American Greed: How Do You Feel?

[James Fake]

Just watching American Greed on CNBC and I am not sure how to feel on most of these "investors" that got duped..

On one hand, they did get mislead.. but on the other hand, isn't it their fault because their research was poor; it was still their choice? I mean most of their returns were a bit on the 'too good to be true' end which should have raised flags. Kind of like people who blame McDonalds for making them obese.

 

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[Milenko]

I've been watching a bunch of those too - definitely reminds you not to put your faith (or all your money) in any one investment. Seems like they're able to keep those Ponzi schemes going long enough so the "too good to be true" thoughts get beaten out by the "but it's been around for x years" thoughts. Unfortunately but the time those schemes are found out the money everyone "invested" is long gone.

Definitely their own fault though - there's greed on both sides of that equation.

 

[Hokoleskwa]

It is hard to sympathize with people who buy into something that's too good to be true, but I'm not sure your analogy fits. These people were led to believe that they'd make money, whereas McDonald's has never touted the Big Mac as a diet food.

 

[Rickson9]

Speaking for myself, in any crime, financial or otherwise, I believe that it is never the victim's fault.

Ever.

My opinion only.

Best regards.

 

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[gofalls]

isn't it their fault because their research was poor; it was still their choice?

Not sure about that. That's like saying the girl got raped b/c her skirt was to short and she should have known not to wear something like that.

Remember the victims were misled so it doesn't matter how much research they did if the facts were manipulated.

 

[BigEasy25]

I wouldn't go as far as saying it's the victims fault for not doing enough research. You have to remember that much of the info they were given wasn't true so they really didn't have much to research since these weren't actual investments. Very interesting show though!

 

[dec360]

Not sure about that. That's like saying the girl got raped b/c her skirt was to short and she should have known not to wear something like that.

Remember the victims were misled so it doesn't matter how much research they did if the facts were manipulated.

Its not that the girl wore the skirt that was too short. Its that she wore the skirt and went to a party in the ghetto with mostly criminals and thugs. It doesn't mean that they had the right to rape her but at the same time the girl should have used common sense and her gut feeling that the likelihood of something going wrong is very high. We have to stop blaming everyone and start taking accountability.

The same thing with these investors, although some did some research and were mislead, the simple fact of being promised or guaranteed 10% or 15% return on their investment every quarter should have risen a red flag and should have used common sense and their good old gut instinct.

On alot of those cnbc shows they also interview people that were friends or family of the people that got scammed and they would say that the temptation was there to get in on that investment... but at the end they went with their gut feeling and common sense and didn't invest.

 

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[Anon3587x]

We live in a world of beasts; people need to get with the damn program already.

Tired of seeing people whine about such things.

 

[MonTexan]

For me, that show simply reinforces the notion that nobody is going to mind my money like I would. I have always been skeptical of brokers and money managers because they nearly always have their best interests at heart...not yours. You know why they call them brokers, right? Because they're generally broker than you.

These devastated investors are excellent examples of the importance of a financial education. If they would have taken the time to learn to invest their own money rather than trusting some disbarred-former-attorney-turned-hedge-fund-genius they wouldn't have to work into their 70's. I feel terrible for them and their families, but it was their own decisions that led them to that outcome.

 

[oddball]

I haven't watched the show in a couple weeks but I'm stunned. Like others have said, how can people take all their money, anything and everything they have and give it to these people who are basically strangers. They meet them a couple times but thats not enough to know someone. I remember one episode the guy had done the same thing over and over, been arrested for it several times, and people would still invest with them. It's 2011, google the person quick and see what comes up. Although its not totally the victims fault, they should take more responsibility for their money.

 

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[ChrisS417]

The suckers who think becoming wealthy is an event will always be suckered out of their money. Like the book says......besides a few exceptions, becoming wealthy is a PROCESS!

 

[Kung Fu Steve]

Whenever a student of mine says they got punched in the face, my one and only response is always..

"Should've blocked it..."

Don't go into investments without your guard up.

 

[James Fake]

Whenever a student of mine says they got punched in the face, my one and only response is always..

"Should've blocked it..."

I love this.. and will have to def steal it!

 

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