Re: [Pen-l] Petras on Madoff

["Jim Devine" <jdevine03@xxxxxxxxx>]

raghu wrote:
> It is indeed remarkable how there are apparently no "widows and
> orphans" type victims of this guy. CNBC ran a special called "Scam of
> the century" or something like that on Madoff and most of the victims
> they profiled came across as singularly undeserving of sympathy e.g.
> some people who lost their summer mansions in Palm Beach that sort of
> thing.

Part of his selling method, as I understand it, is that Madoff
wouldn't accept money from just anyone. It was exclusive: you had to
be elite to be ripped off. It's a version of "the emperor's new
clothes" scam: only smart and elite people like you can get such a
wonderfully high (but bogus) rate of return. Mere mortals can't see
it.

-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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