Posted on 12/16/2008 7:17:43 AM PST by Red Badger
A lifelong New Jersey resident, Bette Greenfield (left) retired in March and moved to Florida in July.
I'm not from a wealthy family living on a big estate in Palm Beach or in an Upper East Side apartment. I'm 71. I've worked hard and lived a quiet life - and have just lost my retire ment savings in the blink of an eye, thanks to Bernie Madoff.
When my brother told me the news, I said, "I guess I'm going to have to live in a refrigerator box now."
I made jokes because it was the only thing I could do to not burst into tears.
How did this happen?
My father, a CPA, was smart and an extremely knowledgeable financial ad viser. As he aged, he wanted to have something where he could put his savings and live off the interest.
He was told by one of his wealthy Palm Beach friends that Bernie Madoff was a miracle worker with invest ments, and that he could pull strings to get Dad into a trust fund with Madoff Securities.
It was less than $400,000 - not a large amount by Madoff standards - but his friend helped him get into a fund. Dad was sure that he had made a wise investment and that he and his wife could be comfortable for the rest of their lives.
For 10 years, he did live off the interest and totally believed in the way the money was increasing.
Dad told me, "Bernie Madoff is brilliant. When I pass away, keep the money with him, and you and your brothers will always have something to fall back on."
(Excerpt) Read more at nypost.com ...
I always find it hard to feel sorry for people who put all their eggs in one basket and a risky basket at that!
First clue.
L
There were lots of bargains 2 months ago
I wonder if Rush lost any money on the Madoff swindle?.............He ain’t in today..........
“The folks here on FR sound like a bunch of rapid dogs chewing at the heals of someone who has suffered a fall and is wounded in the streets. They feel justified because they are financial “have nots” and cannot with their small minds imagine how someone could possibly have any money to invest since they and their circle don't have squat.”
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I would bet that you are wrong. Many of those commenting here show considerable investing sense.
“They attack the IQ of investors who have lost as if their are no shysters, swindlers and snake oil salesman on the planet any more.”
“They attack because it was money that she did not personally earn but instead a parent. These freeper dogs and their frothing with envy at the mouth are playing right into the hands of the commies. Commies drooling at the sight of the people all chewing at each other when the stuff hits the fan. Divide and conquer.”
I think that a lot of Freepers have lost quite a bit in the current market crash, but we are not whining about it.
Where did the money go? Aren’t there material possessions or something? Capital? Bueller?
This is not a story of greed. This was not an investment that promised super-high returns. It was believed to have been produced very steady returns, at somewhat higher rates than other very steady investment products. Most of the ordinary people who invested in it thought it was very safe investment, for reasons like this woman’s. The Madoff investment hadn’t made her father fabulously wealthy (or she would have inherited a heck of lot more than $400,000), and she wasn’t expecting it to make her fabulously wealthy either. This woman is one of the actual victims.
I have no sympathy for the people who lost 8 or 9 figure wads in this thing. They could easily afford to hire good investment advisers and follow their advice, but chose not to do so, probably for stupid reasons like wanting to imagine they had special connections and privileges that guaranteed them financial security. And many of them were certainly assuming that he was managing these ultra-study and still moderately high returns by cheating.
She’s not a CPA — her father was a CPA.
I didn’t say they should be guaranteed a return. It just seems wrong to call someone greedy to want a return on their investment. I can understand being upset at losing everything by a con man. I just don’t think they were greedy.
There will be many, many lives damaged or destroyed by this greedy bas***d.
BTW, is anyone surprised that some clown named “MADOFF” MADE OFF with their money???
Whether or not they've ever even heard of this guy.
You are right—these are sad stories. Each person was “investing” as responsibly as they knew how. The complexities of investing, like completing contemporary income tax returns, are overwhelming to the minds of most Americans despite the necessity of facing those complexities to manage one’s money. You cannot prepare for retirement and not engage in investing.
I draw a link between this scandal and the popular discrediting of social conservatism. Decades ago, personal ethics and integrity were widely accepted virtues as part of our conservative American culture. Now, such ethics are not of much interest to people who reject the moralizing and religion-originated value systems that were once widely accepted.
Too bad his name wasn’t Mehoff......Jack..........
Maybe I’m the one that’s crazy but I sure don’t see this woman as being “greedy”.
I’ve always looked at greed as the act of taking more than your fair share of something which is a) scarce and b) of equal or greater benefit to someone who doesn’t have it.
For instance, taking 3 of 4 pork chops from the serving plate when 4 people are seated at the table is “greedy” but stacking up 3 yards of sand at the beach to build a sand castle when others are just using a small pail might be excessive but it isn’t greedy in the least. Money is, for all intents and purposes, a limitless resource. Just because one person has billions of dollars does not mean that nobody else can have the same or more.
Furthermore, and most importantly, these people were acting on the advice of someone who was considered a professional. It’s not like they were carting their cash to the casino and throwing it all on the “Wheel of Fortune”. These people paid a premium to have someone who was considered one of the best in the business look out for their financial interests and that person took them to the cleaners. It would be like taking your car to the mechanic and having it returned sans motor!
The investors were NOT greedy (at least as pertains to this particular scenario) but were duped by a guy that turned out to be a con man. Perhaps they were unwise to “put all of their eggs in one basket” but that is a far cry from being selfish or greedy.
I'd say that an attack was carried out on our social institutions decades ago. It's still going on, of course. Church attendance down, homosexuals emboldened, abortion up, feminists on the rampage. Socially, we were weakened.
And now it's time for attack number two. Our economic system is being crippled. Capitalism, in the eyes of many, has been discredited. Well, if we need to move away from capitalism, what other system should we choose? Hmmmmmmmm?
This was all mapped out before I was born. I firmly believe that.
Tell that to Bette Greenfield.
Some experts are saying that it will take 20 years for the DOW to go back to it high. Anyone think the NASDAQ will ever see 5,000 again?
I don’t listen to financial advisors. I am probably down around 40 ~ 45 percent in my 404k. That’s alright. I am fifty and have time on my side. Buying each month now at these prices is a gift.
But I will be out of the market and into stable investments before I retire. And if the markets come back and hit new highs before then, I’ll be out on that note, also.
That’s my stra tee gerie.
Again, the old adage “If it sounds too god to be true, it probably is” comes to mind. It rings true once again.
One ignores it at one’s peril.
That was long ago though.
This day and age one does stupid things and if one gets caught, one cries, cries, and cries some more.
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