- 10,702
Regardless or guilt or wrongdoing, Woodbridge had been offering a rate of return with return of principal for years (to my limited knowledge) for years on their bridge loan plan. Maybe the SEC made a problem with the constant state investigations where there was no problem at all. People were living off these interest payments until the SEC started stepping in. Did Madoff have 9,000 investors? Woodbridge had about 9,000 people involved in this loaned money program.
That is a bunch of feel good nothing. You cant be serious?
Madoff started his firm in the 1960s. He conned millions of people out of money, via 401k plans, pension plans, & direct investments. Major financial institutions such as wall street firms and even insurance carriers had invested in his fund.
But just like Woodbridge, many who actually asked in-depth questions realized that there were serious things not right with the situation. And many stayed away, warned others, and even made reports to authorities.
Madoff said it himself, "all people wanted to hear was how much they were going to make, how much I had made, and what famous people I knew or prestigious positions I had held. The ones who asked the smart questions never invested. The ones that were dazzled by the flash invested everything".
Common sense and logic goes a long way. But greed and denial are powerful forces.