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- pixelguru, on 12/31/2008, -0/+32The 3 lines that popped out:
"she ignored the advice of her father and others who warned her to diversify her investments"
"And, if the returns look too good to be true, they probably are."
"The last $25 to my name," she said, "is very secure under my mattress."
...sigh - doublefelix, on 12/31/2008, -0/+30Diversify, people.
- diggydougie, on 12/31/2008, -2/+27You would think that a chef would know something about putting all of your eggs in one basket.
- MrWally, on 12/30/2008, -22/+46793 front page articles from badwithcomputer? No thank you.
Buried. - rti9, on 12/31/2008, -1/+23Who needs soap operas when we've got digg?
- allocate, on 12/30/2008, -2/+22That is rough.
- BabyWookie, on 12/31/2008, -5/+23You seems to digg about 300 submissions a day. How can you possibly read all of these submissions, unless you don't sleep and don't do any thing other than Digg? Oh wait, you can't. You're just a part of a clique of superusers, who blind-digg each other's *****, in order to monopolize the FP. How lame. Sorry, but you and your ilk ruin this site for the rest of us. You might as well get used to the hostility.
- reparsed, on 12/31/2008, -1/+19"is that kind of hostility really necessary?"
No it's not, but I can understand where it comes from. - TheAeneid, on 12/31/2008, -2/+18Oh boo hoo hoo... poor little rich girl. Yeah, she's just like 99% of "the rest of the world", 'cept her daddy's rich and she owns three restaurants. I'm ever so sorry she has to work for a living. Hand me a tissue, I'm going to cry...
- onegoodsoul, on 12/31/2008, -1/+16Diversify yo ***** with Wu Tang Financial
http://www.comedycentral.com/videos/index.jhtml?vi ... - mynameisteejay, on 12/30/2008, -4/+18I'm glad she's going under. Her bakery gives me the crepes!
BADUM-TSSSSS.... - BabyWookie, on 12/31/2008, -2/+15Oh, lookie! badwithcomputer's personal apologist squad has arrived: "omg! badwithcomputer is teh bestest, most awesomest digger evah!"
- marvinmatthew, on 12/31/2008, -0/+12I feel torn here. On one hand people like these totally got screwed out of their money. But on the other hand, they were foolish enough to not ask questions about the ridiculous returns they were getting on their money.
- inactive, on 12/31/2008, -0/+12Taking lessons from MrBabyMan?
Pinching other peoples submissions?
Blind digging your mates submissions?
Getting paid?
STFU - krnldmp, on 12/31/2008, -0/+11In all actuality, the idea that a bunch of people can all get rich without someone losing a ***** of money is just STUPID.
- BabyWookie, on 12/31/2008, -1/+10He ***** diggs 300 submissions a day! How is that possible, unless you just blind-digg all the crap from your poweruser buddies?
- badwithcomputer, on 12/31/2008, -21/+29is that kind of hostility really necessary?
i'm guessing it stems from being dissatisfied with the state of digg, and most likely a general desire to improve that community, but do you think going out of your way to bury stories (and comment about it complete with precise numerical evidence...multiple times... http://digg.com/general_sciences/Hong_Kong_Born_Ba ... ) improves the quality of e-life on the site?
if you don't like the story, that's cool. hell, even if you don't like me you can still feel free to bury it and leave all the nasty number filled comments you want. freedom is the *****. i just don't know if that level of unprovoked animosity and the herd mentality of pitchforks and torches is really what digg/the world needs right now. just something to think about and i hope you have a good new year and a great 2009.
<3
bwc - 13373h4X0r, on 12/31/2008, -0/+8$he lost million$! Could you be any cruller?
- TheAeneid, on 12/31/2008, -0/+8While I think you're trying to be nice and see all sides, you've never worked the restaurant biz in LA did you? She isn't some pauper girl who worked her way up from dish washer to success. Oh, no. So when people like her and their exclusionary world caves in on them (albeit, very rarely), it's nice to chuckle at their vain attempts to seem like "everyday folks."
Trust me, she's still worth millions. Her joints ain't little mom-n-pop cafes and even if they would go under, she'd find backers for more. Lots more. Daddy won't let her drown. - inactive, on 12/31/2008, -2/+10the entire wall street is a scam.
- cdtoad, on 12/31/2008, -2/+9and I should give a ***** about these people why?
- charm803, on 12/31/2008, -0/+7Diversify is rule number one. She lost everything for not being a smart investor.
- Insightful, on 12/31/2008, -0/+6That's true. But the old industry joke goes:
"How does one make a small fortune in the restaurant business?"
"Start with a large fortune."
In order for her to make that small fortune, I know she put in a decade or two of blood, sweat, and tears. I feel for her. However, why would ANYONE put all their eggs in one basket?
If I had $5 million dollars, at least 50% of that would be in an index fund with a major firm. At any given moment, you know exactly where your market is and even in a worse case scenario, you will not lose more than the market, unlike Madoff's clients. - holysin, on 12/31/2008, -2/+8badum-tssss = the sound of a snare drum and a cymbal. In other words, the OP was using the pun creeeps = crepes...
Outside of having to explain the joke, *I* thought it was funny ;) - thorspower, on 12/31/2008, -0/+6Well if anything this is a good lesson to the poor that the rich are just as dumb when it comes to their money as well.
- Vorell, on 12/31/2008, -0/+6Madoff did a "helluva job."
