I've been whining to people about how much I've lost in the stock market in the last six months, but wow, it could be so much worse. Even if you're having trouble paying for college or your kid's tuition, or even your mortgage, perhaps, it's not as bad as it could be. You could be one of the many who invested with Bernard Madoff.
There are people who, until today, thought they had millions upon millions of dollars invested with the (now infamous) Wall Street legend. Over night, that money has disappeared, as it turns out to have been one giant Ponzi scheme. The origins of that term are worth learning, in case you don't know the story.
This is not what Wall Street needs right now. From madoff.com -
"In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark."
How ironic, indeed.
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