Bernie Madoff pleaded guilty and was sent to jail. I had no money invested with Bernie. I know only one person who was affected by Bernie's scam. My friend Marty is a limousine driver in South Florida. One of his regular clients, a 78 year old eye surgeon, had advanced Marty $240.00 to pay for future trips to the airport. Marty had needed the money to play the ponies.
Marty has a unique financial life , especially for an intelligent Jewish guy from Brooklyn. First of all, he usually has all his assets in his pocket. If he makes a hit in gambling he keeps the winnings in a box in his kitchen. He has written less than 10 checks in his life. He's 62. He has never had a credit card. His expenses are $1200.00 per month plus cigarettes and herbs. He smokes two packs per day. All money above expenses is used for gambling or entertaining his classy girl friend (daughter of a Navy admiral) from New Hampshire.
When Marty has a few extra dollars in his pocket or in his box he is very happy. When he is working he is very happy that he's working and earning money. When he's not working he is very happy that he's not working. Marty is happy most of the time. He lives his life under the radar of society and likes it that way.
Marty's eye surgeon client was worth thirty million dollars. He had all of it invested with Madoff. On the day after the Madoff scandal surfaced Marty got a call from the surgeon asking Marty if he could please return the $240.00 he had advanced him. Marty did not have the money and had to borrow it from his mother. So he was a real victim of the Madoff scheme.
His eye surgeon client and his wife (she's 77) have had to sell most of their possessions, and go back to work. Marty thinks he is working as a security guard and his wife as a waitress. Although Marty took a small hit he has bounced back quickly. I spoke to him today. He had six hundred dollars in his box, He couldn't decide whether to take a few hundred and go to the casino or save the money for his girl friend's visit next week. I don't know what he did, although he was leaning to trying to make a hit. He sounded very happy, though.
Showing posts with label Madoff. Show all posts
Showing posts with label Madoff. Show all posts
Friday, March 13, 2009
Monday, March 2, 2009
Change and Hope
Just got back from seven days in Florida. Average temperature was 75 degrees and every day was beautiful. Looking out my window at ten inches of snow now. What a difference. My initial instinct is to complain but living in extremes is required now.
We stayed on Singer Island which is in Palm Beach County, one the richest areas in the world, and Madoff country. We did a little sightseeing observing no evidence of financial stress at all. Matter of fact the level of conspicuous consumption was staggering. We went into an art gallery on Worth Street, the Rodeo Drive of Palm Beach where we saw an Andy Wardhol print of Marilyn Monroe, one of 250 just like it that was selling for $170,000.00. I mentioned to the owner that I thought this was a little high for a print. She was completely offended and told me I was just unaware of art prices. This print had been selling for $235,000.00 a few months ago. This print was a great bargain. Although I still have fond memories of Marilyn if she told me it was $170.00 I probably wouldn't have bought it.
There is definitely a shift occurring in our world. The question is to what degree will our lives be effected and whether or not the change will improve or worsen our situation. I happen to think that so much has been out of control for so long that there is some payback required, although I am hopeful that the shock and chaos produced will lead us to new values and ultimately a better life.
It is actually exciting to see that the old guard is deteriorating, that arrogance, greed, false bravado, rip-off thinking and reckless speculation are being exposed for the negative results that they have ultimately produced. It is encouraging to see that what we always knew was ridiculous, even if we went along with it, has proven to be ridiculous. There is no way that buying things we don't really need can make us happy and that the people who profited from convincing us that this was to our advantage should continue to prosper.
If we can resist our fear of change, maintain a commitment to fairness, personal development, and seeing things more clearly there is real hope that we can create a better world.
We stayed on Singer Island which is in Palm Beach County, one the richest areas in the world, and Madoff country. We did a little sightseeing observing no evidence of financial stress at all. Matter of fact the level of conspicuous consumption was staggering. We went into an art gallery on Worth Street, the Rodeo Drive of Palm Beach where we saw an Andy Wardhol print of Marilyn Monroe, one of 250 just like it that was selling for $170,000.00. I mentioned to the owner that I thought this was a little high for a print. She was completely offended and told me I was just unaware of art prices. This print had been selling for $235,000.00 a few months ago. This print was a great bargain. Although I still have fond memories of Marilyn if she told me it was $170.00 I probably wouldn't have bought it.
There is definitely a shift occurring in our world. The question is to what degree will our lives be effected and whether or not the change will improve or worsen our situation. I happen to think that so much has been out of control for so long that there is some payback required, although I am hopeful that the shock and chaos produced will lead us to new values and ultimately a better life.
It is actually exciting to see that the old guard is deteriorating, that arrogance, greed, false bravado, rip-off thinking and reckless speculation are being exposed for the negative results that they have ultimately produced. It is encouraging to see that what we always knew was ridiculous, even if we went along with it, has proven to be ridiculous. There is no way that buying things we don't really need can make us happy and that the people who profited from convincing us that this was to our advantage should continue to prosper.
If we can resist our fear of change, maintain a commitment to fairness, personal development, and seeing things more clearly there is real hope that we can create a better world.
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