the very core of the Social Security system. At least Madoff sought the consent of his investors who let him care for their money based on their own volition. And at least he didn't attempt to defend himself with the claim that he was conducting wise public policy.
-- from "Free Bernie Madoff" by Jeffrey A. Tucker

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