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Many of you know I put a large weight on personal observations, anecdotes and stories from friends and biz associates to gauge what's going on with the human condition. For me it makes a good supplement to the data/fact based approach we get from being iTulip subscribers.
I thought this conversation worth passing on.
Spoke to a friend, a Swiss national, who is a semi-retired commodities trader that did well enough that he now lives in Cannes [south of France for the geographically challenged] and spends most of his time working on his golf game. We've chatted a lot over the years about the economy and investments because, like me, he refuses to let anyone else manage his money for him [probably has something to do with his trader mentality?].
Told me that he's always come under pressure from his wealthy friends to "stop grubbing around, put your money with a professional manager in Geneva; enjoy your life...". Turns out three of his close friends had almost all of their [considerable] money with the same Swiss private bank. And that bank had almost all of its clients money with Madoff. Yup. Totally wiped out. My friend said it was a surreal experience for him to listen to his friends tales of woe, and he found it awkward trying to respond to that news [similar to the situation I have experienced in the past when friends of mine have been laid off from their professional jobs]. Their lives have changed. Forever.
I actually feel a bit sorry for folks like this; but it does prove that foolishness and bad decisions are not the exclusive purvey of low-income Californians signing up for 125% sub-prime ARMs.
I thought this conversation worth passing on.
Spoke to a friend, a Swiss national, who is a semi-retired commodities trader that did well enough that he now lives in Cannes [south of France for the geographically challenged] and spends most of his time working on his golf game. We've chatted a lot over the years about the economy and investments because, like me, he refuses to let anyone else manage his money for him [probably has something to do with his trader mentality?].
Told me that he's always come under pressure from his wealthy friends to "stop grubbing around, put your money with a professional manager in Geneva; enjoy your life...". Turns out three of his close friends had almost all of their [considerable] money with the same Swiss private bank. And that bank had almost all of its clients money with Madoff. Yup. Totally wiped out. My friend said it was a surreal experience for him to listen to his friends tales of woe, and he found it awkward trying to respond to that news [similar to the situation I have experienced in the past when friends of mine have been laid off from their professional jobs]. Their lives have changed. Forever.
I actually feel a bit sorry for folks like this; but it does prove that foolishness and bad decisions are not the exclusive purvey of low-income Californians signing up for 125% sub-prime ARMs.
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