Is it because thy're too stupid with thier money to trust somebody like him? or maybe cause their the only greedy ones cho have that much money and wanted more. Answer me this?
Actually, it isn't either of those things. Bernie Madoff was--emphasizing WAS--highly respected in the financial community. He had been a successful and apparently honest Wall Street expert for years before he got involved in this scam. He was even elected president of the NASDAQ exchange. This was a guy you would have thought was solid gold.
Unfortunately, a lot of people did just that. Large and small, rich and middle-class, people were thrilled to have someone like him manage their money. Anyone who looked at his resume would have been both excited and completely comfortable having him control their investments.
That's how he got trusted with so much money, including tons of it from sophisticated investors. And that is what makes his actions for the last 10 years or whatever even more despicable. The guy is scum, but no one had any idea, because he was straight up for so long.
By the way, think of this. He lived like a prince on other people's money for all those years. Now that he has been exposed at age 70, he will have you and me to pay for his medical care for the rest of his life. Pardon me while I throw up.
I hope this helps!!
No, not stupid. His clients made millions for quite a few years so they trusted him fully.
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