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The scapegoat. The only one who ripped off the rich instead of the poor. I would like to see people like Paul Singer die in prison, who made the lives of millions of people miserable, but I guess it's all legal what he did...
The scapegoat. The only one who ripped off the rich instead of the poor. I would like to see people like Paul Singer die in prison, who made the lives of millions of people miserable, but I guess it's all legal what he did...
The scapegoat. The only one who ripped off the rich instead of the poor. I would like to see people like Paul Singer die in prison, who made the lives of millions of people miserable, but I guess it's all legal what he did...
> clients entrusted him with more than $19 billion in principal > Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?
Hopefully he serves as an example to other Ponzi schemers in Wall Street. It's rare in the US white collar guys like this die in prison.
> clients entrusted him with more than $19 billion in principal > Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?
principal -- they probably thought their accounts were worth considerably more due to accumulated returns.
Though that wouldn't tell the whole story, either. You would have the earnings of people who managed to get out of the scheme before it collapsed offsetting the losses of those who didn't. You're also not taking into account the opportunity cost of having that money in the Ponzi scheme instead of, say, VTSMX.
Hopefully he serves as an example to other Ponzi schemers in Wall Street. It's rare in the US white collar guys like this die in prison.
* Mark killed himself in December 2010 on the second anniversary of his father’s arrest.
* Andrew died in 2014 from cancer.
> clients entrusted him with more than $19 billion in principal > Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?
[1] https://www.bloomberg.com/opinion/articles/2021-04-08/archeg...