Bernie Madoff

SHAMEometer rating out of 100:
100

Who:

Former chairman of the NASDAQ exchange who bilked countless investors totalling nearly US$65 billion (that's right billion) amounting to the greatest Ponzi scheme ever.

Once a well-respected investment professional, today a symbol of Wall Street greed during the economic meltdown. Public fury toward Madoff has been so great that he wore a bulletproof vest to court at his recent hearings, the last of which on March 11 in New York he pled guilty to charges of fraud, perjury and money-laundering. The 70-year-old Madoff faces 150 years in prison. Sentencing scheduled on June 16. . .

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Shamelessness:

Starting in the early-90s, Madoff's scheme wiped out people’s retirement savings, destroyed charities and foundations, and apparently pushed two investors to suicide. Investors included: Steven Spielberg, actor Kevin Bacon, Hall of Fame pitcher Sandy Koufax, and Nobel Peace Prize winner and Holocaust survivor Elie Wiesel. Many of Madoff’s victims were Jews and Jewish charities, which trusted in Madoff because he is Jewish. After violating the trust of both friends and strangers, Madoff destroyed lives pure and simple.

Financial analysis:

Experts have only begun to unravel how Madoff built this mega Ponzi scheme. Meanwhile, some of his victims speak:

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Mitigating Factor:

Madoff sounded contrite as he pled guilty on March 11: “I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed.” Does the old saying, "Too little, too late" ring a bell?

What the Future Holds For Madoff:

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A.I.G.

SHAMEometer rating out of 100:
100

Who:
American International Group, Inc is a major American insurance corporation based in New York. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest public company in the world and its collapse would surely harm not only the American but world economies, already mired in recession. Presently (March 2009), A.I.G. requires US$152 billion in American taxpayers' loans to just to pay its debts and stay afloat.

Shameless:

Despite posting a fourth-quarter 2008 loss of US$61.7 billion – the greatest ever for any corporation – AIG still plans to pay its executives – the same geniuses who flushed the company into the toilet until it backed up all over the floor – US$165 million in bonuses out of taxpayer funds. AIG has defended the bonuses by citing contractual obligations, but evidently the word “renegotiation” is not written in the AIG company manual as it is, say, in Detroit.

Economic Analysis:

"I would deny them the bonuses if possible. I would be for an exemplary hanging or two. Have it in Times Square, invite Madame Defarge. You borrow a guillotine from the French and we could have a party." - Charles Krauthammer, conservative commentator

"I was going to recommend boiling in oil in Times Square."

- Mort Kondracke, another conservative commentator

"I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide."

- Senator Chuck Grassley (R-Iowa)

Mitigating Factor: If you find one, let me know.