oh ya what important thing was I gonna say
this is nearly a perfect world for us here in the 21st century in the modern western culture
…
except for the social structure
because imo mechanical engineers have doing a pretty good job

Phil Collins – Another Day In Paradise – Live In U.S ‘98
http://www.youtube.com/watch?v=pIC9vlAVQlA

which is why these clients didn’t ask more questions about Madoff.

wonderment:

This brings me full circle. If these investment advisers are so smart, how come they need OPM to earn a living? If I had the Midas touch, I’d be secretive and greedy. The law of averages says that excessive gains and losses will diminish as more people enter the picture. If you have the secret, it automatically loses half of it’s value for every new entrant. Most people should just put their cash in a bank CD and forget about it.

The most common way to make money in the market is buy low and sell high. The rubes do just the opposite. You have to try not to be a rube, and be willing to take their money.

And of the people who used third parties to handle their funds in a fiduciary capacity, what percentage do you think were scammers (investors, not those who took the cash)?

Besides, it doesn’t matter. Even if one or more knew Madoff was a crook but used a third party in a fiduciary capacity, they get to have and eat their cake. Said fiduciary is still liable for fraud, and, unless he can prove that his client also knew Madoff was a crook, is in deep sh*t. As a necessary condition for that defense, said fiduciary has to confess in order to not be liable to the client.

And, if he tries that, all who weren’t in on the scam, plus the original investor if said fiduciary can’t make the case, is due for some payback from said fiduciary.

You don’t think many uber-wealthy people would be fine with Madoff if they thought he was just insider trading or front-running and thus not screwing THEM over in the process? You don’t think they would be fine with that if they thought he’d never get caught and that if he was caught they could just explain that they “didn’t know”? Think again, my friend. Those are the kinds of people who hide untold billions in Switzerland with UBS to get out of paying taxes. How do you think some of these people got/stayed uber-wealthy to begin with? I can assure it wasn’t by playing by the rules……

Again, if the criminal is thought to benefit THEM, far too many of these cretins will gladly engage (with a nod and wink, of course). You’re the one who needs to grow a brain stem if you think otherwise, my friend.

I repeat, only someone who is incredibly stupid would give their money to a crook, with the belief that “He Won’t Steal From Me!”. I refuse to believe that any normal person would do such a thing. You are living in fantasy, my friend.

Privately, to yourself, name three people you know who have the money and are stupid enough to give a large sum of money to a crook. If you name someone other than yourself, please introduce them to me. Today only, I have Quit Claim Deeds available for ALL of Donald Trump’s properties at only 10 cents on the dollar … no 3 cents on the dollar. The line forms right here.

The test is called Business Scan 360.

In my opinion, it should be administered to everyone seeking a broker/investment adviser license and to every corporate CEO.

And what about the short sellers?

They’re responsible for almost everything that goes wrong in the financial markets.