Agree. This current "taking" makes Madoff seem like a child who "took bubble gum". The president correctly understands that masses of people are unaware of this massive theft until, as Hank Paulson said it in 2008, "their heads hit the floor".
However, he has vastly underestimated the intelligence of many of us who oppose this theft: Epstein, Palaigra, Berkowitz, Ackman, Obiterdictum, Frank Fosco, Ralph Nader, Judge Sweeney, Investors Unite, Koch Brothers, Senator Toomey, and, yes, yours truly as well as many, many others.
We will find out today, if Watt wants to be a party to this taking and join Madoff in his jail cell.
There is a good chance that Watt will make the right choice and the President and his men are not too greedy. Some favorable shareholder intervention, such as a timetable for the release of cship, would fare well for the future of these people, and judges may even have pity on them and even buy their story of "Gee, I did not realize this was a taking".
I do think it is for us to not repeat the administrations euphamistic "sweep" term when applied to this. A "sweep" is a term bankers used that money was "swept" from thier checking accounts and put in a money market account for the customers own benefit, and not any garnishment or other taking of customers property for the use of others. http://www.investopedia.com/terms/s/sweepaccount.asp Investors like sweeps, it means they earn higer rates of interest and profit. This is not a sweep. Its a taking.
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