Dec 21 2008
Is Madoff a Pirate?
While sitting around having coffee after church, the conversation turned to pirating, and the frustrations of seeing big ships suddenly taking over by inexperienced men who then hold the ship for ransom. The concern here is that one of these days a large ship filled with fuel is going to hit a rock and spill everywhere.
This group is not your usual Minnesota Nice group. They are actively involved internationally in some way with a variety of project both around the world and locally. One is involved in Pakistan with a family there, and has spent significant time in Turkey. Another just returned from a trip to Germany. Some are working with folks who are trying to make a difference to the people of Haiti, and all of these church members have attended fundraisers for the betterment of life in Ghana. It is not surprising then that there focus is on international events.
“What I’d like to know,” said one of the more outspoken women of the group, “Is how the investment bankers of Wall Street who cost our taxpayers a fortune in bailouts are any different than those pirates that take over ships out in Malaysia and Africa. How is Madoff really any different than they are when he can wipe out whole charity organizations.”
I can’t say that I have ever thought of that before. However, by one of the definitions given by Yahoo, a pirate is, “One who preys on others, a plunderer.” In that definition, a case could be made that Madoff is indeed a pirate.
What she said next, gave me great pause. “Madoff should be tried in World Court since his swindling affected people and organizations worldwide.”
The World Court, which was originally set up to settle disputes between nations in a peaceful manner, has also taken upon itself to try cases of crimes against humanity. In the past few decades, it has increasingly taken on the genocide and handed down sentence after sentence against monsters who butcher groups of unarmed civilians. There are so many cases against plaintiffs accused of genocide that it will take years to hear the cases.
Having said that, the United Nations has set a great deal of law concerning the sea. It may or may not have laws concerning international organizations that get swindled. Perhaps the UN will address that in the future.
Whatever the case, think how Madoff’s situation affects investors. Hundreds of “little investors” had their life savings with his firm. They have basically awaken one morning to find it all gone. If they can get caught, can you? If you do, should there be some sort of international law protecting your money? It’s something to think about.
