Speak Out!

Duped Again!

Wed, 02/11/2009 - 17:45 | Wealth

Ponzi schemes are alive and well, as evidenced by the latest financial fraud perpetrated by money manager Bernard Madoff.
 
Why do people continue to get duped by Ponzi (financial fraud) schemes?

 

Comments

State Of the Black Non-Union

Submitted by Lana Monet (not verified) on Fri, 03/13/2009 - 22:14.

Tavis, I have enjoyed your relentless, empowering, preserving, inspiring efforts for years. I must also say that I love how you continue to show up and stand up when most of us don't. Especially, Black Men!! I myself am a 37 yr old single Black Divorced mother of 3 teen sons. I am a successful Entrepreneur, only by GOD's Grace and Mercy. I have no support system in terms of my ex-husband, male brothers, male cousins or even Black male mentors. I am a Blessed woman to be very attractive so, I am usually getting hit on instead of my sons being helped out.
This all brings me to my point, we as African-American's have allowed ourselves to become alienated and distant from each other in a society where we are already so few. We only make up 13.5% of the Population and have no economic, social or political power. What are we doing? No one seems to be interested in making any changes or preparations for the next generations or legacy to come.
I also wanted to address what you said in your most recent article concerning our financial status. Unfortunately, when you are just getting by day by day and not living on the FAITH that GOD is going to take care of all your need and that it is a sin to live in debt. You do not plan for the future or find ways to invest and "grow" your money so, that when you are too old to work or when you leave this earth, you will leave a financial legacy for your loved ones.
Thanks for allowing me to contribute. May GOD Bless and Keep You~Lana

B/c they are so complex that

Submitted by Tavis Smiley Fan (not verified) on Sat, 02/14/2009 - 15:34.

B/c they are so complex that experienced accountants at SEC didn't detect them

Greed

Submitted by Tavis Smiley Fan (not verified) on Sat, 02/28/2009 - 21:55.

What happened is that people believed in this guy because he had an outstanding track record on Wall Street and other places, so they trusted him and passed on the word to their friends and family about these outrageous financial returns they can obtain in a short amount of time. It would not surprise me if someone in the SEC was in on the deal also.
When people get greedy and do things secretly this is what happens, because I'm quit sure if it was more publicly known he would of been busted a long time ago. This is a case of the rich (well off) thinking they were going to get richer instead they now sit in the gutter of despire with many other.

Ponzi scheme "victims"

Submitted by ProfAlan (not verified) on Sat, 02/28/2009 - 10:49.

Victims? The reason folks get involved in such plans is that they are greedy--it is just that simple. The desire to beat the system takes over and overrides the common sense rule that anything that seems too good to be true IS. It always amazes me that someone who supposedly has discovered a "new way" to get rich is so altruistic that he wants to share it with everyone else, but only at a "small up-front cost." I have little sympathy for anyone who thinks there is any way to make money except by hard work--even if you have a wonderful idea for a niche-filling product or service. A very wise man once said, "Success is 1% inspiration and 99% perspiration"...

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