THE MONEY CULTURE | Daniel Gross

Membership Has Its Penalties

Among the city's elite, investing in Bernard Madoff's too-good-to-be-true fund became a status symbol—a costly one.

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  • Posted By: uvinod @ 01/12/2009 12:01:58 AM

    yOU HAVE SLIGHTLY MISQUOTED F. SCOTT FITZRALD. HE USED THE WORD FROM, NOT THAN.
    The full quotation is found in Fitzgerald's words in his short story "The Rich Boy" (1926), paragraph 3: "Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft, where we are hard, cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand."

    Retrieved from "http://en.wikiquote.org/wiki/Talk:F._Scott_Fitzgerald"

  • Posted By: perrin @ 01/06/2009 9:57:37 PM

    Before you can fix a problem, you have to first be able to cut through all the self deluding pride and emotional baggage most people lug around with them as they travel blindly through this maze of insecurities we call life. You also have to do away with the ineptitude of all those psycho analytical afficianados that impress upon you that they have a better way to understand your "feelings", and that's ultimately all that matters. Such as in, "Hey man I sold the crack to that kid cause It's my ticket out of this rat hole where I live, It's just the way it is down here man, you know?"

    As that antiquaited way of thinking becomes more and more ingrained in our society, it becomes more and more dangerous. It's not the actual act any more, its how you feel about it.

    Some would argue that the past is destined to repeat itself, and that the apple doesn't fall far from the tree. The sins of the father manifest themselves in the actions of the son and so on, I had a bad childhood, I'm the son of an alcoholic, blau, blau, blau.

    And here's the kicker, "Well everybody else did it"

    The "I'm a victim of my environment" excuse is as old as father time and is only relevent in cases of extreme neglect or abuse, war, strife, third world hunger and poverty, and mental illness.That being said, it is still not an excuse for one human being to inflict harm on another for personal gain. Ever!

    You listening Mr M*doff? and all the rest of you f**kers? who took peoples life savings like taking candy from a baby. I don't give a rats a** if you and the rest of you gold diggers had to scratch your way to the top of the sh**hole where you live. For what you did, there can be no excuse, Period.

    I'm sure your families are sad too, They're gonna miss the money.

    By the way, Big Bubba is waiting for you baby. Bernie & Bubba, kinda has a nice ring to it dont you think?.

    And dont count on the house arrest to stand for too much longer, those care packages you're sending out through the mail services are a violation of your bail agreement.

    I'm outta here, good riddance.

  • Posted By: trogers @ 01/06/2009 9:39:04 PM

    The friends of Bernie can still gather at the Club and discuss how various government programs can be manipulated to recover most of their money. Meanwhile, many wonder why these victims were so eager to invest and never ask questions. Did they think they were getting the benefit of inside information that the average chumps could only dream about? Bernie got results. He might be cheating a little bit, but the checks were good. The members of the Club were the perfect marks for a con man because they thought they were in on the scam. Bernie sold them the ultimate Wall Street gold: the advantage of insider trading and inside information. These people are whining now, but they conspired with Bernie and kept silent all these years as they cashed the checks. You can cheat an honest man; but it is alot easier to cheat a cheater.

  • Posted By: PacificGatePost @ 01/05/2009 8:58:56 PM

    Eric M,

    Follow the "kickback" money, although that may be extremely difficult without access to offshore accounts.
    From New York to Geneva, corruption is rampant and complex on Wall Street, including the process of accumulation of this much cash..
    -
    http://pacificgatepost.blogspot.com/2008/12/is-madoff-really-anomaly.html
    -
    MADOFF AND HIS METHODS are not so unique.

  • Posted By: Eric M @ 01/05/2009 7:32:30 PM

    Sadly I understand that the Massachusetts State Employee Pension Fund lost between 10 and 12 million dollars in Madoff's scheme. Can anyone tell me what a state pension fund was doing investing in a high risk hedge fund with money that the state's employees are counting on to fund their retirements? IMHO, Mr Madoff isn't the only person who should be facing criminal charges. The peope who manage the Mass State Employee Pension Fund who chose to invest retirement funds in such a risky fund should be facing criminal negligence and mismanagement charges.

  • Posted By: lanski @ 01/05/2009 3:47:48 PM

    My question is, why is he under house arrest at his home? Why not at the dingiest federal prison in the land? Evry penny of his assets should be sized along with those of his family members that are anyway tied to his business. Once this is all sorted out, if found guilty, he shouldn't be housed in a jail, but forced to beg on the street.

