Picture of Bernard Madoff, courtesy of AP
All the old clichés come to life, don’t they?
Like this one should be plastered on billboards everywhere:
It seems like Bernard Madoff, has perpetrated the biggest fraud of them all. To the tune of 50 billion dollars. All those dollars, $500,000,000: vanished into thin air. He used the old, old trick of using new investment funds to pay so called high ‘returns’ to the older investors. A swindle called a “Ponzi”.
How can someone, anyone, justify such enormous returns on their investments without asking questions like how and why and wherefore?
And no, I’m not gloating over the newly impoverished socialites and wealthy who trustingly invested in such a Ponzi scheme. If I had the money, it could’ve been me.
Maude knows, I’ve been approached a countless number of times by MLMs – of which Amway is one of the leaders - and pyramid schemes (invest $100 and $1,000 will be yours in 30 days!) but my logical brain always tells me someone is paying down the long line of suckers investing in such a scheme and not getting anything in return. Like those chain letters of old, which promised 100 tea towels or 100 pairs of underwear or whatever. Someone always pays and pays dearly for such short-sighted investment strategies. Someone who can least afford it.