Richard Crenian Blogs
December 16, 2008
You wonder what the world is coming to when a 70 year old man can rip off his own friends, peers, fool banks, investment companies and charities for 50 billion.
Some people invested $40,000, some banks in the millions.
So you work for ten years and let’s say you were lucky enough to make $100,000 a year. In ten years that would be $1 million. Imagine now what it would be like for someone to rip off $50 billion. Unreal.
I sent a note off to Howard, who is still golfing in Tucson by the way, and he responded by asking whom can you trust?
Good point…..therein lies the problem with the stock market. It acts on faith, and when you have an unscrupulous person with a seemingly perfect resume cheat you have to wonder. I watched a senior executive of a bank on TV talk about the reason the stock market has failed is in part due to the immoral individuals running it.
He was obviously right.
So what are we going to do, well in the next run the generation following us will forget, and the same stuff will appear.
Me? My exposure to the market has been slight and I have always like tangible things that I get touch and feel.
Stocks are printed on a piece of paper, commercial real estate I can touch and feel.
So is the potential cash flow and the future appreciation.
Hey Howard, it’s minus 32 at home!