BILLIONS GO POOF AS MONEY-MANAGERS GO BAD
Where do we go from here? The very fabric of capitalism is coming unglued as the dominos continue to fall. Sadly, these financial-gurus-gone-bad have to be just the tip of the iceberg. The SEC was most definitely asleep at the switch, or worse, looking the other way for their bred’ren. Lives have been destroyed by these fakes, and frankly no punishment will fit the crime.
Some of our “respected pillars of society” that were living the good life have been exposed as frauds or charged with some type of mismanagement…
The kingpin, Bernie Madoff, who compels us to want to wipe that smug look offf his face. – $50 Billion (see the list of biggest losers here )
New York financier Nicholas Cosmo turned himself in last night; I am sure he’s sorry. – approx $100 million
Poor Florida hedge fund manager Arthur Nadel, who went missing for a couple of weeks and left his wife a suicide note – approx $300 million
Indiana investment banker Marcus Schrenker – approx $1 million + sending an unpiloted plane to crash wherever it ran out of fuel.
Tao te Ching
Fame or integrity which is more important? Money or happiness which is more valuable?
Success or failure which is more destructive? If you look to others for fulfillment you will never truly be fulfilled. If your happiness depends on money you will never be happy with yourself. Be content with what you have. Rejoice in the way things are. When you realize there is nothing lacking the whole world belongs to you.
(Stephen Mitchell trans.)