I'm Back

Well, glad I didn't shut the door on my little joint here...;-)

I've been reading up on this Madoff character and, as I get more information on how his web seems to have spread, I'm starting to get a more complex opinion of it.

Obviously, I don't condone financial monkeyshines of any kind. If this story is remotely true, Bernie seems to deserve the public scorn and legally-inflicted punishment headed his way.

That said, an article in Saturday's Times lays out how people became involved in this investment scheme. It was not presented as a publicly-available financial product to invest in, but rather a membership in some kind of exclusive club. Friends meeting each other at their synagogues, country clubs and charity events would offer the opportunity to invest as kind of a membership in a clique.

These folks seem to have thought they had one up on regular Joes the Plumber, if you will. They were the smart cats who knew the right people and were not going to invest their dollars in the products that the rest of us might be stuck with...no, they were special and wouldn't offer it to the rest of us.

This is not something that I think merits them getting lied to and screwed out of their fortunes, and I certainly place the recipients and volunteers connected to charity work in a whole different ballpark, but there's a little part of me that has trouble drumming up a great deal of sympathy for people who thought they were more special than the rest of us and reaping benefits of financial relationships not available to everyone.

I'll need to learn more about this, but this is what was going through my mind when reading about this fascinating scheme this shyster was able to pull off.