Are They Simple Or Just Venal
The BBC reports on the intelligence of the wealthy: Top investors ‘hit by $50bn con’
Some of the world’s wealthiest private and corporate investors are reported to be victims of an alleged $50bn fraud by Wall Street broker Bernard Madoff.
Mr Madoff is alleged to have confessed to a huge Ponzi scheme fraud.
I think think the situation is summed up in the title of one of my favorite W.C. Fields movies: You Can’t Cheat an Honest Man.
These are the people who received all of those tax cuts to finance the growth in the economy, and they threw the money down a Black Hole in the hope of making unrealistic profits. “If the claims are too good to be true, they probably aren’t.” That is part of every presentation on financial fraud given somewhere almost every day at senior centers all over the country. Apparently the police fraud units need to start giving them at country clubs because the obscenely wealthy aren’t very bright.
Everyone would have been better off if we had increased taxes on the upper brackets as we could have increased the number of homeless shelters and food stamps for the formerly wealthy. As they have never paid withholding taxes, we don’t have to worry about them being a drag on Social Security and Medicare.
4 comments
The wealthy are simply immoral, unethical, thoughtless predators. They become wealthy because they other 90% are thoughtless, careless, stupid suckers. 🙂
IMHO, of course. 😉 😀
The fun part are all of the people who invested with him because they assumed he was engaged in insider trading [illegal] rather than the actual straight up Ponzi scheme. They were certain that he was doing something illegal but were too greedy to stay away. They deserved to get fleeced.
Yep! 😀 Isn’t the irony wonderful? The predators ended up praying on themselves! LOL I always said they eat their young… Now it appears they enjoy self-flagellation also. LOL
They didn’t mind giving him their money when they thought he was cheating other people, and now they are angry to find out he was cheating them. There’s no honor among thieves, which pretty much sums up the last 8 years in the US.