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Question: Madoff Ponzi victims not that bad off?
Yes, they are crybabies - 4 (44.4%)
No, they are true victims - 2 (22.2%)
I don't know - 0 (0%)
I don't care - 0 (0%)
Bitcoin is also Ponzi - 3 (33.3%)
Total Voters: 9

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Author Topic: Madoff's Ponzi scheme was "not that bad" actually.  (Read 926 times)
TonyT
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October 29, 2014, 05:19:13 PM
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Think about the facts:  17 billion USD in actual losses (money paid in, not what people thought they should have based on fake inflated data).  But of this amount between 33% to maybe 50% has been recovered by the trustee in charge of recovery (the numbers are hard to pin down, just recently another couple of billion was thrown in the pot).

Let's pick the lower number, 33%.  So the greedy investors that thought they had a golden goose lost two-thirds of their money.  The ones that knew it was a scam lost all their money, since the trustee took it from them, or is trying to.

Two thirds losses?  That's not that bad.  I've had stocks that completely cratered and I lost 90% of my money.  

Hence the subject title: Madoff's Ponzi scheme was "not that bad" actually.  Kind of like bitcoin:  if you bought at the peak, and sold today, you'd also have a loss but it's not that bad.

Agree?

PS--I'm not talking about the widow who lost all her money and had a heart attack, etc, if such person exists.  I'm talking about the average rich person or organization that got greedy and did not do their due diligence.

TonyT
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Lethn
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October 29, 2014, 05:21:28 PM
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.... Yeah, you're comparing Bitcoin to a ponzi scheme aren't you?
TonyT
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October 29, 2014, 05:24:01 PM
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.... Yeah, you're comparing Bitcoin to a ponzi scheme aren't you?

Indirectly, yes.  I'm a BTC bear but I still am interested in learning more about BTC

TonyT
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October 29, 2014, 05:42:37 PM
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really its not that bad? wth... they lost all their life entire savings... 15-40 years gone down the drain.

They all have to start over... prob working at some burger joint.

Time to jaxxx it up.
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October 29, 2014, 05:46:07 PM
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really its not that bad? wth... they lost all their life entire savings... 15-40 years gone down the drain.

They all have to start over... prob working at some burger joint.

No this case is excluded from my question, as I said.  Most of Madoff's investors were very rich, mostly institutions, and they had multiple investments.  And, as I say, they got or will get 33% of their money back.

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October 29, 2014, 05:48:59 PM
 #6

Think about the facts:  17 billion USD in actual losses (money paid in, not what people thought they should have based on fake inflated data).  But of this amount between 33% to maybe 50% has been recovered by the trustee in charge of recovery (the numbers are hard to pin down, just recently another couple of billion was thrown in the pot).

Let's pick the lower number, 33%.  So the greedy investors that thought they had a golden goose lost two-thirds of their money.  The ones that knew it was a scam lost all their money, since the trustee took it from them, or is trying to.

Two thirds losses?  That's not that bad.  I've had stocks that completely cratered and I lost 90% of my money.  

Hence the subject title: Madoff's Ponzi scheme was "not that bad" actually.  Kind of like bitcoin:  if you bought at the peak, and sold today, you'd also have a loss but it's not that bad.

Agree?

PS--I'm not talking about the widow who lost all her money and had a heart attack, etc, if such person exists.  I'm talking about the average rich person or organization that got greedy and did not do their due diligence.

Madoff was a genius!

The US Government liked his plans so much they patterned the Social Security Administration after it!
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October 29, 2014, 06:26:18 PM
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really its not that bad? wth... they lost all their life entire savings... 15-40 years gone down the drain.

They all have to start over... prob working at some burger joint.

If you save your entire life a certain amount, and decide to invest that money in things that are saying to give you an above normal interest rate, then probably something is wrong.

Feel sorry for the people that lost their money in Madoff's ponzi, but they sort of gambled their savings away. People should think before acting, and do proper research before investing.

Greed is the devil!
Gleb Gamow
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October 29, 2014, 06:31:16 PM
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Think about the facts:  17 billion USD in actual losses (money paid in, not what people thought they should have based on fake inflated data).  But of this amount between 33% to maybe 50% has been recovered by the trustee in charge of recovery (the numbers are hard to pin down, just recently another couple of billion was thrown in the pot).

Let's pick the lower number, 33%.  So the greedy investors that thought they had a golden goose lost two-thirds of their money.  The ones that knew it was a scam lost all their money, since the trustee took it from them, or is trying to.

Two thirds losses?  That's not that bad.  I've had stocks that completely cratered and I lost 90% of my money.  

Hence the subject title: Madoff's Ponzi scheme was "not that bad" actually.  Kind of like bitcoin:  if you bought at the peak, and sold today, you'd also have a loss but it's not that bad.

Agree?

PS--I'm not talking about the widow who lost all her money and had a heart attack, etc, if such person exists.  I'm talking about the average rich person or organization that got greedy and did not do their due diligence.

Madoff was a genius!

The US Government liked his plans so much they patterned the Social Security Administration after it!

Madoff liked the Social Security plan so much, he model his enterprise after it!

FTFY!
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October 29, 2014, 07:34:05 PM
 #9

Think about the facts:  17 billion USD in actual losses (money paid in, not what people thought they should have based on fake inflated data).  But of this amount between 33% to maybe 50% has been recovered by the trustee in charge of recovery (the numbers are hard to pin down, just recently another couple of billion was thrown in the pot).

Let's pick the lower number, 33%.  So the greedy investors that thought they had a golden goose lost two-thirds of their money.  The ones that knew it was a scam lost all their money, since the trustee took it from them, or is trying to.

Two thirds losses?  That's not that bad.  I've had stocks that completely cratered and I lost 90% of my money.  

Hence the subject title: Madoff's Ponzi scheme was "not that bad" actually.  Kind of like bitcoin:  if you bought at the peak, and sold today, you'd also have a loss but it's not that bad.

Agree?

PS--I'm not talking about the widow who lost all her money and had a heart attack, etc, if such person exists.  I'm talking about the average rich person or organization that got greedy and did not do their due diligence.

Madoff was a genius!

The US Government liked his plans so much they patterned the Social Security Administration after it!

Madoff liked the Social Security plan so much, he model his enterprise after it!

FTFY!

Thank you for the correction!

Accuracy is important! 
Insanity
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October 30, 2014, 05:36:09 AM
 #10

Every investment has its risk.  People are still going to be upset if they lose money though.
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