The Forum > General Discussion > How to stop scams
How to stop scams
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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/