Savings lost to Madoff, elderly forced back to work

After losing his entire life's savings to disgraced fund manager Bernard Madoff, 90-year-old Ian Thiermann abandoned retirement and now works the aisles of a grocery store to make ends meet.

 

Hate it for this dude but jeez, don't put your life savings all in one place especially just with one guy.

 

Don't you know it. How about those two fund managers that commited suicide over this mess.

 

Reminds me of what went on down here with Carolina Investors (Greenville SC)....I was in the brokerage business back in the early 90's and remember the billboards offering "guaranteed 8.5% returns" and thinking to myself there was NO WAY that in a market where even long CD's were paying 4-5% that anyone could "guarantee" those kind of returns.

Well, sure enough, the house of cards crumbled and bunch of folks lost most or all of their savings. Of course they were mostly elderly, mostly "yield-hungry", and looking to maximize their modest retirement savings.

People like this are worse than crooks. At least when someone goes into a liquor store wearing a ski mask and waving a gun there's no mistaking their intentions.

http://www.wyff4.com/money/2156722/detail.html

 

If people would just follow the "If it looks to good to be true" rule they would be a lot better off. Unfortunately, greed often trumps commen sense.

 

Greed rules.

 

I thought it was funny when that one stupid bitch was horrified at the fact she could no longer take the private car and would now have to ride public transportation. :41:

 

So Madoff will go to prison because because he stoled exclusively from the rich and everyone else goes free?

 

And yet it is the masked armed robber that does significantly more jail time. Conservatives would shit bricks if either white collar penalties were increased or strong arm penalties (mostly minorities) were decreased.

Market forces.

 

The really bad thing is people are confusing immorality with failing capitalism.