So by now, everyone knows about Bernie Madoff, the most successful con man in history. His Ponzi 1 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:
|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.
- the whole ugly truth