If we can prevent the government from wasting the labor of the people
under the pretense of caring for them, they will be happy. - Thomas Jefferson


Thursday, March 12, 2009

SIPC, Please buy my mistake

I've been listening to npr pretty heavily for a couple years now. For the first time, I heard a story repeated this week. And wouldn't you know it, it was one of those stories that makes me question why I listen to npr...

A rather whiny lady, Ronnie Sue Ambersino, was dumb enough to invest everything she had into one fund: Madoff's. (That's day one shit. NEVER put all your eggs in one basket.)
Ron and her husband retired in their 40s, sold everything they owned, and what they didn't spend on their RV they gave to good ol' Bernie.

Now she thinks that the SIPC should reimburse her, not only for her losses, but for her last statement balance. This is only fair because when they moved into the RV, she threw away all of her paperwork. She only has the latest statement available. But that is our fault taxpayers, and we should cover it.

Her take on it is that we should not only pay her for the money she lost, but we should ALSO pay her for the money promised to her by a scam artist. She argues: Why not? I made all the right decisions, I worked hard, blah, blah, blah. The problem is: She obviously did NOT make all the right decisions!!! (I won't even mention her thinking she has a right to retire in her 40s (If you can afford it, do it. If you give all your money to a scam artist, don't count on it! You certainly don't deserve to retire in your 40's because you made 'right' decisions...))

I'd like to see this one enacted fairly and accross the board. Hell, lets try it. For everyone that sends me $1, I will send you $50,000. I'll even draw up some fancy looking paperwork to make it all official like. Then, when I can't pay you the $50,000, you can complain to the SIPC and demand that because I can't pay you, they must.

Don't get me wrong. Bernie is a baaad man. Very bad. But nobody owe's the fools that gave him their money anything. They got what they needed: one of life's little lessons... No one gets a mulligan.

THIS is whyipaytaxes.

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