Monday, June 29, 2009

Good Riddance Bernie Madoff!

Bernard Madoff received 150 years in prison as his sentence today. I say good riddance. Anyone who so callously steals money from people who trusted him deserves such a fate.


A Wall Street Journal article said he had 35 different watches. Take note people. If your financial adviser likes to get his picture made in front of corporate jets, yachts, big houses, fancy cars and plush hotels, then you should know right away that this financial adviser has their personal values out of whack. In the pre-Madoff days, you might have made your decision to go with a financial adviser because they were "successful." Post-Madoff, I doubt that it is a very smart decision any more. Now maybe people will think a little harder about going with someone because they are "successful."


There are two major lessons here:


  1. Do not choose a financial adviser based on their performance track record.
  2. Do not choose a financial adviser because they are "successful."

See my previous Blog article entitled, Understanding Performance Mistakes.

http://keepyourassetstakemyadvice.blogspot.com/2009_05_01_archive.html

My guess is that the judge sentenced him to the maximum for a very important reason. The prosecutors are going to get real serious about the rest of the scoundrels. Now that he received 150 years, you will see some plea bargaining like you have never seen from these other people implicated in the scam.


For what it is worth, there is no possible way that this man perpetrated this fraud by himself. Let us all hope that they catch everyone of these crooks that were complicit in the crimes.


I do not know about you, but I am praying for the success of the federal prosecutors. If there ever was a message that needs to be sent to these scoundrels, then now is the time.