So by now, everyone knows about Bernie Madoff, the most successful con man in history. His Ponzi 1the whole ugly truth scheme has left countless investors bankrupt as he stole about $65 billion dollars. Billion.
So just how in the world Madoff made off with all your money? He’s a child and so are we. Here’s the perfect analogy.
The brilliant primer podcast, Planet Money, released a story by one of its producers Josh Bearman, where he relates a story from his childhood. He came up with a funny scheme in the lunchroom to acquire treats from his classmates by trading for a stake in future cake. But I can’t retell it as well, have a listen for yourself.
So here is the analogy breakdown:
story | real life |
Josh Bearman | Bernie Madoff |
Josh’s classmates | Bernie’s investors |
school administration | Securities and Exchange Committee |
You ask me, Bernie should have been thrown the book a long, long time ago. But then that would have required some regulation.
Footnotes
- 1the whole ugly truth
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