"What a Racket!!"

Richard Crenian Blogs
December 18, 2008
“What a Racket!”

Yesterday I blogged about Madoff the former NASDAQ Chairman famous now for being caught for defrauding everyone for $50 billion! I am attaching another article by Forbes magazine on the subject.

http://www.forbes.com/financialadvisernetwork/2008/12/17/madoff-ponzi-vader-fan-ii-in_jl_1217soapbox_inl.html

My question is how someone has the ability to scam the public; If you stole $50 billion where would you go in the world? Where would you hide? Why would you do it?
I guess he thought he was smarter than everyone else, suffered from God syndrome and probably thought he could get away with it!
It is sad, with such a stellar reputation and an unbelievable track record (we now know how and why he had such a good track record), why and how anyone did not want to invest with him?
I also mentioned why I like bricks and mortar, because it is real and not paper. No wonder why no one smart believes in the stock market anymore. Any one with bad intentions can really take your money. Why do people invest in the stock market? Greed and we believe from the promoters it is safe.

Here is what Bloomberg says:

http://www.bloomberg.com/apps/news?pid=20601039&sid=a4nU8QswIu28&refer=home

Scary, scary and scarier, so let’s remember this the next time the market has a run.
Here is another thought, when the markets thought GM, Chrysler and Ford were going to get a bailout the market increased?
My question is given the economy who is going to be buying cars right now unless they need to? So why would the markets have gone up? I don’t get it!
I like real stuff, real rents, and real buildings, and real cash coming in from real people who pay their rents. What’s wrong with that?

PS Howard is home in Calgary today………how do you like the cold Howard. Phone him and ask him why he isn’t golfing today? 403-630-4544.

Richard Crenian