Yes, they trusted him and he turned out to be a fraud. No matter how much you trust anyone who invests your money for you, you do not give it all to one person. It is Investing 101 and any person who has a fiduciary duty in overseeing assets is as guilty as the person committing the fraud. That’s what is implied in the term “fiduciary.”
“What, I disagree with you on this one and don’t want to see innocent folk (if perhaps not the most intelligent investors) lose everything; least of all those who were just middle class, hard-working folks who were just trying to do what they thought was best for them and their families.”
Biff we are around the same age. I remember my Father saving for the house I grew up in. He bust his ass in the Hot Restaurant on 14 st for years! This was the American way, save your money, buy a house and raise your family. Now at day we believe we can earn money by pushing paper to one another. We believe we can spend more money that we earn. We believe we can make money by just buying a house and we have turn into Greedy, Delusional, self centered idiots. The first Depression had a cleansing effect on this type of behavior and America was stronger because of it. I think that people need to have their asses kick real hard! So screw the middle class because if they didn’t buy into the Mutant Asset Bubble, we would not be in this mess..
cobblehiller- maybe part of that reason is what What was saying, about the MREB plutocrat crowd- people tent to trust who they know. And if it looks like that friend is making a fortune for you, you go with it. They went with what or who they had the most confidence in, and maybe on some level thought they get around the basics.
I keep reading about the psychological component to the economy (investor confidence, marketing, consumer confidence)- it seems to play a huge part but I don’t usually see it tied into discussions of the economy. And since, as we all know, finance is not my middle name, it’s just my take on what I’m seeing and trying to understand.
Biff I disagree with some of what you said. Go watch Wall Street, Boiler Room and Glengarry Glen Ross. There is a mentality that you have to use when working in the Bubble and like Cobblehiller says ” It’s all fun until someone loses a eye”.
Ok, and then where does this DTCC article I read on Deep Capture and linked to another publication yesterday fit in. What is this business with unresolved trades?
What…can you seriously tell us that you’ve analyzed the finances at Overstock.com and prove the large number of people wrong who are short this stock??
Posted by: daveinbedstuy at December 16, 2008 10:51 AM
“That said, you still haven’t answered my question about your knowledge of the Overstock.com finances.”
Uh..Dave, Did you see The What name posted as the CFO on Overstock’s 10Q?????!!!!
Give it a rest already…
The What
Someday this war is gonna end…
Yes, they trusted him and he turned out to be a fraud. No matter how much you trust anyone who invests your money for you, you do not give it all to one person. It is Investing 101 and any person who has a fiduciary duty in overseeing assets is as guilty as the person committing the fraud. That’s what is implied in the term “fiduciary.”
here is an exact snippet of convo i had with someone just now who is part of Jeht who got screwed over my murdoff:
(11:34:49 AM): they had it all with one firm who they trusted
(11:34:55 AM): but it wasnt all their money
(11:35:02 AM): it was just all the money for the foundation
(11:35:12 AM): it wasnt bad funds it was bad people
(11:35:26 AM): good returns were fake
whatever that means 🙁
That 11:41 post of yours is finally worthy of QOTD, What.
That said, you still haven’t answered my question about your knowledge of the Overstock.com finances.
“What, I disagree with you on this one and don’t want to see innocent folk (if perhaps not the most intelligent investors) lose everything; least of all those who were just middle class, hard-working folks who were just trying to do what they thought was best for them and their families.”
Biff we are around the same age. I remember my Father saving for the house I grew up in. He bust his ass in the Hot Restaurant on 14 st for years! This was the American way, save your money, buy a house and raise your family. Now at day we believe we can earn money by pushing paper to one another. We believe we can spend more money that we earn. We believe we can make money by just buying a house and we have turn into Greedy, Delusional, self centered idiots. The first Depression had a cleansing effect on this type of behavior and America was stronger because of it. I think that people need to have their asses kick real hard! So screw the middle class because if they didn’t buy into the Mutant Asset Bubble, we would not be in this mess..
The What
Someday this war is gonna end…
cobblehiller- maybe part of that reason is what What was saying, about the MREB plutocrat crowd- people tent to trust who they know. And if it looks like that friend is making a fortune for you, you go with it. They went with what or who they had the most confidence in, and maybe on some level thought they get around the basics.
I keep reading about the psychological component to the economy (investor confidence, marketing, consumer confidence)- it seems to play a huge part but I don’t usually see it tied into discussions of the economy. And since, as we all know, finance is not my middle name, it’s just my take on what I’m seeing and trying to understand.
Biff I disagree with some of what you said. Go watch Wall Street, Boiler Room and Glengarry Glen Ross. There is a mentality that you have to use when working in the Bubble and like Cobblehiller says ” It’s all fun until someone loses a eye”.
The What
Someday this war is gonna end..
Ok, and then where does this DTCC article I read on Deep Capture and linked to another publication yesterday fit in. What is this business with unresolved trades?
What…can you seriously tell us that you’ve analyzed the finances at Overstock.com and prove the large number of people wrong who are short this stock??
Posted by: daveinbedstuy at December 16, 2008 10:51 AM
And again.