SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?


To: Cactus Jack who wrote (162810)3/11/2009 11:10:35 AM
From: stockman_scott  Read Replies (1) | Respond to of 361566
 
Bernard Madoff: The Villain America Needed

thebigmoney.com

By chadwick.matlin

Created 03/10/2009 - 4:16pm

Dear Mister Madoff:

Before it’s too late, I wanted to thank you for all that you’ve done for America. It’s been reported that Thursday you will plead guilty [1] to 11 criminal charges, meaning you will spend the rest of your life in jail. A legacy like yours should not go unmarked as you fade into history.

And so I’m writing you this letter to honor your contributions to American society. I’m not speaking about the thousands of people you’ve defrauded [2]. Nor am I referring to the (less than [3]) $50 billion you made evaporate overnight. And those two [4] people [5] you caused to commit suicide? Disgraceful, of course, but not all that you should be remembered for.

I, unlike the rest of our compatriots, will choose to exalt your gifts, not just your sins. Like the way you single-handedly forced Congress to acknowledge just how crappy the SEC is at doing its job [6]. Like when your downfall helped unearth a dozen other Ponzi schemes [7], proactively saving millions of dollars. And I, for one, do not think you’re only the basest kind of American—a man driven by greed, power, and an unchecked case of OCD [8]. No, you, sir, are an American patriot. Your selfless sacrifice is overlooked by the hate-first-think-second mass media. You gave the American people somebody to despise when they needed it most. In our economic era, you may not have been the villain we wanted, but you were the one we needed.

Bernie—may I call you Bernie?—you arrived at just the right time. In December, when you admitted your fraud, we Americans were spewing anger, but it wasn’t directed at anyone in particular. President Bush? He was on his way out of office, and we had already vented our frustrations at the polls. The CEOs of subprime lenders? Countrywide was absorbed by Bank of America; Fannie Mae and Freddie Mac belonged to us, the very people they helped ruin. Wall Street? Too many CEOs, all of whom you could call greedy only if you understood what in God’s name a credit-default swap was [9].

But then you descended from the Lipstick Building [10]: a middle-aged, extremely wealthy white guy from New York—exactly the demographic at which Main Street wanted to direct its scorn. (Your Judaism probably didn’t hurt.) Instead of conning via derivatives, you conned through deceit. And we can understand deceit. That you had nothing to do with the root cause of our economic crisis didn’t matter. You messed with Elie Wiesel, and when you screw with Holocaust survivors, it doesn’t matter what kind of financial villain you are. You were evil. Case closed.

But that’s all surface-level. I believe your real use came in the kind of scam you were running. If I may put it so baldly, Bernie, you made wealth disappear overnight. Money that your clients thought was there actually wasn’t. This is the same thing that happened to homeowners when the housing bubble burst. And it’s the same thing that happened to investors when the Dow started its death march. Even though your clients were mostly rich, we could sympathize with their loss, because it was a proxy for our own. We found common ground in our hatred of you.

Bernie, this all sounds awful, I know. But there’s a reason I’m dragging you through this painful retelling of your greatest sins. We needed to be united, Bernie, and without you we wouldn’t have been. The real cause of our financial meltdown is too nuanced, too impossible to cause total agreement across the country. You, however, were different. You gave us an easy target—a man who was selfish, greedy, and indiscriminate in his destruction. You offered an outlet for our frustration, and now your life sentence gives us a small piece of justice to cling to in these dark, hopeless days of the recession. You were our catharsis. That the Dow jumped 380 points—5.8 percent—on the day you pleaded guilty is surely coincidental, but I choose to see it as a collective rallying cry: You may take away our retirement funds, but you will never take our financial freedom!

And, Bernie, it’s not all intangible. Your legacy has left us with lasting, concrete effects as well. Let’s look at your shamed nemesis, the SEC. Before you came on the scene wearing your iconic (and, frankly, awfully smug) grin, the SEC was a rotting corpse waiting to be unearthed. We knew SEC Commissioner Christopher Cox—he of the inept short-selling ban [11] and John McCain’s ire [12]—was asleep at the till, but we didn’t realize the SEC was as well. Your arrest in December not only showed that the SEC couldn’t detect schemers; it proved that they couldn’t do it even if their tip lines were ringing in their ears. I speak, of course, of Henry Markopolos [13], a man you must admire for his dogged devotion to a single cause—your downfall. And we needed Markopolos for his perfect encapsulation of all that was wrong with the SEC: “too slow, too young and too undereducated.” In a perverse twist of fate, Bernie, you indirectly became your own kind of whistleblower.

