4 ms·
Regulatory capture by a Ponzi scheme was just added to my "list of things that could legitimately destroy the USA from within." Did Bernie Madoff ever do this?
by api 4y ago
Regulatory capture by a Ponzi scheme was just added to my "list of things that could legitimately destroy the USA from within."
Did Bernie Madoff ever do this? I feel like he did, but maybe not so effectively or at such scale.
- throwaway_1928 4y agoMadoff was different in that he successfully hid the fact that his was a ponzi scheme for 40 years. This interview with SBF suggests crypto does not even try and hide it.
- rjeli 4y agoAlbania did, and it led to a civil war.
- acjohnson55 4y agoThis has happened a number of times in this country. One major example is MLM, which was fully legitimized in 70s and 80s, after spending some time in a legal gray area. Ever since, the industry has expanded, even though it largely functions as wealth transfer from late arrivals to early incumbents, with a sprinkling of sustainable external commerce.