Bernard Madoff Gets 150 Years
Image by sabeth718 via Flickr
Apparently a Ponzi scheme that ruined the life of many is worth about 150 years in prison. While some may get some satisfaction from the fact that this judge completely threw the book at Madoff, the fact of the matter is that satisfaction is about all that is available. (Although this probably isn’t over. Next up: The appeals process.) Most of Madoff’s victims will have to work hard to overcome the ruination that has affected their lives. And many others will, in turn, be wary about investing with “masters” and “insiders”.
And that’s not such a bad thing. Instead of relying on someone else to make all of your investment decisions, it is a good idea to do your own research and make some of your own decisions. After all, it’s your future. Most money managers are more concerned about their futures than they are about yours. While most investment professionals and brokers are probably not crooked, and they are probably doing an adequate job, the fact remains that they have their own interests to look after. And their interests may not necessarily coincide with your best interests. You might be better off with other products and services.
Stock market gains
The news about Madoff hasn’t dampened investment today; in fact, the Dow is moving higher. Bulls are trying to sustain a rally that began with a positive open this morning. Other news that is supporting a stock market rally includes:
- UBS may settle with the U.S. government over concerns that the Swiss bank helped U.S. citizens avoid paying taxes.
- Watson Wyatt and Towers, Perrin & Crosby are merging in a $3.5 billion deal.
While Madoff will likely remain in the news for most of the day (it’ll probably be the biggest story of the week), there are other positive signs for stock investors. Who knows? Perhaps this week will be one of gains for the stock market.
Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.
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