Posted on 01/23/2009 9:43:42 AM PST by marshmallow
This whole story smells REAL BAD...like I care...? stupid says as stupid does...
“Made-Off” should be tarred and feathered and rode out of town on a rail...nobody has the guts to do it tho...
If a guy making 50,000 bucks a year gets bilked... they can usually pick themselves up and get it back...
Will this “rich chick” be homeless? She was a fool with “her” money...
you are absolutely right. BUT when they make a public spectacle by becoming a newscast about it, air their stupidity, and then begin lawyering up to get back that money from ME, it is no longer JUST private. There are ALOT of people who were defrauded by Madoff, only the ones who are looking for public sympathy are coming out with these sob stories of how ALL their money was invested and now they might have to gasp go back to work and give up all their luxuries, thinking the american public will bail them out. Not ME. I am not interested. You play with fire, you get burned, lesson, don’t play with fire. Enough already
The biggest problem I had with the story was the complete idiocy of having 7 million in investments while making mortgage payments on two places. I just cannot fathom owing anyone anything if I had enough money not to. It’s utter foolishness not to have your primary residence paid off and all yours if you can, in my opinion.
"Put all your eggs in one basket and the WATCH THAT BASKET!" Mark Twain.
L
She probably let her certification lapse and it’s probably hard to get reinstated these days, with the technology changes. But I DO admire her for doing what hundreds of other Americans don’t do—she got herself a job, even one that many others would consider menial and demeaning.
I feel bad for her too. I’m not comfortable with anyone who feels that Madoff’s victims deserved to lose their money even though you can argue they should have known better.
It looks to me like they allowed Madoff to have custody of their money. This is insane. If you have a money manager he should never have actual custody of your funds. The money and securities should be with a custodian (like one of the big brokerage houses)and in an acct with your name on it. The custodian, not the advisor, sends you a monthly statement of activity.
This is the most fundamental piece of info that anyone who hires a money manager is supposed to know. I can’t believe the institutions who violated it.
Exactly. I haven't worked in patient care for over 10 years now but I keep my registration active "just in case".
Now that's what I call taking a bath.
I read in another article that her certificate had lapsed and she’s working on getting recertified. And, she’s 60, not 53.
Her uncle turned her onto Madoff, who sent her monthly statements about her investments. She thought she was invested in Johnson and Johnson, Coke and other blue chips.
My bet is that the 4 million initial investment she made was probably from her husband’s estate (life insurance, sale of practice, etc). It doesn’t sound like she was living really high on the hog. A condo her husband bought in FL and her house with a payment. She’s just a widow who took really bad investment advice from her uncle.
Reading this thread I see that there are sooo many hear at FR who are grappling with envy.
My ex-mother-in-law (was then the current) inherited well over a million dollars when her husband (suicide and he definitely did it) and mother died (emphysema) in the same year. She was off her rocker mentally at that point and had her mother’s financial advisor handle all of her money. We had long been distrustful of this woman, but she convinced MIL to move out of state where she had moved just months after her mother died, despite our warnings. Between bad investments, suspected embezzlement, and bad decisions on spending (including buying a house where she is now upside down) on MILs part, she has not a penny left of that money, and in-fact owes the IRS because the advisor improperly moved funds around. She will be 59 this year, and it’s sad, but it’s not newsworthy (although we suspect that advisor has mismanaged a lot of money- we have no proof.)
Wow. From all the “class warfare, eat-the-rich” replies I’d think I was on democraticunderground.
Lady and her husband had good jobs, paid a lot of taxes and made investments based on a personal recommendation from someone she trusted. Turns out she isn’t as smart about personal finance as all the posters here so the spite-fest begins.
So I can assume everyone here is a subject matter expert in every aspect of their lives?
It was her money and it was stolen from her. Again, it was her money to do with as she wished and it was stolen from her.
The granite state must grow them different, because I thought conservatives were about respecting private property and not envying others for what they have.
I’ll never have 7 million dollars myself but I can certainly sympathize with someone near retirement age having their entire nest egg stolen from them.
Maybe, her government should have taken all of her money and spent it for her? Yeah, that would be better/sarc. Maybe you should have taken it from her and spent it as you thought best. A thief is a thief is a thief.
Can you tell that I’m peeved?
Shove off then. They could use a bit of your envy politics at DU.
...so we’re going to what? Bail her out? Why are they bothering to publish this?
How can you call yourself a conservative when you feel it is your prerogative to decide how others should spend their money?
sad. but eggs & baskets come to mind.
The article says she spent $400,000 each year. I'd wager the majority of that DID, in fact, go to people less fortuante than she was.
Quit yer bitchin, we live in a capitalist society, where wealth is still spread.
“In less than a week following Madoff’s arrest, Mrs Ebel found a job”
This tells alot about this woman’s character. She got knocked down but she got back up. She is NOT on welfare or unemployment.
She and her husband worked hard , paid taxes and saved for retirement. She made a bad decision by putting all her investments with one company. However, it sounds like she is adjusting to reality. She will be fine.
However, the fact that Madoff is not in jail pisses me off. I can not imagine how she must feel about it. Who is Madoff paying off to keep himself out of jail.
You had 400k a year coming in, and you didn’t put anything away, other than what was with madoff? I know the guys a crook and I feel for this woman and others taken by this guy, but come on... you had 400k a year coming in above and beyond the money that was in the fund and you did nothing with it but spend it or leave it in that one fund?
Never EVER put all your eggs in one basket, EVER.
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