Thursday, Dec 18, 2008
How Madoff ripped off the Elite
Wall Street Journal: The Impressionable Elites Get Snookered
For most of this century, con men and hucksters preyed on the uneducated and the elderly who couldn't read the fine print.
But now we learn that the real mother lode for con artists is the Impressionable Elites* of country clubs, and the rarefied hedge fund managers of Wall Street and Greenwich.
Bernard Madoff proves the point. no one questioned his numbers. He sold himself to people on the basis of brand.
Historically, elites have behaved like this. They follow a path from being the founders of new nations to the dupes who stand by as their piece of civilization is sacked and pillaged.
Posted by mountain goat @ 09:57 AM (221 views) Add Comment
1 Comment
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1. uncle tom said...
For the Jewish community, this is beginning to look like the worst calamity since WWII.
It is not that the perpetrator of this swindle was one of their number, but that - at every level - he abused the trust of his own people, took their money, and lost it..
The reverberations and recriminations are likely to last a while..!