Quote:
Originally Posted by TheMercenary
I can't agree more. It is wild to think of the number of people who have gone from fame and fortune to destitute. It certainly has shades of the day of the crash in '39.
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That would be '29. But not really. '29 was a collapse of the entire market. This is just a case of a con man being unmasked by a market collapse.
And who the hell gives their entire fortune to
one guy to invest? Didn't these knuckleheads ever hear of diversification? I feel bad for the people who lost their life savings to Madoff but they could have given at least some of it to... I dunno, Fidelity or T Rowe Price or any number of reputable investment firms.
Why didn't they? Because Madoff promised returns higher than those offered by reputable investment firms. Now why would any sane person think that Madoff is smarter than the entire portfolio investment brain trust at TRP/Fidelity/etc.?
Too bad P. T. Barnum or Ben Franklin aren't here to answer that question.