Smilin’ Bernie Madoff, who cheated an incredible number of people, got 150 years in the clink.
50 years ago, Bernie started out with $5,000 and his last job was a lifeguard at Rockaway Beach.
I used to work on Wall Street, and when I heard this story, I had to laugh. Why was he so successful? Easy!
- He gave people consistent returns. Investors regularly got dividend checks. They were happy. They didn’t care it was a Ponzi Scheme, they got their checks and they were happy.
- He gave people the idea he was SO GOOD at investing that he was better than everyone else on Wall Street. He was a part of a “secret insider” who knew how to always make money on Wall Street. People liked that, and investing with him, they could laugh at their other friends who invested with other people and lost money when the market went down.
- I do NOT feel any sympathy for the individual investors who lost money with him. They got swindled by their own greed.
- I DO feel sympathy for the charities who invested with him. WHY didn’t they do their due diligence?
- I am disgusted by the SEC. They are a useless watchdog agency… an office full of lawyers with no enforcement saavy. Bernie wasn’t caught until he TURNED HIMSELF IN!
Honestly, I think Bernie could have pulled this off for much much longer… I think he felt that by coming forward, he would be shown some kind of mercy.
But on Wall Street, if you make people money, they love you.
Lose them a penny, and they will crucify you.




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