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[–] 9 points 2 years ago (1 child)

Bernie was doing the same thing as everyone else in 2008, but his clients were all rich folks.

CITATION NEEDED

Lots of companies were using legal but sketchy as hell financial instruments and over inflating safety on investments where lots of people lost lots of money. Bernie was different. He was creating fraudulent statements saying you had money in your account with him for years and only paying out with what other new investors put in; classic Ponzi scheme.

What other large Ponzi schemes at the time are you saying were occurring?

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  • [–] 6 points 2 years ago (2 children)

    What other large Ponzi schemes at the time are you saying were occurring?

    You're kidding, right?

    https://en.wikipedia.org/wiki/2007%E2%80%932008_financial_crisis

    Of course, these weren't schemes or a rip off because it was 'legal.'

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  • [–] 3 points 2 years ago (1 child)

    Of course, these weren’t schemes or a rip off because it was ‘legal.’

    Now you've got it. One was unethical but legal (most of the housing crisis), Madoff was breaking established written law. Only Madoff was the Ponzi scheme.

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  • [–] 2 points 2 years ago (1 child)

    You should learn to recognize sarcasm.

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