Hacker News new | ask | show | jobs
by ufseagull 4615 days ago
Madoffs mistake was to rip off other rich people.

How much time will the gentlemen convicted of OVER A TRILLION DOLLARS OF LIBOR MANIPULATION get? Nothing - the only people really suffering there were mortgagees and small to mid size banks.

The banks involved will pay maybe a billion dollars in fines, borne of course by both shareholders (including your 401K) and customers. Meanwhile, the banks profited far more than that, and the individuals involved simply got moved to another office.

I met one of the VPs for Lehman Bros, responsible in all but law for what happened in 2008. He has a very nice job working for a major Asia Pacific bank, and earns a hell of a lot more than you or I ever will.