Today, I'm going to speak about Bernie Madoff. Don't get me wrong, please read to the end. I hope both he and his family are stripped of all their possessions.
What bother me is the fact that "victims" are claiming they lost everything. How does a person who amasses a fortune of 5 to 20 milllion dollars not know enough to diversify. I don't have anywhere near the amount of money that was lost, but I learned from Enron. I don't have more than 100 shares of any one company, I do business at several banks, staying well under the amount insured by the FDIC.
Maybe they were caught up in the lure of 8% return on their investment. Maybe they thought they knew more that the experts on Wall Street. We'll never know, they would never admit being caught up in the idea of guaranteed fast money.
I'd like to repeat what I said earlier. I hope Mr. Madoff and his family have all their money taken away and used to make restitution to all the "victims".