And it wasn’t just the SEC, but the entire regulatory morass that you helped expose. Part of the trouble in catching you was that the agencies investigating your Ponzi scheme kept passing the buck. The SEC pawned off responsibility to FINRA. Just in case you’ve purged their acronym from your memory as some sort of defense mechanism, it stands for Financial Industry Regulatory Authority. FINRA said it didn’t have the authority to do anything about your Ponzi and that only the SEC could do that. The SEC, meanwhile, was wishing you would just go away, which is why it gave you to FINRA in the first place.

But now changes are afoot. FINRA has created a whistleblower’s office [14] to help monitor and act on fraud tips. The SEC, meanwhile, is undergoing a full review of its fraud procedures and has already changed some rules to allow for employees to issue subpoenas more easily in fraud investigations. And you’ve successfully pissed off Congress, which should help ensure the SEC remakes itself into an agency that can prevent men like you ever from doing this in the future. That the agencies already caught Allen Stanford [15] is a promising step, one that may not have occurred without your downfall. Job well done, sir.

You have, quite simply, become the best kind of scapegoat: one who manages to inspire change while encapsulating an era’s hurt, pain, and frustration. Mrs. O’Leary and her cow permanently altered fire-safety regulations [16] in this country. Typhoid Mary helped expose our woeful lack of preparation [17] in public-health crises. Kenneth Lay’s opaque ledgers at Enron [18] personified corporate greed, which inspired new transparency legislation [19].

Without you, Bernie, we would have stewed in our internal anger. And we would have had nobody to catalyze change for the future. Know that while you spend the rest of your life in jail, I’ll be thinking of these noble contributions. And I’ll be thankful.

Sincerely,

Chadwick Matlin

P.S. If you get this before you’re locked away, feel free to e-mail me at Chadwick.Matlin@gmail.com [20]. I’m eager to hear your thoughts.

Source URL: tbm.thebigmoney.com
Links:
[1] bloomberg.com
[2] mailto:http://s.wsj.net/public/resources/documents/st_madoff_victims_20081215.html
[3] tbm.thebigmoney.com
[4] msnbc.msn.com
[5] washingtonpost.com
[6] youtube.com
[7] nytimes.com
[8] nymag.com
[9] thebigmoney.com
[10] online.wsj.com
[11] money.cnn.com
[12] newsday.com
[13] boston.com
[14] online.wsj.com
[15] sec.gov
[16] en.wikipedia.org
[17] en.wikipedia.org
[18] en.wikipedia.org
[19] en.wikipedia.org
[20] mailto:Chadwick.Matlin TBM@gmail.com



To: Cactus Jack who wrote (162810)3/11/2009 2:42:19 PM
From: stockman_scott  Read Replies (1) | Respond to of 361566
 
Vegas high schooler makes powerful impression

boston.com

By Stan Grossfeld, Globe Staff | March 10, 2009

LAS VEGAS - Standing on home plate, on a diamond on the edge of the desert, Las Vegas High School assistant baseball coach Harry Traynor shakes his head in disbelief and points.

"We measured it at 570 feet," he marvels, recalling the titanic blast hit by freshman Bryce Harper last season. "Unbelievable. I've been around baseball 30 years. I've never seen anything like it."

That seems to be the sentiment shared by scouts, who drool at the mere mention of the catcher's name. Harper, now a 16-year-old sophomore, is widely touted as the presumptive No. 1 pick in the 2011 draft.

When he grows up - and at 6 feet 3 inches, 205 pounds, he's still growing - he wants to be Mickey Mantle.

"I saw the movie '61*,' " Harper says. "I want to be exactly like him."

At this year's International High School Power Showcase, a home run derby at the Tropicana Dome in Tampa in January, Harper bashed a mammoth 502-foot home run. Officials said it would have traveled out of the old Yankee Stadium. Maybe even have hit the elevated train.

Last year, Harper batted .590 with 11 home runs and 67 RBIs in 38 games for Las Vegas High School.

Scary, considering he still has three more years of high school ball to play.

"He's a good one," confirms Yankees regional scout Matt Hyde. "Boy, for his age, he's certainly advanced. He's a strong kid. He's fun to watch play.

"But it's so early. There's a lot of guys who get drafted in the first round that you never hear about. There's so many variables."

This is where, unfortunately, the obligatory questions are asked about whether Harper ever has used steroids, human growth hormone, or any other banned substance.

"Nope, nothing," he says, maintaining eye contact. "It's all God-given. There's no way I'll ever put that in my body."

Harper says he has never taken anything stronger than whey protein and acai berry.

So how did he get so big?

"Yoo-hoos," he says. "I drink a Yoo-hoo every day. And Snickers between games."

