The first investors in a Ponzi Scheme are usually OK.
I think that some people are knowingly looking for start-up Ponzi Schemes to invest in.
They got the right name for this guy.
I just HAD to add this tidbit.......when she divorced wealthy mega-star Michael Douglas, Diandra got a huge pile of money.
She gave most of it to Madoff.....and lost it all.
She then gave the rest of her pile to an even bigger crook than Madoff (if possible)...... “Ken Starr-—accountant to the stars.”
Starr handled the money of the glitterati, the NY stars in the Hamptons....and stole it all.
NOTE: Starr’s third marriage was to a stripper who had an obsessive shopping habit.
“Consent of the Conned”
What a great phrase! I’m going to steal it.
It’s applicable to so many situations.
The Madoff con is child’s play compared to the con that the Rats constantly pull on the easily conned voters.
Okay, no more excuses for the American people to continue to be conned by DC and Wall Street. So now what?
Bernie Madoff’s con was unlike most fake investment cons because he did NOT offer outrageously high returns.
Instead, he used his prestige as former president of NASD to claim that he employed sophisticated hedging techniques that would meet or slightly beat the return on the S&P 500 index without risk of loss. The returns he claimed were not outrageously high, but his claim that he could accomplish those without volatility was. Not many people understand the relationship between return and volatility or the way derivatives really work. Lacking this understanding, most of his investors thought themselves no greedier than investors in Buffet’s Berkshire Hathaway or Peter Lynch’s Magellan Fund.