Madoff scheme may hurt investor protection fund

Congress gets its first crack today at the $50 billion financial fraud involving Wall Street investing legend Bernard Madoff, with Democrats vowing to use the scandal to spur an overhaul of the government's financial regulatory system. This Congress is going to bailout the Madoff investors. This is going to cause a backlash like you have never seen before. When they bailout these political or moneyed investors that thought that they were smarter then the rest of us I expect that every one of us who lost money in our investments should get bailed out also. I’m down 800 thousand but that was the risk that I took. Investments go up and down! That’s the way the cookie crumbles. I want a fair playing field and no special treatment for any investors. No more bail outs. We need to see where the first bail out money went! Investigate Fannie, Freddie and Sub-Prime. Investigate then Prosecute the enablers in this Fraud. Barney Frank, Chris Dodd, Chuck Schumer, Maxine Walters and the rest of them that were involved creating this Global Finical Collapse. Fine them and give them jail time just like Enron and World Com. This is a much bigger fraud on the people of the world. I want Justice to be done! DO NOT LET THEM BAILOUT THE MADOFF INVESTORS! That would really start riots in the streets. I’m mad as He** and won’t take it any more. I want to see these people go to jail!

What else but another bailout suggestion; those benefiting would not be the average American investor who has seen his lot shrink abysmally but those who are closely linked to the schemer, to include the fraud specialist him or herself. Madoff, the fraud, still lives in his mansions and has his servants and maids, still eats as a king and still owns all he ever held and will probably continue to hold most of it thru other partnerships, family and friend connections. Don’t bet that his friends and family loses wouldn’t be restored by such a fund--a fund paid for by the average American taxpayer? Madoff, the Wall Street schemer is smart enough to know how to assure that those close to him get back any money lost in his (their) schemes. Expecting quick justice? You bet! There will be an outcry that he is being unjustly detained in his mansions without a finding of guilt while at the same time, a trial will be long in coming! Cut the electricity, take away his cell phone and reduce his filet mignon consumption to no more than twice a day!

Sorry, but Allan Goldstein, is wrong. The culprit is mainly his own greed. Anyone who has $4.2 million ought to have more sense than to invest it all at one place. Goldstein got greedy and lazy -- the returns were too good to be true. So, he lost the whole bundle. Now he's trying to scapegoat the government for his bad judgment and greed. Sorry, but no more bailouts.