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: Bernard Madoff

Enough With the Whining! Taste the Wine, Instead!!

Of course I'm heart broken when I read about those that are saying they "lost everything" with me. But after a few minutes, I'm elated, and I go back to watching Fast Money on CNBC...

I don't mean to sound insensitive; I've had these kinds of mood swings for years. Ira will vouch for that. So will my doctors. And so will Ruth. Even Andy and Mark will tell you that. So will every single employee on my trading desk. So will Sonny Cohn. So will Amit Vijayvergiya (if you can find him..I've actually tried to call him too..)

But when I read about a whining letter that was sent to Judge Stanton from a guy that I've never met, let alone played golf with and says he "lost everything", including every dime of his savings, and he should be covered just like the account holders that were smart enough to have SIPC coverage, only because he took the advice of some broker that took his money and put it into some kind of a fund that I didn't even authorize, I'm non-plussed.

Why in the world should SIPC be covering this moron? There were tens of dozens of investors (okay more than that maybe) that were smart enough, and careful enough to make sure that the accounts they held their money in were SIPC protected.

To the guy in Maine that wrote the letter to the Judge, I ask you: Did you ever ask ME if I thought it was smart to put all of your money in one place?? No.
Did you ask your kids? Did you ask your wife? Did you ask your stock broker?

What mental retard of an investment manager told you it would be a good idea to put all of your eggs in one basket?? Didn't you tell him you were putting everything that you had with him?? You must have had to sign a QUIB agreement, right?...Didn't that agreement say that you understand that you could lose all of your investment??

You didn't sign a QUIB Agreement?? You're kidding, right?? OK, Let me ask you this; Did you put your investment into an account managed by a registered investment advisor??? You know, someone that's licensed, and has E&O insurance??..

I'm sorry to say that anyone that puts everything into one place is either mentally incapacitated (which, by the way is a legal claim you might think about making, ask my lawyer, Ira, his phone is (212) 277-6576), or you're completely meshuganah.

Did you tell your kids that you have ALL of your money in a broker/dealer that only a few people know about? No??!! Well, maybe I'm not surprised. Apples don't fall far from the tree, right?

So, I guess you forgot to tell your kids how much money you really have, right? When were you planning to let them know? 20 years from now? After you turned 95 and were about to croak? You were going to leave it to them??? What the fuck could they do with that kind of money when they turned 75?? Who lives that long??

Speaking of wine..for the majority of you that weren't stupid enough to have put everything into one basket, you can afford to try Cru (its on 5th Avenue and 9th Street) and its one of Ruth's favorite restaurants (hey, she's a gifted chef!!), and their wine list is unbelievable. 4000 choices on the menu. Just like having 4000 choices to put your investments into!!!

Full post as published by Bernard Madoff on December 30, 2008 (boomark / email).