How did Bernard L. Madoff bilk upwards of 50 billion bucks out of thousands of dupes? How could investors really believe he could deliver and sustain a 10-17% return annually? Isn't it common sense, a truism, that if something seems too good to be true, it probably is?
Greed begets greed, and here we are now.
Today's Rune: Growth.
8 comments:
Without commenting about their need, I find it funny that the government is looking at ways to indemnify the losses of them who invested with Madoff.
No one is looking to restore the 30% annuities have lost in the past 6 months.
I get the sense that this was a great game for Madoff, and them who invested in his game always gave him the benefit because the money kept coming in due to his reputation. Actually to me this whole thing just points to more need for tougher regulation of the financial sector.
How much profit is enough?
I guess people don't look a gift horse in the mouth. They're afraid they'll notice the complete lack of teeth.
Bernard L. Madoff provided a viable product and unlike the auto companies, deserves to be bailed out.
NOT!
I hope everyone enjoyed the ride, too bad there investment depreciated beyond repair.
But he looked so honest...MW
Thanks all for the comments!
Y'all are awesome.
all the charities that lost - education, cancer research etc. unreal
and he is allowed to walk the street -- and he is on suicide watch. you know what, take the watch away
My father taught my brothers and I one very important thing when we were little: that people who are trying to scam you appeal to your greed. If something looks too good to be true, it probably is.
Check this Erik http://www.jewishjournal.com/opinion/article/maddoff_20081217/
What a scandal!
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