He used to work and make a percentage off of his investors who could have invested for less but in pretty much his own words were too dumb to do so. When the governing agency changed the percentage rules, his profit got squeezed to the point his business was probably at risk. That is when I understand he started this scheme of his, to pay early investors with money from later investors. When it all went bust, he was pretty much left broke. He couldn't even raise enough money for a bail bond. BTW - He didn't just affect companies, he had many private investors who lost all of their money, too.
What concerns me more is that idiot Cris Cox in the SEC. If you want to talk about someone who just sits on his ass all day, he'd be the one to talk about. Every year the SEC OKed that fund of Madoff's and Madoff really wasn't doing a lot to pull the wool over their eyes. Since these schemes are as old as the hills, the SEC should be equally at fault and investigated. After all, it is their job to protect the system from people like Bernie Madoff and they failed miserably!
|Response Title||Author and Date|
|NOT in a Republican administration!||on Dec 20|
|dont blame one government movement||Ben on Dec 20|
|Sure there is! Buy a house cheap after foreclosure||on Dec 20|
|Re: Sure there is! Buy a house cheap after foreclosure||Ben on Dec 20|
|I have never had enough to invest to become rich||on Dec 20|
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