Quote:
Originally Posted by Bertuzzied
And he deserves every year of that. His poor wife now has to go from $171billion in assets to $2.5million. Poor her. She should be in jail too.
http://finance.yahoo.com/news/Bernar...&asset=&ccode=
Some of those stories from his investors are pretty sad. Most of them losing millions. You needed at least 1 to 2 million minimums to invest with him.
http://finance.yahoo.com/banking-bud...-out-by-madoff
Allan Goldstein, a 76-year-old veteran of the Korean War, and his wife Ruth had invested in Madoff's firm since 1997. In a letter to Judge Chin, he described himself as destitute.
"I had two other investment counselors but Madoff outperformed them every year (so I thought), and I moved all my money (it was an IRA) to Madoff. I am now destitute. We had to sell our home in upstate New York at a very reduced price to avoid foreclosure. We are now living in one room in my daughter's house in California. I cannot pay my long term health insurance. I had to give up my car, and we are applying for food stamps. |
That's too bad, but it happens to thousands of people every year. People make bad personal and financial decisions that leave them poor and it never makes the news. Sure, it might not be millions that they are losing, but for someone who lower/middle class, buying a lemon vehicle or another bad purchase, can be just as bad.
I have trouble feeling bad for anyone who blows their money on magic beans.