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Pages: Who else is happy that rich people are losing $$ [1]
Author Topic: Who else is happy that rich people are losing $$
enerson

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Posts: 1

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2010-09-21 15-43-04

Who else is happy that rich people are losing $$ Boo Hoo Hoo! Don't let the tears hit the beluga on the way down! Fund Fraud Hits Big Names Madoff's Clients Included Mets Owner, GMAC Chairman, Country-Club Recruits Prince Alwaleed
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aldis

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Posts: 4

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2010-09-24 7-21-37-

It would be funnier if it was only them and anyone else.
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grasty

Newbie
Posts: 5

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2010-09-30 14-21-02

i'm amazed that they used poor risk management Especially (supposedly fisy responsible) non-profit and endowment boards. NEVER put all your net worth with one firm, especially one with no SIPC protection. Investing 101.
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mciver

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Posts: 4

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2010-10-06 6-44-50-

I think it shows that many people who are rich are rich because of who they know and the special opportunities they get for getting richer. Mort Zuckerman was one of the people wiped out, again, proves that these money managers don't know anything special, they simply have access to people the rest of us don't have access to. this guy just took advantage of an already corrupt wall street system.
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  • barrera

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    Posts: 4

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    2010-10-10 2-22-20-

    correct, but you dont put all your eggs in 1 ... basket. And those 'baskets' include firms that manage your money. Amazing that they did this.
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  • laurena

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    Posts: 10

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    2010-10-15 20-16-29

    I'm amazed as well, that's why I think it is so damn funny that these so ed kings of wall street broke the cardinal rules of investing...
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    vavra

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    Posts: 2

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    2010-12-03 10-46-20

    I agree with you. So many people mistake bank account balance for being smarter than the avg. Joe. I have seen a lot of stupid people with a lot a money they got from Mommy and Daddy or connections they got from Mommy and Daddy.
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  • alwood

    Sr. Member
    Posts: 9

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    2010-12-11 20-06-58

    Exactly, you may have read, one of the ways he duped people is because he tapped into the country club crowd...where many of these people get their special deals
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  • minden

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    2011-01-03 2-38-16-

    I didn't know that, but I have seen it myself. I have seen so many fresh out of college kids, get great jobs, because the big client's child needs a job. And most of the time they don't even know how or what excel is. We are talking about kids who have degrees in finance and economics.
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