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I am sure you have all heard of those pyramids. The uncle who comes to family get togethers and tries to push folks to buy his products so that they in turn can go to their friends and get them to buy those products so they in turn..... you get the picture.
Now imagine doing that as if it was an investment company. Come invest millions with the promise of super high returns, get more people to join, etc.
Stakes are high!
Well, this is just what Bernard Madoff did! A scam just like the pyramids scam except for investors. Now he's caught and the pyramid is collapse. The only difference is we are talking billions of dollars.
That is just plane wrong! Many Jewish companies and charity organizations joined this investment firm thinking it was legit, perhaps because the guy is Jewish. Sadly, they lost money in the millions.
All I can say is, if you've done something out of greed, perhaps now is the time to rethink that investment, rethink that choice, rethink your course of action. The golden calf is being taken to the slaughter house.
5 comments:
Well said Miriam
You know Miriam, I find it hard to believe that people would allow themselves to be so seduced by money that they'd hurt others in the way that Madoff did to have it.
Many of his clients were foundations that merely wanted to get a better return on their money.
And Madoff delivered. He delivered so well that he was just too good to be true.
But no one questioned that part--they seemed to have had unquestioning faith in Madoff's ability to deliver, and he did, using his Ponzi scheme--built mostly on bilking late comers to pay the early birds, those who had been long-time investors in his investment company.
How do you suppress your conscience to such an extent that it stops being a concern?
Perhaps he never had one in the first place. But even then the Golden Rule should have ruled his actions: He wouldn't have wanted what he did to others to happen to him, now would he?
His own kids turned him in. They seemed to have had more character than their scalawag dad.
Another troubling revelation: he got away with it for years. The SEC didn't have a clue.
I can't believe this guy! he got them but good...wow!
On Wall Street the only thing real were bonuses, not profits, profits were an illusion. As regulators and shareholders sift through the rubble of this financial crisis, questions should be asked about what role some of those lavish bonuses played in this debacle.
Madoff names fits him perfectly because he (Made-off) with Billions! Not just him the entire American and Global banking industry has made of with Billions of our money!
We trusted them with our income to make us wealthy for retirement and gave into their own "Ponzi" scheme called investing. I think I'll have to start putting my money under a mattress now because it seems to be the safest place for it.
Forget about compound interest and capital gains we did not make as nearly as much of the money they've made off of us. They were giving us the crumbs while they were eating the cake off of fine china and still are!
That bailout money will pay some of those bonuses that they were promised to bring us "suckers" into their scams.
The politicians are only paying back their friends in high places for the favor they paid them in the form of political donations in turn they the politicians changed or continued on doing the following: changing the bankruptcy law, credit cards interest rates, keeping employee salaries low and raising their own, no socialized health care, pharmaceutical companies damaging people, no food and drug inspections, deregulation of the banking and securities industry, unequal access to higher education, unable to afford a home, the deregulation of the housing industry, big business ruining the country, insurance companies placing caps on litigations, poorly ran public schools, a crumbling infrastructure, big oil destroying and starting wars in Africa and the rest of the world for profit without regard to the environment and the natural resources called people, I can go on and on.
This is one big favor that they must repay, we don't care because we are complacent and feel we can't change a thing!
The Wife - Thanks for stopping by and for the encouragement!
Domino - How does one suppress their conscious. Good question! I still shake my head about this.
Tania - He sure did. But now its payback time. Although some people can never recover what they've lost.
Divalocity - Madoff - Made off. That's a good one!
I still can't get over his callousness. Politicians are getting so bold lately. I mean, they make big news about bailouts but no sign of the money getting past the heads of corporations.
How can we all feel empowered and that we CAN make a difference? I have been musing over this for a while.
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