TRUMP SAYS: HUNTER MAKES FORTUNE FROM SHADY DEALS!
BIDEN FAMILY STINKS TO HIGH HEAVENS OF CORRUPTION!
DON'T GET LEFT OUT: HUNTER MUST BE STOPPED!
Harry Markopolos is the man who blew the whistle on Bernie Madoff’s $60 Billion Ponzi fraud. He recently joined Today’s Matt Lauer to discuss his new book No One Would Listen, in which he details his eight year struggle with the SEC to expose the scam. (Video follows excerpts and commentary)
On blowing the whistle:
They [SEC] didn’t understand. They had lawyers there not finance people. They weren’t capable of understanding what I had written and presented to them. I had gift wrapped this case and delivered it to them on a silver platter.
Advice to average investors:
Don’t trust your government. Do your own research. Use common sense. If you don’t understand the strategy, don’t invest in it.
Mr. Markopolos’ advice to investors should be translated to the non-financial world as well. If you rely solely on the information being presented to you by our government then you’re not getting the full story – ever.
Take responsibility for building your own knowledge base, independently of traditional sources, and implement strategies specifically designed by you, for your own benefit.
Watch the Interview:
More about Harry Markopolos and the Madoff whistle blower case at at Sense on Cents…
It Took 22 Years to Get to This Point
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Great interview with Harry Markopolos on King World News.
http://kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/3/2_Harry_Markopolos.html
Comments….. The whole stock market is a ponzi scheme, one giant world casino, when someone goes long somebody else is going short. When somebody gets something for nothing there is somebody getting nothing for something. Adam smith’s definition of money ” It is the true measure of labor” The Bible states ” It is by the sweat of thy brow though shall earn thy bread” So for all of you out there looking for that easy buck, live by the sword and die by the sword.
Right on, Sam! So very many people in this country and around the world have ‘bought into’ the scheme, and look at how many have already been getting “nothing for something”! Their “nothing” is their home, their job, their savings, their retirement, and the list goes on – and they will really get their “nothing” when TSHTF and they aren’t prepare and have nothing to prepare with! The crooks have taken it all!!!
Most of us were coerced into it with the implementation of 401 K plans. They started out innocently enough, as a”perk” for upper level executives. Then big employers saw a way to rid themselves of pensions and when Wallstreet envisioned the undreamed of new pawns, they feverishly helped the “transition”. Couple that with the free printing of money by a central bank which reduced interest rates, and those concerned with retirement had no choice, “play” the market or stuff it in your mattress.
I still remember my 9th grade finance class in the early 80’s when the teacher taught us about compound interest. We based all our calculations on 10%APR as that was the average on any savings account over a few thousand dollars…..
Funny how karma works, those interest rates will probably return, but not by design or “bankers” choice.
If I had a 401K I would promptly liquidate it and transfer it to other forms(and pay off debt).
just the fact that one feels stuck in these investment vehicles is a sure sign that you are.
Get out while you still can and while the penalties are still reasonable.
The window of opportunity is closing rapidly and the government is getting extremely desperate for these funds.
Comments…..Dave , even after paying the penalties in the long run you’re better off. 401 never keep up with inflation so you’re always the loser. The idea of cashing out and putting the money towards debt is the right one. Remember the parasites alway make the host feel he is the one gaining but that is just an illusion.
Comments…..Most of the retirees are now drawing on our 401k’s, IRA’s for monthly income to supplement S.S. What can we do? nothing. Bills have to be paid and monthly living expenses won’t get paid by lousy interest rates on C.D.’s. I’m open to suggestions. Laura
Laura M, which is exactly why they are doing everything they can to prop up the markets right now. They absolutely will NOT let it crash again (and I think they will succeed in this, at least for the near and intermediate terms), because it that were to happen there would be a gigantic stampede for the exits as everyone with a 401k plan liquidates what’s left of it, and then that actually causes additional losses in circular fashion.
Sadly there is nothing else people can do but withdraw from 401k. I took out a loan 2 years ago but am faced with paying back the tax should I lose my job. That was a risk I was willing to take. I have another 401k plan from a previous employer that I am holding on to as sort of a “last resort”. But I reserve the right to liquidate that any time I want based on external changes or trigger events. One thing that is concerning me lately (and casing me to keep one finger hovering over the trigger) is all the talk about possible securitization of 401k plans by the US government, whereby the funds are converted into government guaranteed annuities, backed by (you guessed it) the dollar. To that I say NO THANKS.
The stock market is rigged and I would advise anyone to stay the hell away from it unless you’re a seasoned pro. I’ve lost a bunch there the past year (money I could afford to lose thankfully), and I would imagine 9/10 people would lose these days as well.
Nope, nothing really for the average guy to do other than try to tap into that 401k.