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In the wake of the Madoff disaster, I have read some minor op-eds citing Social Security as the biggest Ponzi scheme ever.
Really?
Honestly, I would think that this kind of talk might not warrant coverage from CNBC, whose article “The Real ‘Mother’ of All Ponzi Schemes” likens our national safety net for seniors and the poor to losing your money in fictitious investments.
I quote:
We feel bad for the people who came late in investing with Bernie Madoff and got burned when his Ponzi scheme fell apart. Now, I don’t begrudge anyone their social security benefits, but I also don’t want my generation to be feeling sorry for itself when our time to collect comes around and the money isn’t there.
Mitchell Zuckoff offers his retort at CNN via Social Security a Ponzi scheme? No way!
P.S. For those following the Madoff scandal — as I am, shamelessly — I would commend the Boston Globe article about the chief whistleblower Harry Markopolos.