Bernie to Plead Guily

The Noo Yawk Times is reporting that Bernard Madoff, former chairman of NASDAQ, will plead guily to 11 felony counts. That could result in a 150 year sentence.

But cheer up Bernie, you'll only be 220 when you get out of prison.

This entire Madoff affair reminds me of the global warming hoax. The perpetrators of the hoax are refusing to debate the matter with those of us who have called their 'facts' and analyses into question. Often they are refusing to make their data and computer programs available to others for verification. Whenever they are questioned, the response is that so many 'scientific experts' have reached a 'consensus'.

Madoff was thought to be an expert in the field of finance. As former chairman of NASDAQ, he had the credentials to prove it. How are Al Gore, James Hansen, and others going to look when people realize that the entire notion that humans are causing the earth to warm is a complete hoax? Things could get quite ugly.

The moral of the story: Don't rely on people's credentials. Don't be swayed by the consensus of 'experts'. Many of Madoff's victims were very knowledgeable about investing themselves. They included some of the top executives at Merrill Lynch, as well as some of the most savvy investors in Europe. If you rely on someone, ask them questions. If they claim XYZ, demand that they prove it. And if they try to put you off by citing their 'credentials', then get suspicious and redouble your efforts.