Any comments about Mr Madoff?

[tw]

Originally Posted by classicman

Lets use the above example and say I stop working and die at 79. How much am I getting after contributing my whole life?

Why are you confusing insurance with something completely irrelevant to Madoff? You obviously know the difference. Why are you confusing investment with insurance - two completely different topics?

Thousands of people contribute to insurance and get nothing so that the one gets reimbursement. Madoff was not an insurance company regulated by a state (ie NY). Madoff was an investment banker regulated by the organization gutted by a political agenda: the Security and Exchange Commission.