Friday, October 17, 2008

Jordan Belfort Arrested

Today, the IB Times reported that Jordan Belfort, who is known as the wolf of Street, had been arrested for fraud and is now being requested to pay back $110 million dollars to his investors.

I think the significance of these events have more to do with what’s happening in our economy today than most people realize.

As you may or may not know, the economic collapse has basically come about because of companies taking on debts of people who in no way were ever going to be able to pay them back.

Then, the debts were sold to foreign investors under the umbrella of “investment packages” and when these poor folks, the ones who got the loans, couldn’t pay them back, well the packages themselves became worthless and thus started the chain of events that has led to where we are today.

But the bigger point is, this all started with greed, plain and simple. And today, the Wolf of Wall Street was arrested because of his greed.

My person opinion is that ALL of the companies who took on these debts that in NO way could be paid off, should also be arrested and charged as criminals, because let’s face it, that’s what they are.

But no, instead we bail them out. Go figure.

I hope Jordan Belfort gets what’s coming to him.

It will be a small consolation to a world gone to heck in a hand basket.