There's No Fool Like a Rich Fool

So some guy named Bernard Madoff scammed a bunch of gullible millionaires out of $50 billion and now he's off to the hoosegow. Magazine owner Mort Zuckerman, along with various professional sports team owners were among the fleeced.

There's a word for these people: Suckers.

In the mad rush for even bigger piles of cash, these stupid rich people violated the first rule of investing:

Don't buy investments you don't understand.

Nobody understood what this guy was doing, because it was a brilliantly concealed ponzi scheme. He had a magic black box that produced returns of 12% per year, and that's all these naifs needed to know.

If you want to avoid a similar fate, visit Ric Edelman's website and read his lessons for turbulent times.

Don't laugh too hard at these greedy fools; you're bailing them out under the Securities Investor Protection Act. Who's the sucker now?

http://wcbstv.com/business/madoff.ponzi.scheme.2.888036.html