LS Ideas

Don't Be Scammed by Madoff Investor Sob Stories

I couldn't have said it better. Excellent article.

@ lets make money Dec 21 4:10pm.
You said that "The majority of high net worth individuals who have amassed wealth generally have done so in non-Wall St professions (i.e., small business owners), so I do not believe that wealth translates to sophistication"

You are implicitly assuming that wall st professionals = sophistication, I think my friend you will agree after the debacles we have witnessed that assumption is a stretch, folks who have created wealth through other avenues have as much ability if not a better understanding of the fundamentals of risk taking. These investors were successful and were rewarded for their efforts off wall street, they got greedy and fell for the con man who literally "made off" with their money.
Their greed was their undoing not their lack of sophistication.