Richard Crenian Blogs
January 11, 2009
“It’s Ponzi, not Fonzi”
Wow, Happy Days are not here for the investors of sandaled Bernie Madoff accused of stiffing $50 billion from his friends, relatives and investors of a scheme that took money from new investors to pay the old investors a guaranteed rate of return of 11% from the “stock market.” It is jail time for the 70 year old Madoff , to be sure.
Obviously when it is too good to be true it usually is.
How could this happen……….? Well, Greed on the part of the investors and the belief that the securities commission was looking out for investors; Madoff being the former head of Nasdaq who until now had a great reputation, and investors believing that the stock market was a “safe and secure” haven to put their money.
Well we now know that that is not true, and that the stock market, instead of being a haven of safety and security, is a haven for crooks, rip-off artists and scammers, under the guise of working with the SEC (as Madoff used to brag), and that the stock market is nothing more than a gambler’s den; sometimes you win, more often than not you don’t. As they say, no matter what the house always wins.
In the 60’s you had Robert Vesco and Bernie Kornfield who ripped off investors, with their mutual funds, and in the last go around it was Enron and the like, now a Madoff and the Indian Computer guys who have admitted cooking their books to make their stock look better. All these guys had their BIG Five accounting companies doing their books, and the Securities Commissions looking out for the “little guy”, namely us.
Well I guess not.
I like hard core assets that I get touch and feel. I prefer to learn how to golf like my partner Howard who is an excellent golfer. While he is golfing he has ownership in real things, with real cash flow paying him. It’s simple, and he doesn’t have a big show off New York office to get people to invest with him. Just the facts and figures, nothing complicated. Howard is a simple guy, an honest guy and a down to earth guy; nothing fancy, just plain old fashion investing. Slow and steady wins the race he says! Phone Howard if you want to learn to golf or to golf with him. He will show you how a 64 year old does it! 403-630-4544.