RIP - Bernie Madoff

[kcowan]

And how many people knew or suspected he was a scammer but went along anyway hoping to cash in?

The lawyers went after the ones who cashed in early to recover the money. There was no place to hide!

 

[Markola]

Here’s another similar 20 year Ponzi scam that happened to American and Canadian expat retirees in Costa Rica in the 80s-2000s, including my uncle who got wiped out.

Pardon for posting this article here after also posting it on the Worst Investment Decision Ever string but I thought this tale of the “Costa Rican Bernie Madoff” seemed equally interesting here, too.

https://www.costaricantimes.com/10-years-later-the-costa-rica-brothers-fund/13914

 

[Car-Guy]

My fear is that today's low interest rates will bring out more greed and desperation and people will take on inappropriate levels of risk and be more likely to deal with scammers.

From my POV, it's a war on savers.... And yes, I agree, many people will take on more risks (out of desperation) than they normally would. Could be disastrous for many seniors.

 

[audreyh1]

I decided to try “No One Would Listen” as an audio book. Been very interesting.

 

[dheb]

I think a better acronym for Madoff's passing is RIH.

 

[iRent2u]

Greed

There ya go! My take-away from the whole debacle, in addition to the fact that Bernie was a no-good crook, is that people's ugly greed and lust for easy money often leads them to bad outcomes. There are "Bernies" out there everywhere in the world waiting for the next wealth-seeker to come into view.

I truly hope this well publicized example has been useful for everyone as a learning experience.

There were a lot of warning signs to investors and regulators. His biggest con job was selling himself and it was bought by investors as well as the Feds.

 

[gcgang]

On his tombstone I think it will say “RIP - off”.

 

[maestro]

Any chances for a 'go fund me' effort for funeral expenses?!? Nah, didnt think so....

 

[brett]

A liar and a fraudster right up to his last breath.

Seems only justice that he breathed his last air while lying on a prison hospital bed.

 

[homestead]

“I believed when I started this problem, this crime, that it would be something I would be able to work my way out of, but that became impossible,” Madoff told the court. “As hard as I tried, the deeper I dug myself into a hole.”
Bernie Madoff

.

 

[ncbill]

Could've died living on a beach in Brazil...or any other non-extradition jurisdiction.

 

[Markola]

Could've died living on a beach in Brazil...or any other non-extradition jurisdiction.

Is it really that simple to pull a $65 billion fraud and then go live your life in Brazil? Somehow, I doubt it.