Keyword: ponzischeme

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  • Economist Calls Entitlements A Massive Ponzi Scheme And Says US Is Actually $211 Trillion In Debt

    08/31/2011 10:53:25 AM PDT · by blam · 48 replies
    TBI ^ | Simone Foxman
    <p>Image: Yahoo!</p> <p>In an interview with NPR, former Reagan economic adviser Laurence Kotlikoff said the U.S.'s "true indebtedness" amounts to $211 trillion.</p> <p>That's more than 15 times the $14 trillion official figure.</p> <p>"We're focused just on the official debt, so we're trying to balance the wrong books," Kotlikoff said, naming Social Security, Medicare, and Medicaid for the skyrocketing unofficial figure.</p>
  • We have A Social Security system Bernie Madoff would love

    08/30/2011 8:45:13 AM PDT · by SeekAndFind · 4 replies
    Daily Caller ^ | 08/30/2011 | By C.J. Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • Is Social Security a Ponzi Scheme? Rick Perry thinks so.

    08/29/2011 12:58:04 PM PDT · by martosko · 45 replies
    The Daily Caller ^ | 08/29/2011 | CJ Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • Rick Perry says Social Security is a "Ponzi scheme" and a "monstrous lie" (Perry speaks the truth)

    08/29/2011 12:04:46 PM PDT · by tobyhill · 165 replies
    cbs ^ | 8/29/2011 | Corbett B. Daly
    Republican presidential candidate Rick Perry continued his attack on Social Security over the weekend, calling it a "Ponzi scheme" and a "monstrous lie" to younger Americans who should not expect to get back their contributions upon retirement. "It is a Ponzi scheme for these young people. The idea that they're working and paying into Social Security today, that the current program is going to be there for them, is a lie," Perry said, according to the Houston Chronicle. "It is a monstrous lie on this generation, and we can't do that to them," Perry told a crowd a The Vine...
  • Rick Perry sticks to claim that Social Security is a scam

    08/29/2011 11:34:13 AM PDT · by reaganaut1 · 119 replies
    Los Angeles Times ^ | August 29, 2011 | Michael Muskal
    Texas Gov. Rick Perry is standing firm in insisting that Social Security, the federal government’s insurance programs for retirees and disabled, is a Ponzi scheme designed to deceive the young. In a weekend campaign stop in Ottumwa, Iowa, Perry, who has surged into the lead in the Republican presidential sweepstakes in at least one major poll, repeated his characterization of the social insurance program that is generally supported by the electorate. He has made the same point before, especially in his book, “Fed Up!,” though at one point his campaign tried to explain that he had softened his language. “It...
  • Wall Streeter Confesses: I Was Paid Millions At UBS And Bear Stearns For Fronting A Ponzi Scheme

    07/11/2011 7:22:29 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 07/11/2011 | Courtney Comstock
    Meet your worst nightmare: a Wall Streeter who got paid millions to work at investment banks while he was stealing money from innocent investors and his company. Justin Paperny, a 36-year old who lived the Wall Street dream until a few years ago, tells a shocking tale of greed and sociopathy to Cincinatti.com. Paperny looks like the hundreds of thousands of well-bred youngsters who go to work on Wall Street every year. He grew up wealthy in a suburb outside of LA, went to college at USC, and went to work on Wall Street. He was paid $200,000 his first...
  • Obama’s speech in Westminster Hall was heavy: but his big speech in Ireland was simply fraudulent

    05/28/2011 2:41:21 PM PDT · by NYer · 32 replies
    Catholic Herald ^ | May 28, 2011 | William Oddie
    President Obama drinks a Guinness in Hayes Bar in Moneygall, County Offaly, during his visit to Ireland (Photo: Press Association)What one has always to remember, in speeches delivered abroad by statesmen from any democratic country—but especially from America—is that for them their most important audience is back home. President Obama’s performance in the medieval splendours of Westminster Hall, it seems, didn’t go down all that well back in the US of A: his meeting with the Cambridges got more media attention. Certainly, his oratory has often been more compelling; after the jokiness and rabble-rousing of a lot of his speech...
  • Insolvency looms for federal entitlement programs, government warns ("TurboTaxCheatTimmy" says)

