Thursday, March 12, 2009

My take on Bernie Madoff's Take

First let me say that I have renamed him Madeoff as in of course with the money. I know it is not original probably but I like it.

The leading factor behind his success in this scheme was GREED. He was the former NASDAQ chairman so everyone thought he was the man for investing with. So they just poured money out to him no questions asked. They just wanted more MONEY and did not care how they got it.

Greed is very powerful and even some very rich people who should have done some checking before hand lost bunches of money. Now the charities and pension funds should fire the mangers who did not check first on his investments. Also the people who invested for the well known types like Spielberg and the such should get jail time for not doing their job, or at the least be sued.

Bernie's wife, sons, brother and niece are also part of this scheme. His wife was the accountant, His niece and one son were the Compliance officers, and his brother received funds from this ponzi company to invest in real stocks in the real Madeoff investment firm. His other son from what I understand helped run the crap company. Bernie also transferred some property to his wife for something like $1.00 or the such. GREED

Now you can or should I say could make money in the stock market but if any of these people had done any research they would have steered clear. But since this was Bernie they thought it was OK. Greed again.

The others with liability in this are the SEC and the bank that he was depositing the money from these people into. It was a New York bank and they should have seen the signs of huge amounts of money being moved around. But again it was Bernie and they were probably glad to have such huge amounts of cash in their bank. Again GREED.

The whole point is that most, if not everyone who was part of this aside from the SEC (just incompetent) believed his lies and were GREEDY bastards who deserved what they got.

There is a saying from a Steve McQueen movie that I like and it applies here: "Believe half of what you see and nothing of what you hear"

Physical precious metals is the only way to go. Had these fools put their money in gold or silver when this scheme started in the early 1990's they would have more than they do now! Millions More Ha Ha! That is not greedy that is just smart.

I think a lot of his investors would like "A Weekend with Bernie"

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