Even really smart people fell for Madoff scheme

Quote from nitro:

Even really smart people fell for Madoff scheme
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Greed? Maybe Gordon Gekko was wrong.

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The author of this book lost his personal fortune to madoff. He was working on this book for ten years. Perhaps he should have put down his pencil and smelled the coffee or to put it another way maybe he shoould have sharpened his pencil on investments.

Secondly, I read recently a former sec attorney lost his money to madoff. Oh the irony.

Thirdly, Charles Ponzi is the role model not for madoff but central bankers. just a guess here though....:cool: :D :D
 
Quote from Anaconda:

You call the messes ignorant & apathetic yet you are stupid and/or naive enough to think that SEC was just incompetent?

Wow!
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Actually, yes, the SEC in every way, shape, and form with regard to madoff was <b>"COMPLETELY INCOMPETENT" and if you don't like "COMPLETELY INCOMPETENT" HOW ABOUT "WAS <i>ALWAYS</i> OUT TO LUNCH?"</b>
 
Quote from trendlover:

He gave a good advice to get out of that fund in 2000, but they did not listen to him. So he can be your hero. :)
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Well any participant would have lost money anyway and with clawbacks the fact that the fund overrode this hero that fund still will face heavy civil penalties if they profited from the ponzi scheme and basically this means if you got ANY MONEY BACK, then you're probably looking at it as you're still going to lose everything through the judicial process of the Trustee who will sue you for the amounts you may have "profited." That is, under the circumstances recieving any amounts from this man means you profited so any investors who left probably will not have any money either because it unfairly punishes the duped who stayed and the duped who left will still be the duped but they might have done other things with their money after they left.
 
Quote from nitro:

"Madoff 'Feeder Fund' Investors Cannot Recover: Judge"

http://www.cnbc.com/id/45885039
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Do you have 5 sentences ready for P=NP, yet?

Why do you never say a complete thought when you post, nitro?

It's really annoying.

Well, there's a rumor he only had 22 clients personally himself, and they found billions, so at least those 22 people will get back some hefty cash.
 
before piles of money, everyone is vulnerable.
some people said "love is blind", the same applies to money.

so in trading, this is the Number one reason people frauded themseves. when they should cut loss, they stubborn hold;when they should not book profit, they are too scared to let the profit evoporate and take a little profit and run.

never think about money, if you do not see money, you will be more objective, so you will be smarter.

the more you think about money, the more dumber you are.
 
Quote from trader198:

before piles of money, everyone is vulnerable.
some people said "love is blind", the same applies to money.

so in trading, this is the Number one reason people frauded themseves. when they should cut loss, they stubborn hold;when they should not book profit, they are too scared to let the profit evoporate and take a little profit and run.

never think about money, if you do not see money, you will be more objective, so you will be smarter.

the more you think about money, the more dumber you are.
More...

It's emotional if you do think about money without objectivity. You can think about money, risk management, your strategies, and I guarantee it won't make you dumber.
 
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