Recently someone asked me what I thought of the Madoff scandal that has been the largest Ponzi scheme of history---to which I felt obligated, since the rest of the nation or at least the fashionable country club set of New York, has been using the tailored text of a local PR agency and responded----"Naturally I am shocked and am continuing to monitor developments."
This deft phrasing gives me the aura of having been associated in a subtle way with the moxie of the country club set, and yet reveals no details. Of course, my dear readers know that the ideas of the Observer much less investments do not come from locker room talk at country clubs....clearly.
Still you have to wonder. Here is a guy that year after year promised returns in the 8.5% range even though others struggled. That could have been the first clue---but was it... or IS it?
This phrasing was identical to the phrasing of the Overture Fund the last time they refused to follow the advice of our Madison Mayor---they claimed to have someone who could get 8.5% returns---OH ya, that was Bernie Madoff.
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"The Non-Fat Yogurt" episode of Seinfeld sums ups why ol' Bernard was able to dupe so many out of so much.
ReplyDeletePeoples inherent greed is the easiest way to scam. From the simple deposed Prince from Nigeria looking to reclaim his fortune with your help, to the Bio-Diesel Plant in Evansville, and finally the Manhattan Madoff Bonsai tree, I mean Ponzi scheme.
Every one knows the lines about when suckers are born. Maybe I'm just a cheap simpleton, but the old worn out adage about something being too good to be true....
It makes me wonder when year after year I give a stranger with a personalized pen and embossed business cards thousands of dollars to throw a dart.
I think everyone is struggling for the correct answer with what they have left. Right now, cigar box and mattress futures are going to become a big part of my portfolio.
Your Quote "Recently someone asked me what I thought of the Madoff scandal that has been the largest Ponzi scheme of history".
ReplyDeleteYou Are Not Even Close!!!!!
QUESTION. The Largest PONZI SCHEME in the history of "The World" is the United Staes Of America's 'social Security System", and you knew that when the statement(s) were made that the Madoff Scandal Was The Largest. Not Even Close My Friend(s).
MM