Thursday, January 1, 2009

Educating Madoff

Now how am I and every other average American supposed to understand and and have confidence in Wall Street and the current stock market when guys like Bernie Madoff can so easily swindle supposed experts and billionaire investors? I guess the thieves below figured having his assets and bank accounts frozen might not teach him this much needed lesson:

A statue worth more than $10,000 that was stolen from the Palm Beach, Florida, estate of Wall Street investment adviser Bernard Madoff has been recovered, police said Thursday.

The statue was found with a message apparently aimed at the owner, who is charged with securities fraud.

Palm Beach police Sgt. Chris Proscia said the 4-foot-high statue was found Wednesday morning with a message attached to it reading: "Bernie the Swindler, Lesson: Return stolen property to rightful owners."

The statue was stolen December 19, eight days after Madoff was arrested in New York on suspicion of operating a $50 billion Ponzi scheme. He was charged with securities fraud and is under house arrest in New York while awaiting court proceedings.

Police said the statue, which depicts two lifeguards sitting on a bench, was discovered undamaged in some bushes a few blocks from Madoff's million-dollar Palm Beach estate.

The note on it was signed, "The Educators."

I empathize with their motives but I seriously doubt an incident like this will really have any kind of effect on this dirt bag.


TRUTH 101 said...

That's why I said piss on mutual funds and "professional investment types. I can throw a dart or roll dice. That being said, I plan on buy 200 shares of GE after the first of the year.

Anonymous said...

T101, free advice is worth every penny you pay for it. That being said, put half your money into a broad based US index or ETF (e.g. VTI) and half into a European one (e.g. IEV).

Indexes charge minimal management fees and if a few companies in it go belly up it won't hurt you much. As the owner of a number of shares of Bank of America, I can testify to the danger of owning individual stocks. Good luck.

TRUTH 101 said...

It is precisely why I got into individUAL STOCKS TO stay away from the ups and downs. I took a hit but not near as bad as my mutual fund loving pals did. Exxon made me look like a genius and another company called Williams Pipeline. $14 a share and pays a dividend of $1.26. Of course when I brag about this I get asked how the Ford stock is doing. I need to syop before I get accused of being a capitalist pig. Thyanks for the advice DLB. I believe you to be a man of honor and intelligence.