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The Forum > General Discussion > How to stop scams

How to stop scams

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Bernard Madoff has set a new record.

He has ripped off a gullible public to the tune of $50 bn dollars.

http://www.nytimes.com/2008/12/13/business/13fraud.html?bl&ex=1229403600&en=41084e144739b723&ei=5087%0A

By the standards of George Bush or Robert Mugabe this is small change. But Madoff did not have the resources of a government to help him. For a lone entrepreneur this is an impressive effort.

What should be done to prevent his happening again?

The obvious answer is to mete out severe punishment to the miscreant and impose ever more regulation.

Here is an alternative approach – one that I think would create a climate that would make it impossible for con-artists like Madoff to ply their trade.

The government issues a statement along the following lines:

WARNING

IT IS NO LONGER A CRIMINAL OFFENCE TO RIP-OFF THE GULLIBLE PUBLIC BY OFFERING THEM SUPER HIGH RETURNS ON THEIR INVESTMENT

IF YOU SEE AN INVESTMENT OPPORTUNITY THAT LOOKS TOO GOOD REMEMBER THAT IT COULD BE A RIP-OFF.

IF YOU ALLOW YOURSELF TO BE RIPPED OFF IN THIS MANNER YOU HAVE ONLY YOURSELF TO BLAME. ALL YOU CAN EXPECT FROM YOUR GOVERNMENT IS RIDICULE AND SCORN.

ONCE A WEEK DURING QUESTION TIME THE NAMES OF PEOPLE WHO ALLOWED THEMSELVES TO BE RIPPED-OFF WILL BE READ OUT IN PARLIAMENT ALONG WITH DETAILS OF THE SCAM THEY FELL FOR. IN THAT WAY THE WHOLE COUNTRY CAN ENJOY THE JOKE AT YOUR EXPENSE.

IF YOU LOSE YOUR SUPERANNUATION SAVING TO A PONZI SCHEME LIKE THIS YOU WILL BE INELIGIBLE FOR THE OLD AGE PENSION

ANYBODY WHO SUCCEEDS IN RIPPING OFF THE PUBLIC FOR MORE THAN 10 MILLION DOLLARS IN ANY ONE YEAR WILL BE GRANTED THE ORDER OF AUSTRALIA

THE MOST SUCCESSFUL RIP-OFF ARTISTS WILL BE APPOINTED AMBASSADORS TO COUNTRIES WE WOULD REALLY LIKE TO SCREW. SUCH INGENUITY SHOULD BE USED IN THE SERVICE OF THE NATION.

This notice would be read out on every TV and radio station at least 10 times daily during prime time.

Every resident of Australia would be required to sign this declaration once yearly at annual signing ceremonies.

See also:

http://en.wikipedia.org/wiki/Ponzi_scheme

and

http://www.imdb.com/title/tt0379632/
Posted by stevenlmeyer, Sunday, 14 December 2008 4:53:20 PM
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Nice work stevenlmeyer and I'm inclined to agree.

However, from a practical standpoint, there are an awful lot of very stupid people out there and being stupid doesn't necessarily make them bad people who deserve to lose all their money.

Though it would speed our social and educational evolution along by a few decades, I think.
Posted by TurnRightThenLeft, Sunday, 14 December 2008 5:16:24 PM
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Dear Steven,

Both my parents got burned by the "Pyramid Society"
investment - where the directors pocketed as much as
they could, before the collapse of the scheme.

It is interesting that "greed" is the new religion,
drawing in many converts. No matter what past history has
shown, nobody ever learns.

There will always be people wanting the easy way to
wealth. And there will always be people who think
they are not as stupid as other people.

Your suggestion made me see the funny side to all this.
It could be the beginnings of
a very entertaining movie script.

Think about it ..
Posted by Foxy, Sunday, 14 December 2008 5:37:39 PM
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Ponzi schemes are as old as Moses.

We have enough legislation to sink a battle ship but there is no point in trying to legislate against them when

Spin prevails over substance

Greedy people are drawn, like a moth to the light by their own greed

Bad people are born, free of a moral conscience and intent on defrauding the gullible and the greedy.

the old adage applies....

if it sounds too good to be true, it probably is

the alternative is also true

if this opportunity is so good.... why is this stranger offering it to me, instead of keeping it for himself?
Posted by Col Rouge, Sunday, 14 December 2008 6:06:23 PM
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mediate the incomming V the outgoing/funds[like a house of settlement's,that oversees ALL fund flow[see how blackmarketeers are washing their illgotten-gain without being caught[any shop/front washing it'clean;'has to be standing out as doing'better'than their industry average.

'STOCK'gambeling should be taxed to underwrite the'invested'share market/money market-funds[and every_trade must pay.[whatever happend to the'transaction/tax' on ALL transactions]the GST/C-T is small change to a globally run transaction/tax[the poor pay more gst[while the elites claim egsemptions[while living off their protected trust-funds]it's these that got'caught-up'in this latest[50 billion ponzi/sceme,thus it appears that the elite took a big-hit[poor them]lol

they didnt like bank-intrest thus took the risk[and got burned][BUT even so it should not be allowed to happen[but bankers should be paying intrest on OUR banked cash[not giving us bankfees to pay,so they can favour the rich with reduced bank fees]

no buisness should be allowed to do buisness under the buisness name[a real person should be accountable][we currently have things backwards[its buisness that has protections and individuals bear the burdon[it should be the other way arround]

govt should be doing its duty of protecting us as individuals not subsidising industry into further omnipotant excess to faceless multinational coorperate companies fronting for other multinational coorperations[see the cross-holding of any share-register

[as even the courts have adopted the buisness protectionism model in law[current law derives its authority from the act[not the constitution,we lost constitutional law long ago]because people dont know the difference between a-law and an-act[an act is only law if you do buisness UNDER THE ACT]

thus drug law is immoral[but its under a HEALTH/act DEEMED criminal[but to be a legally;constitutionally criminal-act;the LAW NEEDS a victim who suffered injury[the only injured party with drug possesion is the possesor[thus they alone[who,under CONSTITUTED-law should be having legal_standing[thus constituted protection,is the self same drug user govt has actually declared'war'upon[and this act by lie is a really bad-law constitutionally speaking[aswell]as morally.

there are so many scams[like sport as news]but media yet dont bother giving us even a half hour of REAL-NEWS;that is one of the biggest scams[thanks to'packer'making sportreporting as 'news']this scam, alone now underpins the NON exposure of so many more'other'scams
Posted by one under god, Sunday, 14 December 2008 9:48:58 PM
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If something seems too good to be true, it usually is.
Posted by CJ Morgan, Monday, 15 December 2008 7:14:15 AM
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