Jun

7

Madoff in the News

June 7, 2010 |

An evil man in the news. "No one really believes they turned daddy in without a heads up that they were alreading coming for him, right?"

Vince Fulco comments: 

Since this story broke, I have been shocked to find out how many 'average joes' in my childhood community of upstate NY have been devastated by this mad man. Cases in point are a reasonably successful but otherwise unremarkable family doctor who was forced to return back to work full-time at 70 and separately a mid level real estate exec who's dealing with severe clinical depression after his couple of million $ in life savings; generated through scrimping and saving, were completely wiped out. The tentacles of evil reached so far that it does seem to give credence to the 6 degrees of separation theory. It could have been avoidable if following some of the earliest and simplest of universal truths:

1. Don't put all your eggs in one basket

2. If it is too good to be true, it probably is and

3. Trust but verify (often) among numerous others.

Anatoly Veltman comments:

A few aspects don't get enough attention:

1. Majority of those who lost participated of own lure/belief that they were in on special advantage/inside

2. That's one explanation of why many clients don't want to acknowledge that they were; another is that some took out more than put in.

3. Beyond profitable withdrawals, tens of billions more will never be accounted for– kept by investigating insiders.

4. The "reverse Robin Hood" of taking from many to give to few is thriving well past-Madoff: within the entire latest bubble and almost all government actions of present

 


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