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'WE'VE LOST EVERYTHING' - RUINED RETIREE'S TALE
NY POST ^ | 12/16/2008 | By BETTE GREENFIELD

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 ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; US: New York
KEYWORDS: clowardpiven; gramsci; madoff
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To: Red Badger

There must be a lot of “goldbugs” on FR, because it seems like no one can empathize.

I guess everyones up 40% around here.


21 posted on 12/16/2008 7:30:51 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: mgc1122
The old saying “if it’s too good to be true ...”

...ends with "it probably is". Not that it DEFINITELY is. I've found a few opportunities in the past that I pursued, even though they seemed to be much too good to be true, and they ended up wonderfully.

Have a new business opportunity that seems that way at first blush, but after tearing into it for the better part of a year turns out to simply be a woefully underserved market in which the current providers, and most of the consumers, have not a clue about the potential.

Just because it seems to good to be true does not mean it isn't!

That said, one should always check out an investment before you dive in. I'd ask to see last year's purchases and divestments. It shouldn't compromise anything "secret" to see what was invested in last year or sold...

22 posted on 12/16/2008 7:30:54 AM PST by PugetSoundSoldier (Indignation over the sting of truth is the defense of the indefensible)
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To: MrB

“Nothing like the combination of greed and ignorance to make someone a pauper.”

Yep. It is sad and I don’t wish any one ill but the lesson here is to be educated about your investments and not to let your pursuit of promise of high returns be your sole guiding light.


23 posted on 12/16/2008 7:30:59 AM PST by mgc1122
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To: mgc1122; Red Badger
Let’s not overlook GREED in that equation ...

Also, throw in a healthy amount of irresponsibility. "It's everybody elses fault".

If your retirement funds are in the mkt when you retire it's just dumb. You should be moving those monies into secure (insured) vehicles 7 years before you retire. The only reason not to is you figure you're so smart you will beat the safe bet and get a 7-10% return rather than a 3-4% return.

24 posted on 12/16/2008 7:31:13 AM PST by wmfights (If you want change support Senateconservatives.com)
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To: Red Badger

Call 1-202-456-1111.

Ask President Bush to give you a bailout, as he is furiously trying to throw money at failing auto companies.

Seriously, this is a tragedy for this woman, and I don’t envy or make light of her pain.

Quite frankly, Wall Street has never been worth one nickel of our money for bailouts. They are thieves with a license and always have been.

These kinds of financial collapses are happening every eight to ten years.

The savings and loan scandal was from 1989-1992. The dot.com bust in 2000. Now the mortgage crisis in 2008.

Next crisis is due in 2016, when a ton of boomers, myself included will be starting to withdraw funds for our retirement.

Always a new way to scam the public. We throw a few miscreants in jail, and the cycle starts anew.

This time, our own government has actively participated in a scheme to defraud us AND to mortgage our future ahead three generations to fleece us. Trillions of retirement savings value has been lost, and well as trillions in home values(homes would have been the fallback in value if stocks went south).

And in eight or nine years, the government will not be able to fund Social Security and Medicare.

And the sheeple keep re-electing the fools that fleece them.

The time for tar and pitchforks is rapidly approaching. The colonists revolted for far less.


25 posted on 12/16/2008 7:31:13 AM PST by exit82 (It's all Obama's fault. And Biden is still a moron. They are both above their paygrade.)
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To: mylife

This particular woman has reaped what she did not sow, and is now complaining about it...........


26 posted on 12/16/2008 7:32:12 AM PST by Red Badger (Never has a man risen so far, so fast and is expected to do so much, for so many, with so little...)
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To: mgc1122; Red Badger
Let’s not overlook GREED in that equation ...

Also, throw in a healthy amount of irresponsibility. "It's everybody elses fault".

If your retirement funds are in the mkt when you retire it's just dumb. You should be moving those monies into secure (insured) vehicles 7 years before you retire. The only reason not to is you figure you're so smart you will beat the safe bet and get a 7-10% return rather than a 3-4% return.