    05/13/2011 12:08:22 PM PDT · by NormsRevenge · 109 replies
    Los Angeles Times ^ | 5/13/11 | Noam N. Levey
    Caught in the sluggish recovery from the last recession, Social Security and Medicare face an increasingly dismal fiscal future, the federal government reported Friday in its annual review of the two mammoth entitlement programs. Medicare, which now provides health insurance to some 47 million elderly and disabled Americans, could begin running a deficit in 2024, five years earlier than projected last year. And Social Security, which last year began paying out more in benefits than it collected in taxes, now faces insolvency in 2036, compared to 2037 in last year’s projections. Over the years, the Social Security and Medicare trustees...
  • Scott Rothstein's wife, Kim, reaches deal in bankruptcy case

    05/10/2011 7:07:04 PM PDT · by TheDingoAteMyBaby · 8 replies
    Sun-Sentinel ^ | May 10, 2011 | Jon Burstein
    The wife of Scott Rothstein will give up much of the couple's belongings in a deal she cut with the attorneys cleaning up her husband's $1.4 billion Ponzi scheme. Kim Rothstein will keep some clothing and household items, but is relinquishing her rights to almost all of the high-end purchases taken out of their homes in Florida, New York City and Rhode Island, according to court records filed Tuesday afternoon. Gone are the Zola Keller designer dresses, the pairs of Jimmy Choo and Christian Louboutin shoes, and much of the couple's 240-bottle wine collection. She kept a pair of Coach...
  • Retired bus drivers lose everything in Ponzi scheme

    04/20/2011 1:43:05 PM PDT · by Signalman · 39 replies
    CNNMoney ^ | 4/20/2011 | Blake Ellis
    NEW YORK (CNNMoney) -- Bobby Bradley, a 70-year-old retired bus driver, was duped out of $215,000 -- his entire life savings. Now, he's desperate for any work he can get. "I've been looking for jobs but I'm too old, nobody wants to hire you at this age so it makes it rough -- I drove a bus for 35 years, so what am I supposed to do now?" Frances Wills, 67 years old and also a former bus operator, has 75 cents to her name and can't pay rent after losing her $156,000 retirement fund. "I can barely pay for...
  • Why Social Security is a Ponzi Scheme

    03/15/2011 6:36:54 AM PDT · by SeekAndFind · 24 replies
    Forbes ^ | 03/15/2011 | Dean Zarras
    Want a recipe for ruckus? Merely suggest that Social Security might be a “Ponzi scheme”. You might even end up on Drudge Report. Yet the facts bear out the thesis, as we shall see… For starters, let’s be clear on what a Ponzi scheme is. Say you’re in a scheming kind of mood and looking to get rich off it. Say you’re Bernie Madoff! You start by convincing a small group of people, say five of them, to each give you some money, say $1,000, with the promise that each month thereafter, you’re going to give them $50 back. That...
  • Ultimate Collapse of Social Security and Medicare

    03/03/2011 7:26:57 PM PST · by Bob Maverick · 12 replies
    American Fairhope Retirement Plan ^ | March 03, 2011 | Bob Maverick
    By congressional action, seniors lean upon younger workers to keep their perceived ‘entitled’ pension benefits coming. This 'backward lean' is the very 'ponziness' of the debacle because the youngest group has no one to lean upon, hence they will be defrauded. The crucial problem is that our government has enacted socialistic and immoral institutions into law such as Social Security and Medicare, which are cloaked in many high-moral sounding themes. But if you are a great grandchild (or later) of the 1930's New Deal era, you will grievously and forever be a dining table server at the Ponzi Scheme Banquet...
  • Bernard Madoff Accuses His Investors Of Greed ['I just went along']

    02/28/2011 1:24:38 PM PST · by fight_truth_decay · 46 replies
    Telegraph.co.uk ^ | 5:12PM GMT 28 Feb 2011 | By Jon Swaine
    Bernard Madoff, the disgraced financier, accused the investors whose money he lost in a £40 billion Wall Street investment fund of being greedy. 'Everyone was greedy,' Bernard Madoff told New York magazine.'I just went along' Photo: AP Madoff, who is serving a 150-year prison sentence, also rubbished the financial reforms introduced by the US to prevent future corruption and claimed: "The whole government is a Ponzi scheme". He added: "These banks and these funds had to know there were problems". "It was a nightmare for me," he said. "Even the regulators felt sorry for me ... They said 'how did...
  • Another New Liberal Ponzi Scheme : Green Bonds for a low carbon society

