Mr. Scott Burns lashes out at Mr. Madoff!!

"Madoff case sparks rage"

"$50 billion crime equivalent to about 3 years of typical thefts"



Adapted from this source: The San Antonio EXPRESS - NEWS. Sunday, December 28, 2008. Business Section.


"Media accounts immediately labeled the disappearance of $50 billion, allegedly master - minded by Bernard Madoff, as the largest fraud in history.

"It is a greater wealth loss than having a household name company -- such as Walt Disney, Anheuser - Busch or Boeing -- vanish without a trace.

"One way to measure the extent of the damage is to compare the $50 billion to measures of loss in the FBI's Uniform Crime Reports.

"In 2007, there were 9.8 million crimes against property in the United States.

"This included about 2.2 million burglaries, 6.6 million larceny - thefts and 1.1 million car thefts.

"I think you'll agree 9.9 million crimes represent a veritable army of miscreants.

"In spite of that, our total losses to property crimes in 2007 were a mere $17.6 billion.

"To be sure, it didn't feel mere if you suffered a burglary.

"But when you add all the losses in 9.9 million property crimes, it's just a fraction of the estimated $50 billion loss attributed to Bernard Madoff."

So, what do you get when you add 3 full years of such crime statistics??


"Add the three years and you get $51.7 billion.

"Using that value, what Bernard Madoff is accused of doing has caused losses caused by all the conventional thieves in America for nearly three full years..."

A good read!! :)