NEW YORK — Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. The interview was published on the magazine's website Sunday night. Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions of dollars. He said they failed to scrutinize the discrepancies between his regulatory filings and other information. He said in the New York magazine interview the Securities and Exchange Commission "looks terrible in this thing," and he said the "whole government is a Ponzi scheme."
When I send my money to the Federal Government, I expect the government to use said money to provide whatever services it provides (I didn't say they did it well, or efficiently, or anything else like that, I just know where the money is going).
People sent cash to Mr. Madoff expecting at least a 10% return.