http://www.thefreemanonline.org/anything-peaceful/madoff-scandal-exposes-government-failure/ Ideas on Liberty Wed, 15 Feb 2012 03:46:16 +0000 hourly 1 http://wordpress.org/?v=3.3 http://www.thefreemanonline.org/anything-peaceful/madoff-scandal-exposes-government-failure/comment-page-1/#comment-21622 Carl Clegg Wed, 24 Dec 2008 15:41:49 +0000 http://www.feeblog.org/?p=399#comment-21622 Mr. Madoff was a mastermind criminal. He began his great Ponzi scheme actually back in the 1970's and was able to fool a lot of people for a long time. Some of course would call for more regulation to prevent this type of abuse. They should watch the movie "Catch Me If You Can". Frank Abagnale is a Mr. Madoff, slick, trusting, and able to fool a lot of people. More regulation doesn't stop the Abagnale's and Madoff's of the world -- it makes the game more challenging for them. They adapt. Increased regulation does not increase the honesty and integrity of the cons among us -- but it does increase the false sense of security for the honest. And the cost of compliance is another tax on everyone. Mr. Madoff was a mastermind criminal. He began his great Ponzi scheme actually back in the 1970′s and was able to fool a lot of people for a long time. Some of course would call for more regulation to prevent this type of abuse. They should watch the movie “Catch Me If You Can”. Frank Abagnale is a Mr. Madoff, slick, trusting, and able to fool a lot of people. More regulation doesn’t stop the Abagnale’s and Madoff’s of the world — it makes the game more challenging for them. They adapt. Increased regulation does not increase the honesty and integrity of the cons among us — but it does increase the false sense of security for the honest. And the cost of compliance is another tax on everyone.

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