A Quote by Alan Abel
I look at the newspapers, and I cannot believe most of the stories I read. Bernie Madoff, who actually screwed millions of people for billions of dollars, it's just unbelievable what he got away with and how long it took for him to be exposed. A guy like that should be hanged.
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We all forget that when a TV network says, 'Look, we're broke,' it means that they're not making as much money as they would like to be making. They're still making millions and millions of dollars - they're just not making billions and billions of dollars.
Nobody should be hitting lotto for 36 million dollars when we got people starving in the streets. That is not idealistic, that's just real. That is just stupid. There's no way Michael Jackson, or whoever should have thousands, millions, billions of dollars and we got people broke with two-three jobs and still can't pay bills on time. There's no way! No way these people should have planes when people don't have houses, apartments, shacks, drawers, pants!!!
You can look at that by comparing Medicare's growth rates to the private insurance world, to the other Federal programs that we run, by looking at the billions of dollars, not millions but billions of dollars, we waste every year.
When our most important issue is the debt that we're piling on our children and grandchildren, I think it's pretty helpful to have someone in the U.S. Senate who has actually managed billions of dollars and knows how to cut billions of dollars.
You have a guy like Bernie Madoff literally steal $80 billion, you know, AIG steal hundreds of billions, Goldman Sachs. Crime has changed so much, and to really do a movie with, like, drug dealers or drug smugglers is kind of almost quaint at this point.
For those who unfairly lump Social Security in with Bernie Madoff, in all fairness, you should point out the difference. No one was ever legally required to pay money to Madoff.
If CEO compensation was performance-driven, which I believe it was in IBM's case, nobody would ever argue. If the shareholders didn't make billions and billions of dollars, I wouldn't make millions of dollars. My salary was the same for 10 years. It was all performance-based.
If you look at it now from the Google perspective, how do you make billions of dollars? Hundreds of millions doesn't count anymore; how do you make billions? And that's the question we've been tasked. Is this a Google-scale business, or is this a nice business for a startup?
When Bernie Sanders came along, and I liked his tweets and I read more about him, researched him more, I decided I like him and his policy, even more than just I like another guy in the Democratic Party, I really believed in it. And when you believe in something, you get out and work for it.
There is no way they should walk out of that place [Wells Fargo] with millions, tens of millions, tens and tens of millions of dollars, when innocent people who actually flagged this culture of conceit and culture of rip off should've been fired while the people who were doing it somehow are able to just resign and reap the big reward. It's just an outrage. It's people who have forgotten decent values towards other people.
It has now become a status symbol among the rich to say that you got ripped off by Bernie Madoff, because everybody is losing money in the market, everybody is, but it makes you special and unique if you lost money because of Madoff. These people don't think it makes 'em look stupid. It continues to elevate their status, they think.
Now, a lot of people didn't know him at all - it went through feeder funds, so they wouldn't even have known anything about Bernie Madoff. But everybody finds a justification for their behavior, and obviously, Bernie had a half dozen justifications in his own mind.
'Bernie versus Bernie,' for me, is these two extremes of capitalism. It's Bernie Sanders, the ultimate socialist, and Bernie Madoff, the ultimate capitalist.
Compensation needs to be predominately performance-driven. If CEO compensation was performance-driven, which I believe it was in IBM's case, nobody would ever argue. If the shareholders didn't make billions and billions of dollars, I wouldn't make millions of dollars.
Here we were talking about economic development, about investing billions of dollars in various programs, and I could see it wasn't billions of dollars people needed right away.
The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly he was studying federal entitlement policy.
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