OK I need to rant about this.

[I have WHAT in my yard?]

The latest wall street scandal has created massive fallout for many relatively small people. The heck with the big boys, I am talking about people whose entire life savings were with this man. He admits what he did was fraud.

Yet STILL I hear people blaming the victims for not doing due diligence!!

I find this incredibly aggravating. We consumers have to rely on some one to give us good advice. If we are defrauded by that someone and his cronies it is our fault?? C'mon already!

We will never eradicate this type of fraud until we start blaming the criminals who perpetrate it!

 

[seismic wonder2]

I don't think those guys get it.
Not having due dilligence is like giving all your money to some guy off the street that says "I have this great investment opportunity"

This guy had a real investment company....he just screwad the people that invested with him. It could have just as easily been someone at E-trade or schwab etc...

Lowlife criminials are EVERYWHERE.

 

[PeeperKeeper]

I hear your anger and I guess I should be also. I am recently declared disabled and was hoping my 401K would be there for me in a few more years. It's pathetic and doesn't look like it will recover by the time I can be "retired". I don't know why I thought it would be safe just because it was handles through my work place. It was still "gambling"! I'd been better off buying something like land or gold or even crates of toilet paper. Something that might appreciate in value instead of vanishing into thin air!
As far as making some one PAY? Make them go to work as a motel housekeeper and try to live on just those wages for he next 20 to 40 years.

 

[Teach97]

While I usually think most folks that get frauded probably deserved it or were trying to get something for nothing...this is a whole different story. He had been investigated but there was not anything big made of it and it was made to look as if everything was okay. His numbers looked too good but they worked out because of the investigations finding nothing...then now it is found out he was lying the whole time and ripping folks off...there is a special place in hell for folks like that...I know I am wrong saying that but sometimes I can't help but hope it is true...those people I feel sorry for and would like the government to help...those that borrow more than they can afford because someone tells them they can...not so much

 

[Jena]

Hi I have WHAT in my yard?


I agree with you entirely on this and I am all the way over here in the UK, but we are dealing with the fallout too.

5 major banks here have been affected by this fraud and for big money, and I know the govts are trying to sort out the economies everywhere, but here at least they are doing it by supporting the people who cause the problem and not us that are paying the price.

I think it is time we had a say in the impact of us.

Jena.

 

[kinnip]

Diversify...diversify...diversify

 

[geareduplyn]

I figured it out once that if I had put all my money into buying commonly used nuts and bolts from when I started in 1960 I would have made about 3000 percent.

 

[I have WHAT in my yard?]

Quote:
You can diversify till the cows come home, but if your account is with someone committing fraud you're still gonna lose everything.

I don't think people should be expected to have accounts with banks or financial services companies all over town in order to avoid fraud. You don't make as much money if your accounts are smaller.

 

[debilorrah]

You should be like me and not worry about the market at all. I am broke.

 

[kstaven]

Best advice I was ever given was "invest in yourself" Much safer to have an income stream from something you own and control. Paybacks are also much better.