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Thread: The investors suffer large losses from Madoff's fraud!
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[quote=PSYCHIATRIST,347243]2 years ago, a colleague sent us an electronic x’mas ecard with a Christmas trees that is like a pyramid. The top of the pyramid (Christmas tree) is a crow which is supported by 2 ducks down through to the lowest level of swans. The same game is on and on everywhere… Bernard Madoff just played the game like everybody else did December 16, 2008 · By Charles Anthony When things started to crumble, Bernard Madoff revealed that his whole business was a nothing more than a ponzi scheme. He promised returns to customers that were paid from the money given to him by new customers. Like all ponzi schemes, new customers kept the ball rolling and as long as new customers kept joining, nobody would know the difference. The scheme fails when the flow of new customers slows down. I have a hard time sympathizing with his customers. They have thousands (sometimes millions) of dollars and they want to make more — nothing wrong with that. However, instead of working to earn more money, they handed it over to somebody without knowing his methods and they trusted his promises. They took a stupid risk. I think such greedy and blind trust fuels most of the evil commercial practices in this world. If people were more informed about the production processes, they would think twice before buying most of the junk they buy. [/quote]
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