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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
click here to read article
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To: Chewbacca
61
posted on
12/16/2008 7:58:06 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: marktwain
It was her father that made the investment That doesn't really make it clear who's money it was, it just says who invested it. Her father could have directed her money.
Not really important anyway as some one lost the 400K
62
posted on
12/16/2008 7:58:24 AM PST
by
Las Vegas Ron
(The tree of liberty is getting mighty dry)
To: Las Vegas Ron
The article said she had $400,000 invested
It was her father's money. She said she has her own IRA.
63
posted on
12/16/2008 7:59:11 AM PST
by
Thrownatbirth
(.....Iraq Invasion fan since '91.)
To: Red Badger
Bernie Madoff was a miracle worker with investments...Hmmmm...
That would be a clue that something unusual is afoot.
64
posted on
12/16/2008 7:59:46 AM PST
by
js1138
To: mylife
> Ya know what cracks me up? The financial Gurus at Lehman and Bear Sterns, AIG et all can drive a company bankrupt with crappy investments, but Joe sixpack and Suzy lunchpail are supposed to be wiser than that.
POST OF THE DAY!
And what really makes me angry is guess who’s going to get bailed out by the gummint? Not Joe sixpack or Suzy lunchpail: it will be the “experts” at Lehman and Bear Sterns WHO OUGHT TO HAVE KNOWN BETTER and who actually WERE driven by Greed.
That is just plain wrong.
65
posted on
12/16/2008 8:00:19 AM PST
by
DieHard the Hunter
(Is mise an ceann-cinnidh. Cha ghéill mi do dhuine. Fà g am bealach.)
To: mylife
Nobody is going to prosecute the fleeced. They have already paid the price..........
66
posted on
12/16/2008 8:01:41 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...)
To: mylife; Red Badger
There also used to be something called “Snake Oil Salesmen”
They traveled town to town, till they got discovered, then they were tarred and feathered and run out of town on a rail.
Guess they all moved to Wall Street.
67
posted on
12/16/2008 8:02:16 AM PST
by
djf
(...heard about a couple livin in the USA, he said they traded in their baby for a Chevrolet...)
To: DieHard the Hunter
What we are experiencing is that there is risk for us, but not for wall street.
68
posted on
12/16/2008 8:03:07 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: DieHard the Hunter; mylife
That is just plain wrong. As is bailing out the Big guys. Neither should be.............
69
posted on
12/16/2008 8:03:31 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...)
To: SonOfDarkSkies
Madoff was an extremely good con man, who has caused great damage to people’s trust in the market. People who commit such a crime should be shot.
70
posted on
12/16/2008 8:04:00 AM PST
by
dfwgator
(I hate Illinois Marxists)
To: Red Badger
I meant that they are getting salt rubbed in the wound here
71
posted on
12/16/2008 8:04:21 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: Red Badger; mylife
There is, or was, or used to be, a thing called due diligence ....... Exactly!
Now, if the terminology is to convoluted, or the information is to sketchy commonsense should tell you, "don't put all your eggs in one basket". People buy mutual funds because they don't want to play the mkt, or don't feel they can analyze companies well enough to make good choices. However, if they have any sense they also put money in money mkts, C/D's, and bond funds.
This woman is seeing 16% returns on 400K. She wanted the $64,000 a year rather than $16,000 from a 4% return. She was dumb and deserves to be used as an example of why you need to be smart with your money.
72
posted on
12/16/2008 8:04:48 AM PST
by
wmfights
(If you want change support Senateconservatives.com)
To: Red Badger
73
posted on
12/16/2008 8:05:10 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: Thrownatbirth
It was her father's moneyAh, got it...thanks
74
posted on
12/16/2008 8:05:39 AM PST
by
Las Vegas Ron
(The tree of liberty is getting mighty dry)
To: Tijeras_Slim
I heard Madoffs returns were in the neighborhood of 2% a month. So lets say $375,000 invested returns $7500 a month for 10 years. Thats nearly a million of other investors money they got. Two percent per month? Did these people even stop to think what kind(s) of legal investments can generate that kind of return, year after year, for ten years? Or were they just so blinded by greed that they didn't care?
FWIW greed isn't necessarly a bad thing. Greed that pushes you into illegal acts - or even turning a blind eye to them - is the real problem.
75
posted on
12/16/2008 8:06:16 AM PST
by
gieriscm
(07 FFL / 02 SOT - www.extremefirepower.com)
To: mylife
Ya know what cracks me up? The financial Gurus at Lehman and Bear Sterns, AIG et all can drive a company bankrupt with crappy investments, but Joe sixpack and Suzy lunchpail are supposed to be wiser than that.Indeed, we have two FED chairman backed by legions of PhD economists who drove a country bankrupt with this nonsense, but Joe and Suzy are supposed to know better.
I don't know why folks want to punish the victims rather than the professional con men that perpetrated these scams.
To: CodeJockey
Yor’re absolutely right- I got out in Jan. 08- went to a fixed account.
77
posted on
12/16/2008 8:07:12 AM PST
by
midnightson
(Mama-the ultimate prognosticator- said there'd be days like this.)
To: Red Badger
........extremely knowledgeable financial adviser.
?????
78
posted on
12/16/2008 8:07:32 AM PST
by
nufsed
To: wmfights
Had the Gubmint not bailed out AIG the bottom would have fallen out of the bond market too.
This is a huge mess. and all the bad actors are getting rewarded.
79
posted on
12/16/2008 8:08:16 AM PST
by
mylife
(The Roar Of The Masses Could Be Farts)
To: djf
Guess they all moved to Wall Street. We still have quite a few in Florida, preying on the elderly retirees. Quite common down here. The only difference is this guy was going for all the big investors, in huge chunks. The small time swindlers here usually stay under a million.........
80
posted on
12/16/2008 8:08:55 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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