What is Digg?1 Comments
- KLAPTON, on 12/18/2008, -0/+0It is difficult to sympathize with the victims, some of whom are even hard-boiled bankers, of Madoff’s Ponzi Scheme. The annual yield on U S treasury securities and even on the less secure bank CD’s has never exceeded 4-5%. Hence, if someone offers you 10-12% annual return on your investment on a year-on-year basis, unless it is from a well-established and renowned mutual fund, it should instantly alert you and impel you to ask how this is possible. That person who takes your money and promises such high returns must earn at least 20-25% to recoup his overhead costs, pay your return at promised rate and also make some profit for himself. One way, of course, is the simple vanilla-flavor Ponzi scheme in which he pays the old depositors with the money he has collected from the new recruits to the scheme until the game is exposed. The only other plausible route he can take is to lend the money to speculators and racketeers like drug-traffickers, casino promoters and others of similar ilk. Hence, the moronic victims of these self-inflicted calamity aptly deserve what they have got. The tears which are now being shed in all quarters on their behalf may be better reserved for victims of natural disasters like earthquakes, hurricanes, tsunamis, wildfires, etc.
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