The Real Ponzi

Good news for bloggers. According to the government, there are hundreds more Madoffs under investigation.

A short article in the WSJ reports that the commissioner of the Commodity Futures Trading Commission said that regulators are seeing more Ponzi schemes than ever before. He  referred to it as “rampant Ponzimonium.” Finally one of these guys seems to have a sense of humor.

According to the chairman, these scamsters are not shy about hiding their wealth. They tend to lead the life of the ultra-wealthy on their stolen money.

If all of this is true, and I suspect it probably is, I’m not sure what it says about the country. There are always going to be criminals. That’s just a given. But is the American investing public either too greedy or too stupid to see through these things. I can’t think for any other reason they get sucked in. If you can let me know.

An aside here. Who among the alphabet soup of regulators is supposed to be the top dog in policing this stuff. Maybe the better question is do we have any rational way of controlling this stuff via our government agencies.