Today a story broke regarding a woman named who hired an attorney to sue the Securities and Exchange Commission over their role in the Bernard Madoff Ponzi scheme scandal.  Phyllis Molchatsky, a 61 year old retired woman who worked in administrative capacities for a financial services firm gave Bernard Madoff nearly all of her life savings, about $2 million to invest:

Madoff Victim Sues SEC (unfortunately CNBC does not make it easy to post their videos)

My main question is quite simple: why on earth did she invest all hgh of her life savings in the same place?  That to me seems irresponsible.  I do feel for her since she at most was guilty of stupidity and being too trusting.  Obviously she had no way of knowing that she was being taken for a ride, since many other people were taken as well.

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But to sue the SEC?  I agree that the system did fail, but what is this lawyer trying to accomplish with this tactic?  When asked, and asked bluntly I may add, why not go after the middlemen, his answer was stunningly hollow.  He claimed that they were “not prepared to address this issue”.  If you listen to this guy he sounds like a stammering moron who is trying to go after the big fish in order to make a name for himself and his firm.

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Don’t get me wrong, many of thses investors were fooled by Bernard Madoff’s charm and obvious skill at covering his tracks, but all of the poeople who gave away all of their money were fools for doing so.  The phrase “don’t put all your eggs in one basket” was the first thing that come to my mind when I heard this.  I guess some people will never learn.

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This entry was posted on Tuesday, December 23rd, 2008 at 4:00 pm and is filed under general. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.