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re: Bernie Madoff or Other Ponzi Scheme Question
Posted on 1/15/24 at 11:29 am to tigerforever7
Posted on 1/15/24 at 11:29 am to tigerforever7
Madoff was a well respected leader in the financial community
He was as legit but fell into a trap where his ego would not allow him to show negative returns so he tried to mask his way out and it fell apart.
The Stanford guy was worse as he was a Ponzi scheme from the beginning. He had bad intentions from the outset. The difference though was not in fabricating trades but in utilizing an offshore bank to hide from regulators and the bank CD’s he was using to run the scheme.
Smart investors should have known that his rates were sketchy tho.
He was as legit but fell into a trap where his ego would not allow him to show negative returns so he tried to mask his way out and it fell apart.
The Stanford guy was worse as he was a Ponzi scheme from the beginning. He had bad intentions from the outset. The difference though was not in fabricating trades but in utilizing an offshore bank to hide from regulators and the bank CD’s he was using to run the scheme.
Smart investors should have known that his rates were sketchy tho.
This post was edited on 1/15/24 at 12:13 pm
1
Posted on 1/15/24 at 1:55 pm to SlidellCajun
quote:
He was as legit but fell into a trap where his ego would not allow him to show negative returns so he tried to mask his way out and it fell apart.
From everything I have read and watched he went rogue pretty early on in his career. If I remember correctly he even had to borrow money from his father in law early on to patch a hole. And then it exploded from there. I think that because he started it so early on that is what allowed him to build it to the point it got to. Now he did have a seperate market maker business that was legit but that was not the investment arm and was started well later in his career.
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