Bruce C. Greenwald of Columbia University explains why the rest of us can feel morally superior to those who were wiped out by Bernie Madoff’s Ponzi scheme:
These were people with a fair amount of money, and most of them sought no professional advice. It’s like trying to do your own dentistry.
Umm, hello? These people did seek professional advice. They got it from a professional named Bernie Madoff. The guy’s a former NASDAQ chairman, not some twenty-five-year-old operating out of a boiler room.