Look at it this way. Who did the Madoffs take money from? The rich! They were just spreading the wealth around. Getting the rich to pay their fair share as it were. And what did they spend the money on? Overpriced boats, aircraft and buildings. Then they used shoddy accounting to hide it all. Hey that sounds like some other folks I know. No wonder the Feds are pissed a Madoff. He probably fell behind on his franchise payments.
who is “the rich” you scorn?
Someone who works in and owns a business for 35 years and sells it, then invests the proceeds for retirement income?
Someone who lives frugally for 30 years and saves and invests for retirement?
a couple who pay off and sell their home they owned for 30 years and invest the money for their retirement needs?
universities investing their endowment funds?
a group of doctors who pool a portion of their practice income and invest it as a pension plan for 144 employees?
all of the above are examples of “rich” madoff investors, listen to the panels featuring them telling their stories
Fox news had a doctor on the other day. He said his medical group invested the group retirement plan with Madoff. 140 employees lost their retirement.
So, it was NOT just rich people who lost money!