US Senator Frank Lautenberg sure loves his Ponzi schemes.
It is being reported that he is among the victims of a Ponzi Scheme, having invested $14 million of his families charitable foundation with the Bernard L. Madoff Investment Securities LLC. Madoff was arrested Thursday in a scheme to bilk investors. Maldoff had donated $13,600 to Lautenberg's 2008 reelection campaign.
It is ironic that Lautenberg refuses to accept any reform of the Social Security federal Ponzi Scheme. When asked by NJ Network newsman, Michael Aron, whether or not having American's decide for themselves where to invest their money, Lautenberg responded "the role of government is to not allow people to make financial mistakes."
According to the Social Security Administration's own projections , the federal Ponzi Scheme will begin to unravel in 2019 when expenses will be greater than income. They estimate that in 2041 the Social Security trust fund will be exhausted, leaving only taxed income to pay benefits.