Fact: Bernie Madoff operated a gigantic Ponzi scheme, one the biggest of all time, Fact: He defrauded thousands of suckers for billions of dollars. Fact: He admitted it.
However, investors CHOSE to invest their money with him. If not him, then they chose to invest it with a "fund of a fund," which means you better do your due diligence on all of the funds involved. If you were one of those who lost their pensions because your pension fund manager invested with Madoff, then that'll teach you to gamble your retirement in the stock market. It's all a big giant game, with the insiders winning, and the little guys losing. He took advantage of dummies who deserved to be separated from their pocketbooks. There's 100 Madoffs out there, we just need to find them.
You didn't see a red flag when he listed his accounting firm as a 3 person business (secretary, an old geezer, and one actual accountant) located in New City, NY?
Listen, here's the thing. If you can't spot the sucker in the first half hour, then you are the sucker. You want to invest in something real? Buy real estate. God isn't making any more of that.
awful
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