• partial_accumen@lemmy.world
    link
    fedilink
    arrow-up
    12
    arrow-down
    3
    ·
    11 months ago

    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?

      • Fal@yiffit.net
        link
        fedilink
        English
        arrow-up
        7
        ·
        11 months ago

        Yes. That’s a fundamentally different situation than a ponzi scheme

      • partial_accumen@lemmy.world
        link
        fedilink
        arrow-up
        5
        arrow-down
        2
        ·
        11 months ago

        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.