    • Posted By: knight1977 @ 01/05/2009 5:30:33 PM

      He is under house arrest because our government is pandering to the rich arrogant democrats! He should be free and all charges dropped! We should be more like Sweden and he will extensive counseling for a whole week.

  • Posted By: knight1977 @ 01/05/2009 5:15:25 PM

    ANd another thing you now poor peeps best be learnin'. When the Feds flly you up to testify against the Hero, it's called flying coach. Not too bad except if a big fat guy sits next to you and farts the whole flight. Also, staying at the Best Western or Motel 6 ain't that bad...except for the Mexicans in the room next to you stay up all night doin' blow and drinkin' tequila. Might not be a bad idea to join'em though, so you can see how your policies are now affecting YOU. It's just lovely out here nobody land......ROTFLMAO

  • Posted By: Dr. Ogers @ 01/05/2009 5:07:54 PM

    It's not enough to ask "Why isn't this man in jail".

    Watch the corrupt and bought judges pander and cater to this criminal.

    • Posted By: knight1977 @ 01/05/2009 5:10:42 PM

      Madoff is no criminal! He is a great man that just made a mistake.

      By the way, in my neighborhood, if someone takes my stuff, like my usual Big Mac special in the evening, we clip his butt. It's called street justice. I guess you rich people will be learning about that real soon....LOL

  • Posted By: knight1977 @ 01/05/2009 4:59:13 PM

    Madoff is a great man. He gave more to the Democrat Party than anyone. He should have a statue built to him in Palm Beach for all the good he did with charities. We must look past this little error in judgement and look for the root causes that made him do it.

    He probably had low self esteem and just needs counseling. All you rich people calling for his head got what you deserved. Madoff is a modern day Robin Hood. Think about how much you all gave to charity. There must be a tax write off somewhere? Also, Jesus said it's real hard to get into Heaven when you're rich.

    Now that you all are poor, think about the 72 virgins Mohammed promised, or is he the wrong religion?

    ROTFLMAO

  • Posted By: good conscience @ 01/05/2009 4:27:32 PM

    Why hasn't the Enron debacle been a strong enough warning that by now new laws were passed to protect people from these horrible vipers??!! I really am losing faith in the US Congress -- they are so limp, so lame, so terrified that their own little worlds might get shaken up. Was there ever, in human history, a public servant who ran for office to serve the people? Someone who would far rather lose his own job by standing up for what's right rather than skulking behind the folds of Pelosi's skirts? And who among them are stupid enough to think that Pelosi et al would protect anyone's interests that don't happen to be their own? I must truly wonder where this is going to end up. Heaven help everyone!

  • Posted By: pilgrim92651 @ 01/05/2009 3:27:50 PM

    A better is to buy the works of emerging artists. They may not turn out to be worth huge sums of money (although some will) but you will at least have bought something tangible that you get enjoyment from.

  • Posted By: curryjm @ 01/05/2009 3:20:21 PM

    The middle-class laughs at these people.

  • Posted By: warriorbookeeper@msn.com @ 01/05/2009 3:06:49 PM

    I would have thought Enron would have proved to be a cautionary tale highlighting the stark wisdom in the adage "if it seems too good to be true..." but I guess greed shortens memories. How blessed are those unworthy folk who found themselves on the outside of those "velvet ropes" without the Austrian bank connections to grease their way inside?

  • Posted By: warriorbookeeper@msn.com @ 01/05/2009 3:02:10 PM

    Actually, I find this a great cautionary tale (although I thought that about Enron). Being on the "wrong" side of the "velvet ropes" without any Austrian banking connections turned out to be a blessing for wannabe players. It's amazing how greed can completely obscure the common sense adage "if it seems too good to be true, it probably is"

  • Posted By: olderwiser @ 01/05/2009 12:56:04 PM

    Made off. Hi, my name is Made Off. Would you like to invest your millions with me? Oh, yes, I just can't wait to invest my millions with a man whose name is the same as the act of taking from someone without recompense, as in, "the thief made off with the goods". Hi, my name is Stealamillioon, would you like to invest your millions with me? Hi, my name is Filchrun N. Ruinem. Would you like.............

    • Posted By: lightpaint.deb @ 01/05/2009 2:33:03 PM

      Touche'! Raw greed protected by pretention, now exposed to show blatent disregard for anyone or any organization, self-satisfying horse dung!

  • Posted By: gozo @ 01/04/2009 5:36:35 PM

    Easy come.....easy go....

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