Quote of the Week
'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.'
Thomas Jefferson 1802
Thinking about Bernard Madoff...
Everybody says it's about greed. I don't agree at all. It has to do with pride and cowardice more than anything else. A few years back BM was the smartest, foremost expert on anything financial. He was managing funds which were outperforming others. At one point his funds started to show some losses so he borrowed from the principal of new investors to continue giving the high returns that he had promissed, thinking that within a short time he would have covered his shortcomings. The profit did not return. Years back, he probably could have said:
"Sorry folks, I am not the most intelligent man around after all and we are showing some losses, if you want to pull back your marbles, go ahead."
He did not want to look like a fool so he shut his mouth and took money from new investors to cover his hidden losses. I can understand greed but to fuck peoples just to keep his image is really the pits.
One more time it shows that it takes great intelligence to be a real asshole.