Bintel Blog

Thanking Mr. Madoff

By Gabrielle Birkner

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As the world focuses on the misdeeds of Bernard Madoff, who pleaded guilty Thursday to operating a multibillion-dollar Ponzi scheme, at least one person — granted, not one of his defrauded investors — is singing his praises. Writing on The Big Money, Chadwick Matlin has gone so far as to pen an open letter of appreciation to Madoff.

What has the disgraced businessman done to warrant such a gracious gesture? Well, according to Matlin, Madoff:

• Forced the government to acknowledge “just how crappy the SEC is at doing its job.”

• Giving Americans a villian — a wealthy, white, Jewish villain who defrauded Holocaust survivors, at that — at whom they could direct their anger about the economy’s nosedive.

• Inspired the creation of a whistleblower’s office at the Financial Industry Regulatory Authority to keep track of and investigate fraud-related tips.

Matlin concludes: “Without you Bernie, we would have stewed in our internal anger. And we would have had nobody to catalyze change for the future. Know that while you spend the rest of your life in jail, I’ll be thinking of these noble contributions. And I’ll be thankful.”


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