It's incredible how a financial scandal of this magnitude can go undetected for so many years. US$50 billion by any standard is not a small sum. Bernard L Madoff is easily the greatest con man of the century. I rate him a genius and a rare financial wizard.
Jews are popularity known to be astute and shrewd. Yet the majority of investors in the Madoff's Ponzi scheme are none other than Jews. These investors are really fattened for the slaughter house by their own breed. What a calamity! What an embarrassment!
For those who can ill afford the lost, the pain will last them a life time. When you wake up one morning and suddenly find that you are completely wiped out, the emotional distress is likely to be too much to bear. So far I have not read or heard of anyone who has a heart attack or has committed suicide as a result of the debacle. I take this to mean that all these very rich men or women are really those who can afford to lose. The pain may not be that excruciating after all.
What can we learn from this financial fiasco? The first is that what appears to be the safest may actually be the most dangerous.
The second is that no matter how careful you care, you can be taken for a ride. The sensible thing to do is therefore to diversify, not putting all eggs in one basket and to remember that there is no such thing as completely risk-free.