Letter of the day: A Ponzi scheme, sure, but its purpose was mutual reward

In response to your Feb. 6 article regarding Bernard Madoff and his Ponzi scheme, there is a huge difference between a confidence man with the intent that the victim will never see that money again compared to a man who is confident in a Ponzi scheme that can make money for his "victims" as well as for himself, although operating illegally. With all of Madoff's experience and visibility as an expert in the stock market, I am convinced he KNEW this scheme would work. He KNEW he could make a profit for his investors as well as for himself. He did for years. I see this not as a crime of intent to steal, though clearly a crime by definition of a Ponzi scheme. Its purpose was to give mutual financial reward to his victims and himself. If it had not been for the economy tanking, something Madoff could never have predicted when he started the scheme years before, his Ponzi scheme would still be going on today with everyone happy with the income. Who could have predicted 9/11, followed by the wars in Afghanistan and invasion of Iraq resulting in incredibly huge financial costs on America, and now the recent financial impact upon the world economy? Today, instead of being thrilled with the INCOME they made over the years, the victims are distressed with the OUTCOME. I see this as illegal greed but done with the intent to enrich those who invested, as they in return enriched him. STEWART PERRY, WAYZATA