Bernard Madoff is “slime, sleaze, scum, etc.,” said Patrick Edaburn in The Moderate Voice, and “I am thrilled beyond words” that after confessing to 11 counts of fraud Thursday, he went straight to jail, where he will likely spend the rest of his life. But it’s hard to accept that his unfortunate victims were “completely innocent dupes.” It didn’t "set off alarm bells” with these investors that no matter the market conditions, they always got double-digit returns?
Americans who’ve been hit by the market crash probably took “vicarious pleasure” in seeing Madoff plead guilty, said USA Today in an editorial. But the “sad fact” is that the “great harm” done to the markets was not caused by criminals like Madoff, but by the financial players who, legally, are guilty only of incompetence: bank boards and executives, investment bankers, mortgage brokers, and many others.
Hold on a minute, said The Wall Street Journal in an editorial. “Madoff is a crook,” but the financial sector “is not a criminal defendant.” Some prosecutors and politicians, seeking “vengeance” or promotion, are blurring the line between “true crimes” like Madoff’s and “bad management decisions.” They need to “back off” for the markets to recover.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 43 TV shows to watch in 2014
- These 5 things will definitely happen after Obama moves on immigration
- What could happen if the Supreme Court rules against ObamaCare
- 10 classic Sesame Street moments we wouldn't show today's kids
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- What would a U.S.-Russia war look like?
- Meet the 11 condoms of the future selected by Bill Gates
- 7 grammar rules you really should pay attention to
- How to be charismatic, according to science
- The psychology of bribery and corruption
Subscribe to the Week