On 1/12/2015 1:38 PM, John Clark wrote:
On Mon, Jan 12, 2015 at 1:49 AM, meekerdb <[email protected] <mailto:[email protected]>> wrote:> he's not sitting in jail because his reputation was trashed. In fact his reputation was good with most of his investors when he was arrested. He's in jail because we have laws against fraud.No, laws are irrelevant if nobody knows the law was broken. Bernie Madoff is in jail because eventually his crimes were discovered. If you can cheat your customers with nobody, not even your cheated customers, knowing about it as Bernie did for many years then you will not be punished in any system.
And if there were no laws against fraud or no government to enforce them, then when his cheating became known the only consequence would have been that he couldn't keep cheating people. But he'd keep all his ill gotten gains and lived a high life. So where would be the deterence against fraud?
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