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Friday, November 13, 2009

Two former Madoff computer programmers arrested

http://www.reuters.com/article/domesticNews/idUSN1346294620091113
U.S. arrests and charges two Madoff programmers

Why are these programmers being prosecuted?

It is not like they are doing anything that our federal government is not already doing. These programmers are being charged with helping run a Ponzi Scheme (new investors pay off old investors).

Hmm.

The definition of a Ponzi Scheme sounds suspiciously like Social Security payments (new taxpayers supply the money to pay off old recipients) as well as like most other federal and state government spending programs. So, why not allow these programmers to do what most state governments are currently doing. Issue bonds to be redeemable at some future time. Most of our state governments are busy spending money they don't have in hopes that the economy will recover and there will be change available to pay the money back. I think these programmers (as well as Bernard Madoff) should be given the same hope and change that our current federal government has been given.

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