eliminate SCAM

3 Investors on death of notorious Wall Street scammer Bernie Madoff

3 Investors on death of notorious Wall Street scammer Bernie Madoff

Bernard Madoff, who was convicted for running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence, the Federal Bureau of Prisons said. He was 82.

Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.”

COMMENTS

RICHARD BREEDEN, SPECIAL MASTER, MADOFF VICTIM FUND, FORMER CHAIRMAN, U.S. SECURITIES AND EXCHANGE COMMISSION

“This is certainly the largest single crime against

individual investors in world history. We should never let this

happen again. None of us can go back to eliminate the anguish

that victims suffered, or restore the years when their lives are

horribly affected. You can put them back in the financial

position they were in, but you can’t eliminate the suffering.”

“The oversight by the SEC and other regulators was not

sufficient. Crimes will happen, despite our best efforts to

prevent them. It is critical for investors to be alert and to

diversify their holdings. It is never safe to put most of your

financial life into any one person’s hands.”

“I worry when I look at public policy in Washington

generally that we often get diverted by issues of the moment,

and distracted by the core responsibility to prevent fraud on

our investors. That includes not just Ponzi schemes, but

financial overreaching such as false reporting and market

manipulation. Financial fraud and similar crimes that average

investors their money and destroy incentives for savings should

remain front and center among regulators and Congress.”

“Madoff died on the anniversary of the sinking of the

Titanic. Fundamental changes were made after that to reduce the

risk of loss of life at sea. Similarly, I hope Madoff’s crime

will lead to fundamental improvements in preventing such a crime

in the future. Part of that change has to come in behavior by

individuals, by investors.”

“I hope that internally inside the SEC, their examination

programs are better, and investors are more wary of they hear at

the country club that there is a grand investment they should

get into before it’s too late. People have to protect

themselves, and not wait for regulators to do it. We’re living

in a world of SPACs and tech stocks with multiples near where

they were before the dot-com crash. I wish we could point to a

single silver bullet to prevent investors from losing money, but

there isn’t. Investing for the long run is prudent, but you have

to be eternally vigilant in how you do it. If you invest in

intermediaries like Madoff, you have to know who they are. Like

Ronald Reagan said, trust but verify.”

PETER KENNY, FOUNDER, KENNY’S COMMENTARY LLC AND STRATEGIC BOARD SOLUTIONS LLC, DENVER

“His passing is the end of an era but it is not the end of the story. Some industries happen to attract people who have really the worst human characteristics of greed, selfishness, self-centeredness, a lack of humility. Some industries just seem to attract more than their fair share of those sorts of very unattractive human traits, financial markets just happens to be one of them.

“There are wonderful people in financial services, more than I can shake a stick at. But the bottom line is Bernie Madoff in so many respects … is the poster boy of what many people think of as people in financial markets. It is not true but he certainly was the man of the hour if not the man of the century in terms of his just blatant, outright deception. I don’t think that anybody who was alive when he was arrested and who is still around today will ever forget just the bold nature of what he did and the amount of work it took to do it.”

“This guy, his commitment to fraud was simply stunning. He fooled some very, very smart people. And what makes it even more perverse is that he had the chutzpah to make managing money by him a privilege. The gall of this individual. It is literally difficult to believe. He wouldn’t take anybody’s money, you had to have his personal stamp of approval, he was very selective. What I think is even more revolting is that many of his clients, much of the money was people of his own faith, people who he was very selective about, and he took them to the cleaners purely on their trust of him. It’s evil. It was absolutely evil. I don’t think anybody is crying for his having passed to the next world.”

PAUL NOLTE, PORTFOLIO MANAGER, KINGSVIEW INVESTMENT MANAGEMENT, CHICAGO

“Judging by the stuff going on today around spacs and recent hedge fund blow up, greed is still with us and will be a part of the markets as long as there are markets.”

RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY

“It’s a tragic story. I think at the end of the day, it’s just a lesson that people need to be more vigilant about their investments and understand the nature of where the returns are coming from.

“The lesson is more on the investment side, that people need to do due diligence. They can’t just be happy they’re getting a return; they need to understand why they’re getting a return to avoid things like this.”

RYAN DETRICK, SENIOR MARKET STRATEGIST, LPL FINANCIAL, CHARLOTTE, NORTH CAROLINA

“It’s a harsh reminder of where we’ve been, from the depths of the financial crisis, how bad things got, and the terrible Madoff scandal that hurt so many people.

“It’s interesting it happened the day we had extremely strong financial and bank earnings, which justify this current economic recovery and stock market valuations.”

Our Standards: The Thomson Reuters Trust Principles.


3 Investors on death of notorious Wall Street scammer Bernie Madoff

More Story on Source:

* Source→ *

155

Publish

👁️‍🗨️ PERCEIVE

বাংলাদেশে ফেসবুকের বিকল্প আসছে তথ্য ও যোগাযোগ প্রযুক্তি প্রতিমন্ত্রী জুনাইদ আহমেদ পলক বলেছেন, ‘দেশকে আত্মনির্ভরশীল করার লক্ষ্যে আইসিটি বিভাগের উদ্যোগে
আমরা একটি স্থিতিশীল রাষ্ট্র ও স্থিতিশীল বিশ্বের কল্পনায় বিভোর ছিলাম ! আমরা একটি স্থিতিশীল রাষ্ট্র ও স্থিতিশীল বিশ্বের কল্পনায় বিভোর
अगर छुट्टी पर हैं तो संभलकर करें फेसबुक अपडेट {"_id":"420462d7e09468e07611cfb9fd61807d","slug":"be-careful-to-update-facebook-on-leave","type":"story","status":"publish","title_hn":"u0905u0917u0930 u091bu0941u091fu094du091fu0940 u092au0930 u0939u0948u0902 u0924u094b u0938u0902u092du0932u0915u0930 u0915u0930u0947u0902 u092bu0947u0938u092cu0941u0915 u0905u092au0921u0947u091f","category":{"title":"India News Archives","title_hn":"u0907u0902u0921u093fu092fu093e
میهن بلاگ - ابزار قدرتمند وبلاگ نویسی کاربران و همراهان سایت میهن بلاگ، سلام از اینکه مجبور هستیم از شما
Zuckerberge is Jealous ! China - TikTok ! Watch this . . .
Zionist Political Violence: Patterns and Motives This attempt to tackle the issue of Zionist political violence will not constitute a
Zionism Contents What is Zionism? Theodor Herzl The Balfour Declaration Zionism and World War II Jewish Resettlement in Israel The
Zidane to leave Real Madrid at end of season: reports Zidane to leave Real Madrid at end of season: reports
YouTube Enhances Hatred of Israel and Extinguishes Hate for Palestinians Photo Credit: YouTube YouTube account suspension{Originally posted to the FirstOne
YouTube Challenge Eater Kicked Out of Colorado Restaurant, Accused of Being a 'Scammer' Raina Huang, a YouTuber famous for traveling

→ all Story at a.

Leave a Reply

Your email address will not be published. Required fields are marked *