Woman lost 3.8 million (everything) with Madoff

Discussion in 'Wall St. News' started by short&naked, Jan 26, 2009.

  1. Allen3


    Hmmn. Unfortunate. The guy was horrible to many. I'm sure this is one of the worst and most devestating stories that will come out of the mess.

    That being said. GIVING over your power to someone else and then expecting never to lose is an unreasonable and a little frightening idea that we are giving credence to. I am very concerned that the government is going to try to make these people whole.

    If that's the idea, I know of a Christian camps endowment fund that has taken a huge hit in the last couple years. And I'll bet almost everybody knows a fund or a person that cannot do what they want or need to do now after the price collapse. I do not feel responsible in that way as a tax payer.

    Feel bad and help people lick their wounds. Help them try to recover what they can. Maybe educate the public with more than Cramer and Orman before they are out of school. Help this not be able to happen again.

  2. umm
    money is not a source of happinesses. you don't need money to be happy.

    always $1 meals at summer schools
  3. Then WTF are you doing on this forum. :D
  4. volente_00


    Money is not everything, but it sure as hell helps.

  5. "This too shall pass in due time"
  6. Jachyra


    Its a sad situation but this is what people get for putting all their money in one place. Money management 101 is never put all your eggs in one basket... so anyone that chose to ignore basic rules kinda gets what they deserve IMHO.
  7. Its about as sad as a situation as the long term investors in Fannie Mae or Lehman Brothers or Bear Stearns.

    I don't even see the difference in the two, one promises 12% with no losses, The other promises "All is well. Do not fret. We have lots of money in the bank"
  8. She is a fool, that is all. And a fool and his/her money are soon parted.

    Anyone who knowingly invested in Madoff deserves little pity. It's not a big revelation or shock that his whole operation was a Ponzi scheme. Even prior to the 2005 report, it has been suspected that he was lying.
  9. RobtF


    Saved $2 Million, impressive...

    Is the SEC like a lighthose?
    ...Elisofon likened the case to a 1955 court decision in which the government was successfully sued for failing to maintain a lighthouse. In the case, Indian Towing Co. v. the United States, the company was awarded damages after its barge ran aground on an island where the Coast Guard had a lighthouse. The light, at the time, was broken.
    #10     Jan 26, 2009