 The Wild Wild World of Wealth |  |
The results of Acrimoney’s Ruth Madoff poll are crystal clear. Ninety-four percent of our voters believe she helped orchestrate his $65 billion fraud. And 34 percent are ready to throw her in jail. Full disclosure: our methodology is not scientific.
Forget the Madoffs for a moment. Let’s examine a set of circumstances far more complex. Our story starts ten years ago:
The New York Times reported a fraud, spearheaded (forgive the expression) by a Houston lawyer and a professor from Texas A.&M.’s Mays Business School. “Gig ‘em” reminds me of what we did to the fish. No offense intended to my Aggie readers. I respect your school and like your teams.
But I don’t like recurring incidents of fraud.
Backslapping and pronouncements of a fast victory—the self-congratulations are a red flag. There are plenty of unanswered questions. I can’t help but wonder what the clients of Banco Santander think.
Recently, I joined Steve Murphy and a panel of guests on Insider Exclusive. I am not a lawyer. But I am a fan of the show and appreciate the insights from “America’s Premier Lawyers.” In these videos, Andrew Entwistle provides an excellent overview of the Madoff affair—addressing issues like whether investors will get their money back. Other panel members include Larry McShane of the NY Daily News and William Black, author of The Best Way To Rob A Bank Is To Own One. Please let me know what you think.
Pitch # 3: “Are you a couch potato down to your last chip? The only thing separating you from a better life is sloth. That’s right, you are a lazy, good-for-nothing slacker. But you can change with just the energy it takes to run your remote. Pick up the phone and call 1-800-GO-BROKE. Now! We’ll include six steak knives if you act in the next forty-five minutes.”
If this were Hollywood, the courtroom would be jammed. Reporters everywhere. Rowdy audience. Distinguished lawyers snarling and prepping to rip each other a new one. Here’s how the scene would start.
Defendant/Investor: “Your Honor, I can’t pay my lawyers.”
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