Are not both classic Ponzi schemes? Both promised returns and paid out early participants well with incoming money. Both eventually ended up owing money with insufficient assets to cover them.
Matloff promised better returns than available elsewhere. Even if it worked, the return on Social Security wasn’t that great.
Matloff was voluntary, SS compulsory.
Matloff went to prison. Well so have a few congressman, but not for the SS fraud.
The government has seized Bernie’s assets and is trying to claw back profits others received to pay back his victims. The same government is talking about welshing out on SS. They are broke and will never be able to collect enough taxed to pay the promised benefits. So how do we compensate people that worked all their life and were forced to pay into a poor investment that won’t even meet its meager return? Sell any marketable government assets. They still have vast landholding in the West, power dams, navigational locks and dams, canals, Cape Kennedy, Big Bird, etc.
Of course many of the perpetrators are safe in the grave by now. However, many more that failed to do anything about the mess are collecting fine pensions and have an excellent health plan. Why not put all former presidents and congressmen on SS and Medicare? They are entitled to more? Why is it right to continue the benefits to the guilty while cutting their victims?