Bernie was doing the same thing as everyone else in 2008, but his clients were all rich folks.
CITATION NEEDED
Lots of companies were using legal but sketchy as hell financial instruments and over inflating safety on investments where lots of people lost lots of money. Bernie was different. He was creating fraudulent statements saying you had money in your account with him for years and only paying out with what other new investors put in; classic Ponzi scheme.
What other large Ponzi schemes at the time are you saying were occurring?
Of course, these weren’t schemes or a rip off because it was ‘legal.’
Now you’ve got it. One was unethical but legal (most of the housing crisis), Madoff was breaking established written law. Only Madoff was the Ponzi scheme.
I could have done that and called into question your naive understanding of financial transactions. However, I wanted to keep from insulting you, but it looks like you’ve removed that opportunity.
CITATION NEEDED
Lots of companies were using legal but sketchy as hell financial instruments and over inflating safety on investments where lots of people lost lots of money. Bernie was different. He was creating fraudulent statements saying you had money in your account with him for years and only paying out with what other new investors put in; classic Ponzi scheme.
What other large Ponzi schemes at the time are you saying were occurring?
You’re kidding, right?
https://en.wikipedia.org/wiki/2007–2008_financial_crisis
Of course, these weren’t schemes or a rip off because it was ‘legal.’
Yes. That’s a fundamentally different situation than a ponzi scheme
Now you’ve got it. One was unethical but legal (most of the housing crisis), Madoff was breaking established written law. Only Madoff was the Ponzi scheme.
You should learn to recognize sarcasm.
I could have done that and called into question your naive understanding of financial transactions. However, I wanted to keep from insulting you, but it looks like you’ve removed that opportunity.
You funny.