    02/17/2011 6:57:21 AM PST · by SeekAndFind · 11 replies
    American Thinker ^ | 02/17/2011 | Michael Fraley
     History appears to be repeating itself. Consider the following logic:  1. Green energy needs more access to money. 2. Banks should be encouraged to loan them this money. 3. This will only happen with government intervention. 4. So-called "green bonds" are the instruments for hiding the risk. As reported in an article on Energy Central, this is, in essence, the conclusion of a study by Barclays and Accenture. The issuance of so-called green bonds would be the mechanism, or the means by which primary loans could be packaged and re-sold in secondary markets to pension funds, institutional investors and...
  • Wait A Minute, Why Should I Hate Bernie Madoff? (There's a Ponzi Scheme we should hate but don't)

    02/09/2011 7:16:30 AM PST · by SeekAndFind · 15 replies
    Forbes ^ | 02/09/2011 | Kyle Smith
    When Bernie Madoff popped up in the news again last week, this time when it was alleged that his bankers at JP Morgan Chase saw red flags in his actions but failed to tell the authorities, I felt that familiar feeling again--nothing. Because I don't hate Bernie Madoff. Why should I? SNIP I shed no tears for Madoff, but nor do I clench a fist. Madoff didn't do anything to me. However, if I were forced to join an investment fund that I knew to be a Ponzi scheme and made to watch helplessly as my dollars were sucked out...
  • Social Security Fund to Be Empty by 2037 (and now the Government gets to ruin healthcare!)

    01/27/2011 3:31:36 AM PST · by tobyhill · 30 replies
    Fox News ^ | 1/27/2011 | ap
    Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates. The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016. This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it...
  • Lindsay Graham is Wrong Again!

    01/26/2011 3:45:01 PM PST · by bronkburnett · 41 replies
    Atlah Media Network ^ | 1/24/2011 | michael master
    Lindsay Graham appeared on TV the other day and suggested that Social Security benefits need to be cut to keep it solvent.... Government spent the money from Social Security on stuff other than the retirements of those who contributed. Now the Social Security savings are gone... The federal government used a little noticed line in the legislation to use the Social Security Trust Fund for things other than payments to the contributor. The government raided the fund. LBJ and the Democrat Congress of the 1960s were the first to raid it... That act of theft from Social Security funds has...
  • The Savior, the Master Teacher (Real LDS/Mormon)

    01/19/2011 4:41:41 PM PST · by Paragon Defender · 20 replies
    The Savior, the Master Teacher    By Elder Jay E. JensenOf the Presidency of the SeventyJay E. Jensen, "The Savior, the Master Teacher", Ensign, Jan. 2011, 42–47   We are to feast upon the words of Christ—the scriptures—and, as He did, use them to teach and strengthen others.  Under the direction of His Father, Jesus Christ created worlds without number. He was the great Jehovah, the God of the Old Testament. He was born of a mortal mother, Mary, and of God the Eternal Father. He was the greatest being to live on earth. He said He came “to do the will of him...
  • Promises and Riots (Thomas Sowell)

    12/28/2010 11:10:47 AM PST · by jazusamo · 42 replies · 7+ views
    Creators Syndicate ^ | December 28, 2010 | Thomas Sowell
        Economists are the real "party of No." They keep saying that there is no such thing as a free lunch— and politicians keep on getting elected by promising free lunches.Such promises may seem to be kept, for a while. There are ways the government can juggle money around to make everything look OK, but it is only a matter of time before that money runs out and the ultimate reality hits, that there is no free lunch.We are currently seeing what happens, in fierce riots raging in various countries in Europe, when the money runs out and...
  • Madoff bonanza(Picower widow forfeits $7B from Ponzi scheme)

    12/18/2010 7:04:38 AM PST · by TigerLikesRooster · 38 replies
    NY Post ^ | 12/18/10 | KAJA WHITEHOUSE
    Madoff bonanza Picower widow forfeits $7B from Ponzi scheme By KAJA WHITEHOUSE Last Updated: 8:10 AM, December 18, 2010 Posted: 11:39 PM, December 17, 2010 The widow of late philanthropist Jeffry Picower, who made billions in phony profits investing with Ponzi king Bernie Madoff, agreed to return a staggering $7.2 billion to federal prosecutors in the largest recovery to date for victims of the massive fraud. The huge windfall brings the total amount recovered since Madoff confessed to his crimes just two years ago to $9.8 billion -- nearly half the estimated $20 billion investors lost in the scheme.