Any lessons to learn from the Madoff con job?

The cats have been led out of the bag and everyone is shock and asking many obvious questions. Why such a big con job could be so big and go on for so long in an industry that is highly regulated? Reputation seems to be the biggest valiant in this case. Madoff has built up a reputation over the years as a man of integrity, trustworthiness, unquestionable faith and ability. And people just simply trusted him, blind faith? Again this is the same moral. Never trust anyone blindly. Anyone asking you to have faith and just trust him without questions, must be questioned immediately. Don't be a fool at the end of the game. Nepotism played a big role too. His key executives were from the family, brothers, children and who else. With an inner circle that is thicker through blood, everything can be concealed and no dirty laundry aired. Look out for this formula and run. Transparency, a familiar word. No transparency means something bad to hide. Period. His was a secretive operation. How could that be when there is a Securities and Exchange Commission doing regular checks and investigations on all financial institutions? Are we saying that the SEC was not doing its job or they chose not to do the necessary? Can we trust the SEC or the regulators? The Americans are saying that all the warning signs were there. So negligence or working in cahoot? 'They trusted him with everything' is the title of one article in the Sunday Times. Trusted him with everything! Isn't this frightening? We can't even trust gods with everything, how could we trust another human bean with everything? Singaporeans take note. Never trust anyone with everything. Never put all your eggs in one basket. The ancient truth never fail to show how silly human beans are at the end of the day for being too trusting. The truth shall set you free. Insist on the truth. Not the tooth.


Anonymous said...

Nepotism is everywhere, especially here in Singapore. Singaporean have very trusting nature and are often blinded by what they hear, especially when it is drummed into them day and night from all so called "official" sources.

One day, all will be revealed and we will have another Madoff case here at home in this paradise.

Chua Chin Leng aka redbean said...

i think not. we have very honourable people who are handpicked to be leaders. and they were selected after very thorough processes from the best of the best.

we are simply the best. what happens to other countries will not happen to us. don't worry, be happy.

Ⓜatilah $ingapura⚠️ said...

The main lesson form the Madoff fraud is that no private citizen should ever be allowed again to handle money, or attempt to "profit" by the use of money to invest -- whether real or bogus.

Once all money as a medium of exchange is removed from the system, the government is completely in control of the economic system, and is the sole determinant in who can buy what, and when and for what specific reason.

no one will be allowed to make profit from "value-adding" in a capitalist way or from interest in lending out money, since money won't exist anymore.

Fraudsters like Madoff will be history -- a blight on the radar of huan history.

The only people who will be allowed to handle money and invest it on behalf of the state will be those special people, with god-like abilities who will be working for and running the state treasury and central bank. These are super-human people. The average citizen can't possibly expected to understand the enormity of these people's special skills and giant intellect.

Under TOTAL GOVERNMENT CONTROL one only has to obey the government. You know they are right.

Anonymous said...

moral of the story is trust no one come to money, jobs and love. its all a lie and truth will definately hurts you in your pockets, hearts and stomach. isolation is not a solution either, guard yourself, be honest with yourself first at least you will have self respect, dignity and honor even when you have no money or love.

Chua Chin Leng aka redbean said...

the madoff incident and the financial meltdown are good justifications for absolute govt control and central planning. yes, matilah, you are right. the world needs a better system, a central govt with absolute power, with all the brilliant men and women in control, then things will be better.

Chua Chin Leng aka redbean said...

only singaporeans will trust other people to manage their lives.

Anonymous said...

Any lessons to learn from the Madoff con job? Sure, they talk about it, condemn the man, do some digging into his mode of operation, but nothing will be learnt from it and I am absolutely sure that this kind of fraud will be repeated. Humans just cannot be alienated from greed.