Madoff & Responsibility
If you have your money with someone who is the investment advisor (unregistered to boot!), the custodian, and the broker / dealer at the same time, YOU are to blame for getting scammed. Blaming the SEC feels good – and there’s no doubt there’s holes there – but in the end we are responsible for our money.
I was at a presentation where one large allocator, Robert Schulman from Tremont, called Madoff “god.” Madoff’s investors were proud people and they bragged about “being with Bernie.”
Blaming other forfeits your power. Financial literacy is about managing risk, not being able to quote Suze Orman.
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