OK folks, wake up! If someone tells you that they can make 8% in up markets and down markets, year in and year out - they are lying!!!. It's as simple as that.
Bernard Madoff, a formerly well-respected Wall Streeter with homes in New York and Palm Beach (and why not?) gave up his lengthy charade and announced that his investment fund was "one big lie." No kidding!
In our local paper, The Palm Beach Post, it was reported that some investors actually thought about their investment before making it. They actually hired someone to look at this unregulated investment scheme and one conclusion was that it was a Ponzi scheme. This occurred several years ago.
I've said this before and I'll say it again "If it looks to good to be true, it isn't true." It's that simple. If the allegations against him are true (and he has supposedly admitted them), Madoff was nothing more than a well-connected thief. He has hurt a lot of people while living the high life.
Another black eye for the financial world.
That's the view from The Law Planet - Jupiter, Florida.