Madoff made it his life’s work to demonstrate the folly of having insiders within an industry (securities exchange) regulate it. Madoff served with distinction on a number of organizations that purported to be helping make the stock market less scammy – little did they know. And Madoff rubbed shoulders with the rich and famous (whose pockets he was picking, while he was doing it) and politicians (whose pockets he was lining, with the money he picked elsewhere).
I have heard accounts of Madoff’s ponzi scheme and career, most notably the American Scandal podcast series – which variously describe Madoff as a smart guy who got in over his head and miraculously turned into a stealing, lying douchebag. But, what if he was a stealing, lying douchebag all along? What if he was just another capitalist oligarch? Maybe he was just “naked short selling” a bit more aggressively than he should have been, which has the same effect – all his investors lose a bunch of money. It’s funny that one small set of practices in an otherwise similar set of practices, those are the illegal ones.
They’re probably going to cremate him, because the worms would spit him out.