Bernie Madoff had much of his stuff seized by the Feds recently, including his 55-foot custom yacht “Bull”, a smaller 24-foot boat called “Little Bull”, and his multimillion-dollar Palm Beach property.
“There were bulls everywhere,” [a deputy U.S. Marshal] said. “Large statues of bulls, small statues of bulls, bull bookends.”
Kind of funny that the guy running the biggest Ponzi scam in history had adopted the bull as his personal mascot. (Then again, that was his moneymaking product.)
Between the boats, the property, and the bank accounts they seized, it looks like the Feds have managed to recover a staggering five percent of the stolen money.
I do get a kick out of the calls for “more regulation”. The main whistleblower in the Madoff case had been pestering the SEC for almost a decade, telling them point-blank that Bernie was running a super-sized Ponzi scheme, but nobody at the SEC had the desire or the understanding to look into the issue. You have all those state offices of the SEC, and they’re all staffed with career bureaucrats pulling down handsome salaries…and when they get the biggest case of investment fraud in the history of the country served to them on a silver platter, they sit around with their thumbs up their butts.
Regulation doesn’t do anyone any good when the people in charge of the regulating wouldn’t be able to find their own asses if you pumped them full of radium and put a Geiger counter in their hands.