- insanebrain, on 12/31/2008, -2/+8I'm going to bury every article from now on. . .
- TheAeneid, on 12/31/2008, -0/+5Oh and don't get me started about what it took to send her to Le Cordon Bleu in London and schools in France or her ex Mark Peel. So, c'mon. Really. 99%? To loosely quote Singin' In the Rain, "People? I ain't people!"
- j0hn33y, on 12/31/2008, -0/+5Wise man, was going to say the same thing.
- inactive, on 12/31/2008, -0/+5WTF, she's just like 99% of the world? Poor thing has to lump herself in with all the other working stiffs. I really don't feel sorry for someone that was stupid with their money, even not heading the sound advice of her father who warned her to diversify.
Plus if she still has those current restraunts, she didn't exactly lose everything. This article seems a bit more sensationalized. - SirFink, on 12/31/2008, -1/+6Surely a chef knows the risks of putting all your eggs in the same basket.
- BabyWookie, on 12/31/2008, -1/+6A lot of them are, in fact, making money off it. Also, they monopolize the content that gets to the FP, as well as submit obvious dupes.
- 13373h4X0r, on 12/31/2008, -1/+5Never has just putting one's bale of cash under one's mattress seemed so smart! LOL!
- chrisduser, on 12/31/2008, -0/+4http://www.instantrimshot.com/
- vision777, on 12/31/2008, -0/+4Too bad he did that but I know others who were duped into investing into the market with their retirement money and now they also have nothing left. Unfortunately there are no guarantees when playing the market and many who did not understand it didn't realize the risks involved.
- lywang1, on 12/31/2008, -0/+4You know whats funny, why would they invest everything they had if they didnt know about the risks of investing? I mean im sure she knew the risk thats why its not that big of a deal, but these other people, i mean common sense is just because you invest doesnt mean you get positive returns. So yea like someone said DIVERSIFY
- inactive, on 12/30/2008, -0/+4And another one bites the dust and your'e next!
- theorwells, on 12/31/2008, -0/+3 ""I could be stranded in any town in the United States with ten cents and within an hour make $20 with the shell game." The quote fits Madoff!, the Ponzi King. A Quote from W.C.Fields (the legendary comedian from vaudeville and the first 40 years of 20 c. movies). Also, Fields, having lost almost everything in a bank collapse BEFORE the Great Depression-era of bank failures, decided that he would never be caught again---he took all of his monies and DIVERSIFIED his deposits among dozens of banks. For many years after his death in the early forties, banks were still reporting that they had found some of his money. (Source: a radio bio of Fields from the late 1950's that I heard played on KPFK's "Something's Happening). I have no doubt that Nancy Silverton is learning the same lesson as Fields had to---and I'm sure that she will rise again, just as he did.
- alanocu, on 12/31/2008, -0/+3I like that photo of James Cameron and Sarah Connor. I printed it over 9 sheets of paper and made it into a poster. It's on my wall.
- nroose, on 12/31/2008, -1/+4It's not a nest egg if you feed it to the fox.
- Trick07, on 12/31/2008, -0/+3Not only that, I have read that Madoff acted like he was god and most had to beg to give him their money. I would like to see better returns but I'm not going to give one penny to anyone who acts like they are god then won't tell us how the money is being used.
- DiggzDE, on 12/31/2008, -0/+3Lack of diversification
- wilf_brim, on 12/31/2008, -1/+4I somewhat feel for this person. She was very much misled by her paid financial advisor. I'm not much for the tort system, but I think that she should have some legal recourse against him. It was his job to perform due diligence. In addition, he committed financial malpractice in allowing her, let alone advising her, to place all of her savings in one hedge fund.
- sonofashoe, on 12/31/2008, -0/+3Ms. Silverton will rise again. She seems to be made of talent and quality. Chais is in for a far worse hell than Madoff. He (apparently) had fiduciary responsibility over Ms. Chais's assets. He charged hedge fund fees of either 2&20 or 3&30. Primum non nocere is written into the Advisors Act of 1940 more explicitly than any other federal law, and that's the scariest law to violate. It's full of "good faith" and "failure to disclose equals criminal fraud" language (those were indirect quotes by the way). Bernie LOST the money; Chais STOLE the money.
Sorry for the obnoxious sidebar ahead: Why TF can ANYONE feel sorry for ANYONE who lost money in a sham fund called "Fairfield Greenwich"? WHO TF would invest in a fund named after a rich town and county? I hope all of their identities are exposed. They are sure winners of the financial Darwin Awards.
I for one (bury me as you will) think Nancy Silverton has the appropriate attitude: Her lawyers will assess the recovery of her principal while she gets on with re-establishing her wealth. She did it before, from scratch. - ninjarabbits, on 12/31/2008, -1/+4That sucks. But I have more sympathy for an older person who relied on an investment with Madoff to support their retirement and have little/zero job prospects. It's not like this woman is going to be out on the streets hooking for cash.
- ChanM, on 12/31/2008, -0/+3its called a ponzi scheme and plus she's an idiot.
- cquinnd, on 12/31/2008, -0/+2you've never been to Fark?
- ThatGeek, on 12/31/2008, -0/+2you have a bale? i have but a pail
- X9001, on 12/31/2008, -0/+2Hand me a tissue, I'm going to come...
- andyb747, on 12/30/2008, -2/+4Bernie Madoff with her money too ?!
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