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Two Ponzi schemes

By maxwell edison ·
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http://online.wsj.com/article/SB122**416971**04017.html

http://techrepublic.com.com/5208-6230-0.html?forumID=102&threadID=207019&messageID=2143404

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I haven't done a deep dive on social security

by JamesRL In reply to Two Ponzi schemes

But in never ceases to amaze me that guys like Madoff can fool some very large rich and supposedly intelligent investors/organizations. Did nobody ask for an occasional audit? Did nobody do due dilligence before pumping money in?

James

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two words James

by Jaqui In reply to I haven't done a deep div ...

Bri eX
(sp?)

I think that explains it well, don't you?
The "get rich quick" mentality leaves them open for these con artists.

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Bre X is tiny compared to this....

by JamesRL In reply to two words James

Bre X stock was worth 4.4 Billion at its peak, and it was mostly Canadian investors. They were folled because there were reports by proper geologists of a massive find.

Madoff stole 50 billion, by a Ponzi scam. No one knew how he could keep making a profit when no one else seemed to. Finally they figured it out - like any Ponzi, the new investors pay the old ones off.

James

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Bre-x

by Oz_Media In reply to two words James

One of the greatest horses at Fraser Downs, a bit too old to run right now but what torque for longshot upsets when he did. Won my share of penny's on that one!

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Bre X was okay

by sleepin'dawg In reply to Bre-x

IF you got out of it before it took a dive. Greed kept too many players hanging on. I liked it a lot but I certainly wasn't married to it

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One Marked Difference

by road-dog In reply to Two Ponzi schemes

Social Security demands participation whilst your typical Ponzi scheme falls under "caveat emptor".

If one gets the feeling that an investment opportunity is a scam, there is legal remedy.

Social Security cannot be avoided even when one recognizes it as the scam of all time.

Look for congress to attack and seize private retirement holdings once the system goes bankrupt. After all, that is what government does, take from those who do it right to subsidize those who do it wrong....

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Nothing like looking at your paycheck....

by NotSoChiGuy In reply to One Marked Difference

...and noticing all that money you'll likely never see ever again. <POOF>

The entirety of the SSA should be brought up on RICO charges for systemic extortion and fraud.

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Don't be so sure about that.

by sleepin'dawg In reply to One Marked Difference

If one gets the feeling that an investment opportunity is a scam, there is legal remedy.

You have to find the assets to recover anything and too often it's way too late for any legal remedies.

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If you think that's bad; it's going to get worse, a whole lot worse.

by sleepin'dawg In reply to Two Ponzi schemes

The subprime CDO (this is the derivative at the core of the current subprime crisis)has started the ball rolling. Now there's another kind of demon derivative about to take the spotlight. It?s called the CDS (Credit Default Swap). And you?ll soon understand why, no matter what central banks do, it will deal the final **** to the global financial system. This one is a true horror story and people better start covering their asses soon or they won't be left with much of a pot to **** in.

On the other hand............... you've got more fingers. Just kidding, but all kidding aside, this could get very serious. I'm not taking any chances; I've taken preventative and protective measures for myself and close friends and partners. I'm advising everyone to be prepared and do something similar to protect themselves. Perhaps nothing too drastic will happen, but its like an umbrella, better to have it and not need it than to need it and not have it. Whichever way the economy tilts or topples, we should survive relatively intact. Wish I could say the same for the rest of you.

Dawg ]:)

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You can only CYA so much

by road-dog In reply to If you think that's bad; ...

If you have limited your stocks to a few long term performers and whatnot, really what can you do?

We work at companies that take the hits. Retirements aside, what can one do if the finance market tanks and jobs go away in huge numbers. (assume they are only large right numbers now)

What's next, tear up the turf in the back yard and start growing veggies?

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