Madoff a parable of greed

[SeattleUte]

Waters, I'm surprised you've missed the full import of this story.

$65 billion in 4,800 accounts. The math isn't so hard to do, even in your head. These weren't working stiffs or poor people who got swindled. $13+ million per account, on the average. Fat cats. Yes, there were some non-profits or foundations that have done a lot of good. That is too bad. But these are no doubt directed by individuals of high net worth and/or with directors and officers liability insureance who can and should and will probably be sued. The NY Time reports that Madoff acquired clients for his consulting and money management busienss at super exclusive country clubs and similar places. Lofty circles.

Why did super rich people give Madoff their money? Because he promised reliably high returns at minimal risk. For years now people have questioned his returns using his purported methods. But he said that it was all too complicated to explain, and his company's policy was that the means and methods must be kept secret for competitive reasons.

The point is super rich people, people who probably travelled in the same circles with Madoff and one another, got hurt badly by their own greed. It's an old story, isn't it. Throw in their blind willingness to believe what they want to and the story is even older and more familiar. I'll tell you what, on the list of the world's victims for me to get outraged over I doubt Madoff's victims make the top ten. Why is it that invariably it's the super rich who are the greediest, even though they are least in need of more money?