Re Bernie Madoff, anyone who “sinks” the bulk of their money into chancy investments, is at fault to some extent, if they lose the money. Everyone aleays says, dont put all or most of your cash/assets in one basket. Ive heard him say that banks are Ponzi schemes to some degree, and I believe that. Theyre paying me interest from money that others are depositing…just what he did. But Madoff didnt have FDIC to back him. And, he’s suffered plenty. I guarantee you for every Madoff who is caught, there are hundreds if not thousands, who arent caught and do what he did regularly.
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