Madoff Had Accomplices: His Victims

It is so true.

When you look at the list of Madoff victims, it contains a lot of high-profile names — but almost no serious institutional investors or endowments.

Late Thursday afternoon, I [the columnist Joe Nocera] called Richard C. Breeden, the former chairman of the S.E.C. who had recently served as a trustee to get money back for investors who had been involved in a billion-dollar Ponzi scheme that was uncovered more than a decade ago. He had miraculously been able to pay investors close to 60 cents on the dollar, partly by increasing the value of the assets that the scheme was built on. That’s far more than any Madoff victim is going to get. (So far, the Madoff trustee has identified only $1 billion in assets.) Tragically, Mr. Breeden said, some people who had invested in the Ponzi scheme that he helped clean up turned around and gave their money to Mr. Madoff.
“I guess some people never learn,” Mr. Breeden said.

Madoff’s Ponzi scheme is a crime against the decency of humanity and against the society at large. But it is always amusing for me to see people/investors who don’t do their homework and when the ‘unthinkable’ inevitably happened, they cry ape-shxt. As if they don’t understand the risk of investing. They sure don’t complain when they earn hefty gains.

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