I read in the Times today about yet another investment fraud – – this one where the two "managers" simply stole the $667 million outright.
How many more of these schemes are lurking out there? Can you imagine what these two guys – – as well as Stanford – – were thinking the moment the heard about Madoff? (probably something rhyming with "Oh, spit……")
But surely this isn't over. The more pressure investors put on their money managers to provide incontrovertible evidence that their funds are, honest to God, safe, sound, and genuine, the more of these charlatans are going to be discovered.
So they're out there, and they're nervous. Some might be planning to flee to a country with favorable extradition laws; some might be thinking of jumping off a bridge; and some are probably hoping to recover their losses before they're caught.
The point is that there's lots more of these guys to come, including when the "big wipeout" happens in maybe a year or so.
