Investment analysts like to retell the old saw that when you start to get investment tips from your barber, cabdriver (fill in the blank) it is time to sell. But who knew that is how high finance worked. It seems that a tip from a golf partner or an overheard conversation in the lounge of a swanky Palm Beach country club is all it took for some investors—even institutional investors—to plunk down a considerable chunk of money with Bernard Madoff.
Now the Alliance for Investor Education (AIE) puts out a news release titled: AVOIDING MADOFF-STYLE PONZI SCHEMES: 12 OF THE BEST RESOURCES FOR INVESTORS
Rarely does an e-mail come across my desk that causes me to laugh out loud but this one did. Who did they cite as their expert sources to accomplish this? Why the very folks who dropped the ball for better than a decade regarding Madoff. A “19-Member Alliance Including SEC, FINRA, SIPC, and State Securities Administrators Highlights Top Tips for Investors.”