One for the ages?
By the time Harper was 3, he was playing Tee Ball with 7-year-olds. At age 5, he slept with his baseball uniform on.

He still sleeps with his baseball equipment.

"Like when I get a new glove or bat, I sleep with it," he says. "You've got to be good to it so it will be good back to you."

At 7, he was playing with 10-year-olds and hitting 200-foot home runs. Opposing teams thought he was lying about his age.

"There have been suspicions since I was 8 years old," Harper says. "I've had to carry my birth certificate around with me.

"Look at my hands, look at these calluses. My hands don't look like a 16-year-old's hands, they look like a man. That's all I've been doing my whole life. Workin' and swingin' every day."

For the last seven years, he has played with traveling teams. That's 100-125 games a year. He played on numerous travel teams, including squads in Arizona and Colorado.

"I was on the road every weekend," he says. "I did my homework in the car. My grades are good. I'm a 3.5 [grade-point average] guy. I love to write."

Asked to compose the opening paragraph to his own story, Harper declines. Too much pressure, he says. Isn't trying to hit a baseball with the game on the line more pressure?

"Yeah, but that's different," he says. "That's good pressure. Like if the bases are loaded and it's the bottom of the ninth, and you're the winning run. That doesn't bother me. That's just another at-bat for me. That's just like it's 10-0 to me."

Harper bats left and throws right. The catcher has big dreams. "[Jorge] Posada is getting up there," he says. "So is [Jason] Varitek and [Bengie] Molina."

Scouts talk of switching him to the outfield. He also has worked out at shortstop and third. Last year he pitched for Team USA in the Pan American Games, and recorded a save against Cuba in Veracruz, Mexico. He was named tournament MVP.

But Harper was born to hit. He always swings as hard as he can, and he talks old school - real old school.

"Joe DiMaggio always said, 'Swing for the fences, kid. Swing hard,' " he says. "My Dad says, 'Hey, Don't get cheated out there.' "

Bean ball
Bryce's father, Ron Harper, has built a lot of Las Vegas, sweating in 120-degree heat, laying rebar on the Strip. But when he got off work, he'd pitch to his young son.

"I try to make him understand that, in life, nobody hands you anything," says Harper. "You have to earn it. I don't want him to have to be an ironworker like me."

When he makes it to the majors, Bryce says, he's going to buy his father a Harley-Davidson motorcycle and his mother a horse ranch. Bryce says he wants nothing.

"I don't care about money," he says. "Well, maybe a '55 Bel Air would be nice."

Bryce says his dad taught him baseball in a unique way. "He used to write on the balls a number and I'd hit it and say the number," he says. "So now I see rotations real well. I also hit beans before a game."

Beans?

"Little red beans," says Ron Harper with a laugh. "The smaller ones, like you see in soup. He just blows them up. It's good for hand-eye coordination. He's shredding them, but every once in a while one would be whizzing by your head."

On the ballfields or in weight training, Bryce never lets up. He knows there could be a kid out there working harder.

"He's motivated himself," says Ron. "It's not like I was this psycho dad trying to train him to be a robot. Not at all."

Confident approach
Asked if he felt like he was robbed of his childhood, Bryce makes a face.

"No way," he says. "There's no other child in the world that had the childhood I have, or been to the places I've been."

He even guarantees he's going to play in The Show. There is no other plan.

"I've always wanted to put on the pinstripes," he says. "But I absolutely love Boston. I'd play anywhere, even Kansas City."

But what if something happens to his dream?

"I know I'm going to make it there," he insists. "If I get hurt, I'll DH. If my swing goes down, I can pitch."

Harper says he wants to go to college. He rattles off schools with stellar baseball programs: Alabama, Texas, Miami. But that could change if he receives what his father calls "life-changing money."

"We'll see," says Bryce. "Maybe I'll pull a [Derek] Jeter and get there when I'm 19."

And The Natural swears he's never going to quit on his team.

"I'm all about my team," he says. "If my team loses, I think it's my fault. I don't think I'll turn into a jerk. It happened to Manny [Ramírez], but it's not going to happen to me. I love signing autographs. I love talking to little kids; that's never going to get old for me."

Will he get an agent?

"You're going to laugh. I have the same agent as Manny. Scott Boras. He's my adviser."

Dad has the last word on this, explaining that he has been referred by a friend to the Scott Boras Corporation.

"There's nothing signed," Ron Harper says. "There's nothing anybody can do right now until he's a senior. We don't want to put the cart before the horse.

"You've got to remember, he's still my 16-year-old kid. I'm still telling him to take out the garbage."