I'm amazed at these two images clipped from a 20/20 ABC News video. They show Bernie Madoff sitting in his penthouse on 64th and Lexington at his desk in front of his Apple notebook computer and surfing the Internet or reading his email.
I have to side with activist Al Sharpton who protested February 7 that,
"There must be one standard for all, and not one based on income," Sharpton said at the protest on Manhattan's affluent Upper East Side.And this sentiment has been escalated now by Steve Rosenbaum on the HuffPost who brings us these images and asks, "President Obama... I have to ask, why isn't Bernie Madoff behind bars?"
He added that Madoff, who is under house arrest, was experiencing "a kind of gilded penthouse incarceration."
Until the Federal Government comes down on all of them with a hammer, puts them behind bars, seizes their assets, and looks to make investors whole, the average investor isn't going to be able to tell the difference between the legitimate market and the increasingly large number of stock scammers who've created Ponzi schemes and ruined the lives of mom-and-pop investors whose life savings are now wiped out....Yep. That hits the nail on the head. I'm that retail investor and I'm staying 100% cash until further notice.
Restoring faith in the market will require holding criminals who've undermined the market responsible. Anything less will leave average American's faith shaken, and the markets without the participation of the retail investor.