TIME TO IDENTIFY THE PLAYERS -- Just a Minute -- for 12-18-08

            Hello Again –

 

            We’re not looking at an athletic event today – but an old cheaters game named after Charles Ponzi, a 1920’s crook who promised investors in New England a 40 percent return on their investment in just 90 days, compared with about five percent in a savings account. He was paying off by using a portion of the funds being funneled in by new investors – attracted by the extravagant interest rate – to pay off the interest being supposedly earned by the investments of the earlier folks who had trusted Mr. Ponzi or his imitators.

 

            In this most recent iteration – Bernard Madoff is alleged to have carried on a similar scheme that will eventually result in losses rumored to be $50 billion or more. One from a neighbor of Madoff’s – Shapiro – who owned a string of high fashion shops in New York and elsewhere – and shared a fondness for the winter sunshine of Palm Beach. Losers are reported to be hiring lawyers to see what – if anything – can be recovered from Mr. Madoff’s empire.

 

            What makes Ponzi schemes successful – for a time, but bound to fail because you can’t continue to take more money out than you put in – is the human greed motivating people to get in on a deal that seems too good to be true. As usual – it is!  And once more the truth of Proverbs 13 verse 7 is demonstrated – “There is that maketh himself rich, yet hath nothing…”   

 

            Now we shall see how Mr. Obama – when he achieves his Presidency – handles these cases of virtually unrestrained greed damaging the public good. Such damage is not restricted – as we have seen – to any single political party.

 

            Cordially, IN HIM

 

            Jack Buttram

 

http://www.jebcovoice.net/audio/jama12-18- 08.mp3

 

http://www.jebcovoice.net/scripts/jamt12-18-08.doc

 

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“JUST A MINUTE”

TIME TO IDENTIFY THE PLAYERS

Just A Minute – The big question in Washington and New York this week is: “Who got Bernard Madoff’s money?” Madoff – long a major political player -- is revealed this week as the perpetrator of the biggest “Ponzi scheme” in the street’s recent history. Standing first in line in the police line up is none other than Sen. Chuck Schumer – who usually loves the limelight and TV cameras – but not when they’re looking for criminal corruption suspects.

It’s developed Madoff paid more than $380,000 to individual politicians,  and political action committees in New York since 1993, most of it going to Democrats – with a few prominent Republicans thrown in for seasoning. As recently as September this year, Madoff was still forking over generously to his favorite political cause -- the Democratic Senatorial Campaign Committee headed by – you guessed it – none other than Senator Schumer – who also has come in for individual largesse from Madoff, raking in $39,000 for his ’98 and ’04 Senate races.

Mr. President Elect – call your office.  

<> I’m Jack Buttram

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