27 posted on 12/16/2008 7:32:25 AM PST by wmfights (If you want change support Senateconservatives.com)
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To: Red Badger

“It was less than $400,000 - not a large amount by Madoff standards...”
Maybe not to Madoff, but nealy 400K would be a huge retiremet principle for me.


28 posted on 12/16/2008 7:34:27 AM PST by pappyone (New to Freep, still working a tag line.)
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To: Red Badger

We have the Schnitt show which covers Florida>

Yesterday he had a very nice 87 year old woman (she stated her age) call up and say she had lost two million and her family three million. They had been with Madoff for 30 years....Back when he started out honest I’m sure


29 posted on 12/16/2008 7:35:36 AM PST by dennisw (Never bet on Islam! ::::: Never bet on a false prophet!)
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To: Red Badger
The trust continued to earn up to 16 percent each year, so we didn't question it much. And then this year, we thought, how can he still be making 10 percent in this tumultuous market? We were amazed and thanked Dad's memory every time we saw income and not a loss.

They thought money just fell from the sky, I suppose. And she also has her IRA, Social Security, and presumably her house, unless she spent way too much on it when she moved to Florida. "Ruined"?

30 posted on 12/16/2008 7:35:38 AM PST by Tax-chick (If I can't go to Heaven right now, can I just go to Missouri?)
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To: Red Badger

So?


31 posted on 12/16/2008 7:36:36 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: mgc1122

Yes. Remember the movie “The Flim Flam Man”?


32 posted on 12/16/2008 7:36:57 AM PST by sheik yerbouty ( Make America and the world a jihad free zone!)
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To: autumnraine; mgc1122
It’s GREED to want to make money in investments?

Wanting a profit is the greatest driving force in our economy, but "pigs get fat, hogs get slaughtered". Commonsense dictates examining risk vs return. Leaving all your money in one place when you retire is not very smart.

33 posted on 12/16/2008 7:37:01 AM PST by wmfights (If you want change support Senateconservatives.com)
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To: mgc1122
Let’s not overlook GREED in that equation ...

No kidding. The mark in any sort of scam is not always a saint. It is his/her greed that drives plays right into the hands of any con artist.

I find it very hard to feel sorry for these people. The first rule of investing is to never invest money that you need for day to day living. The second rule is to always diversify. DUH.

How did all these stupid people get rich anyway? I must be doing something wrong.

34 posted on 12/16/2008 7:37:15 AM PST by pnh102 (Save America - Ban Ethanol Now!)
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To: Red Badger

She took income from this fund? Uh oh. She better hope she doesn’t get sued for that money from a later investor who also got screwed by this Ponzi scheme.


35 posted on 12/16/2008 7:38:01 AM PST by mikey_hates_everything
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To: dennisw

Were is the SEC in all this? Oh yeah...ignoring derivatives on derivatives


36 posted on 12/16/2008 7:39:03 AM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: marktwain

If they were living off the interest for 15 years, they may not have lost money — assuming they never added to the principle.


37 posted on 12/16/2008 7:39:53 AM PST by Tribune7 (Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
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To: Tijeras_Slim
The retiree says: The trust continued to earn up to 16 percent each year, so we didn't question it much. And then this year, we thought, how can he still be making 10 percent in this tumultuous market? We were amazed and thanked Dad's memory every time we saw income and not a loss.

+++ They never questioned their earnings, even when they were "amazed" at the returns. The original investment was $400K.

38 posted on 12/16/2008 7:40:51 AM PST by 1Swashbuckler
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To: svcw

No con works unless the one being conned believes they can get something for nothing or that they are putting one over on the system. And yes some of them are victims because of gullibility. But that gullibility often means ignoring common sense and warning that something is not quite right.


39 posted on 12/16/2008 7:41:12 AM PST by lastchance (Hug your babies.)
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To: mgc1122
Let’s not overlook GREED in that equation ...

Believing you are investing money so that you can retire comfortably and not depend on SS is greed?

What am I missing here?

40 posted on 12/16/2008 7:41:51 AM PST by Las Vegas Ron (The tree of liberty is getting mighty dry)
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