Jesse: Chasing Madoff

Jesse’s comments on the documentary, “Chasing Madoff”, are truly priceless, and must be internalized by everybody.

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The Bernie Madoff and Allen Stanford cases took on particular importance to me because I knew people personally that got hurt badly by the frauds. The personal stories told by Harry Markopolos ring so true, and reinforces the problems we face with reforming the system due to “control fraud”, the “credibility trap”, and “normalcy bias”. When people are making tons of money, on both sides of the transaction, no one wants the game to end. The people involved don’t shut down the fraud because they’re making loads of money, and the people not involved are too busy to get involved. It is only when the system implodes that anyone gives a damn. The only problem this time is that instead of only a few thousand unlucky account holders of Madoff and Stanford being wiped out, it’s going to be several millions innocent mom’s and pop’s that get destroyed, and they too will then know someone personally that got screwed.

There’s old saying on Wall Street, “don’t confuse brains with a bull market”. Fraudsters better not confuse wealth with brains, respect, or empathy. There is a big reset coming, and this time people are not unaware or confused about the cause and who’s to blame. They will be many more people that know where to point the finger, and the fraudster will learn another human emotion besides greed, and it’s called revenge. Good times and the trappings of “success” can attract “friends” and keep your conscience in the cheap seats. However, as Bobby Womack says,

When the “great reset” comes,
and the skeletons come out of the closet and start chasing you all around the room,
and the memories sail ’round like a ghost, and that’s a fact, no joke.
If you think you’re lonely now, wait until I’m right, fool.
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Mackie, what price did you pay?


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