One of the typical results of financial bubbles is that when the bubble is inflating there is a lot of fraud going on, but no one really cares about it, because "hey, we are all making money." It's only when the bubble deflates that the fraud is exposed. As Warren Buffet once famously said, "it's only when the tide goes out that you find out who has been swimming naked."
I suppose it comes as no surprise that, with the biggest financial bubble in history, comes the biggest Ponzi scheme in history, which ironically enough appears to have hit some of the wealthiest individuals hardest.
2 comments:
What's most amazing to me is that he wasn't some no-name con man but the former head of NASDAQ
Definitely. One can see how this kind of guy would suck you in. Great returns no matter what, honest, forthright, etc. The stories I'm reading are just amazing, whole broader families out millions and millions of dollars. Amazing. Greatest con in history so far, I guess.
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