In news that can’t have improved their experience of 2020, it would seem some less than diligent Australians have discovered they’d been “investing” with a female Bernie Madoff.
In the words of Leonard Cohen when he discovered his manager had walked off with much of his wealth, “that can tend to take the shine off your day“.
Whenever one reads of these Ponzi schemes, the depths of gullibility always astound. This one is no exception; statements of investment accounts that were simply the CBA bank logo cut and pasted on to a fake statement and not even the correct number of digits in the bank accounts.
The inference being, none of these “investors” could have ever logged on to their accounts to confirm the balance.
That’s a level of trust bordering on insane.
Speaking of trust, if you believe her husband knew nothing about the fraud, I’ve got a bridge across the river Thames you might like to buy:
“You’re not in trouble“. Riiight.
What was the inflight service like on the private jet to the month long holiday in Aspen, Anthony?
Anthony’s professional life seems to consist of not much activity for several years as a “music producer“. The more cynical and cruel amongst you might suspect he’s been spending a lot more time assisting his wife with her “business” than making shitty bleep bleep music.
Anyway, as we start to run out of new content on Netflix and the cinema while the 2020 break in production flows through to us, this case will be a welcome distraction.
See also, the recent arrest of Joe Anderson and Derek Hatton in the UK’s capital of grief and victimhood, Liverpool. Now that’s a Christmas present worth savouring.
Stupid and mendacious investments will always find willing suckers and, as long as we don’t fall for them, we get to enjoy the schadenfreude.
However, sometimes one just needs to accept the irrationality and embrace the opportunity. After all, a Ponzi scheme still makes money for some of the initial investors.
Which brings us to this prediction; 2021 will see asset bubbles springing up all over the place. All that easy money being hosed at everything that moves will find a home.
Which asset classes do I think are about to take off?
Gold, silver, the NASDAQ, energy stocks and residential property.
We may as well learn to stop worrying and love the bomb.