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Album: Hats Of to the BullReleased: 2011
The main concept of Hats Of to the Bull is rooting for the underdog, and this song was written about the many thousands conned by a Ponzi scheme. So what's a Ponzi scheme? According to our financial expert, it is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit. The attraction to savers is that it offers higher returns than other investments, but the system is destined to collapse because the earnings, if any, are less than the payments to them. In March 2009, American entrepreneur Bernie Madoff confessed to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Speaking to Texas radio station KEYJ, the Chevelle trio revealed that this is a "pissed off, angry song about people who got taken by the Ponzi scheme that Bernie Madoff had for all those years."
Among the many swindled by Madoff was the actor Kevin Bacon, and Chevelle added that the song is for him. The track was leaked on September 28, 2011 and debuted on radio October 10, 2011.
Other songs that reference Bernie Madoff and his Ponzi scheme include Jimmy Buffet's "A Lot to Drink About" ("Now Madoff made off with all the money/And his clients are down to skunk weed") and Nas's "All I Know" ("Money like Madoff, Kill 'em like Adolf, Roy Halladay").
Chevelle frontman Pete Loeffler explained how this song was inspired by the notorious actions of Bernie Madoff. "The lyrics are about all the people who have been taken advantage of," he said. "He raked people over the coals, stole and is a terrible person. One day, these people have everything, and the next day it's completely gone."
Pete Loeffler wrote the lyrics whilst watching a documentary on the Madoff Ponzi scheme. The program explained how it worked, how many people he stole from and for how long he stole.