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[...]... Madoff, regarded by many industry veterans as a “broker’s broker,” financial serial killers operate and pose under any number of familiar guises They have familiar or trust-invoking titles such as insurance agent or financial consultant They sell themselves as the investor’s trusted financial adviser Unlike Madoff, financial serial killers usually steal tens or hundreds of millions rather than billions... proven wrong Instead, the financial serial killer was, in subtle and not so subtle ways, blinding his victims and casting a spell over their common sense It happens time and time again Financial serial killers use repetitive techniques, which this book brings to light Despite the damage, no one will ever know for certain how much money such Ponzi schemes run by financial serial killers have recently cost... short-lived, Chernow notes Professor Sullivan distinguishes between the two types of financial serial killers the public must watch out for As noted, there are the Madoffs and the Schrenkers, who are thieves and sociopaths Another potentially more dangerous type is the genius who believes in his mathematical models for investing more than practical reality warrants Maybe he’s not a financial serial. .. $27 million The eighty-nine-year-old Lillian was set to live comfortably, with absolutely no financial worries for the rest of her days Yet, despite her incredible wealth—or perhaps because of it—Lillian was vulnerable It would prove impossible for her to guard the family treasure alone This is where family dynamics can cause people like Lillian to be vulnerable to attacks by financial con artists... psychological bond that exists between financial serial killers like Southwick and his victims Investors often fail to believe that their investment wizard or guru could have any role in hurting them When investigators in 2006 asked for their help, many of Southwick’s victims simply did not cooperate Investors often are blind and can’t believe—at first, at least—that the financial serial killer stole their money... guru who claims to have a foolproof way of making money Such beliefs could lead you into the hands of a financial serial killer Such investment thieves proliferate in dark times, when some investors become more desperate than ever to increase their money The danger to investors from financial serial killers won’t disappear anytime soon Human gullibility is a burgeoning area of psychological research... to some financial professionals, they want to make money from sophisticated financial instruments, like those at the root of the current global economic credit crisis “When you have speculation you can make a quick buck,” he says Elaborate investment programs that blow up in the end can be a fundamental part of harming investors and destroying their savings When it comes to financial serial killers, ... sad change came with an incredible burden At the age of eighty-nine, Lillian was suddenly responsible for a treasure that she and her husband had owned for more than fifty years: Berkshire Hathaway stock that was worth $24 million This is a story about financial serial killers sniffing out a family’s money and then disguising a scam as a financial transaction that appeared legtimate to its victims Like... two unscrupulous insurance agents who quickly bamboozled the grieving widow into thinking she needed to sell the Berkshire stock Lillian had met her very own financial serial killers No matter the generation, many women live in fear for their financial health Many depend on their spouse for the larger income Many have given up their job to raise children, perhaps intending to return to work later Others... including the phony, fabricated gains Madoff said he was delivering.) Investors must be on the look out for an adviser or financial whiz who “promises” or “guarantees” a return in the double digits, especially when the market is spinning downward Many Ponzi scheme artists and financial serial killers promise returns of 15 percent to 20 percent per year, and the plans collapse after two to three years because . 1 Library of Congress Cataloging-in-Publication Data Ajamie, Tom. Financial serial killers : inside the world of wall street money hustlers, swindlers, and con men / Tom Ajamie & Bruce Kelly. p Page Epigraph CHAPTER ONE - Financial Serial Killers CHAPTER TWO - The Little Old Lady Who Invested with Buffett and Was Fleeced by Insurance Agents CHAPTER THREE - The Financial Serial Killer: Charles. class="bi x0 y0 w0 h0" alt="" Financial Serial Killers: Inside the World of Wall Street Money Hustlers, Swind lers, and Con Men Tom Ajamie Bruce Kelly Copyright © 2010 by Tom Ajamie and Bruce Kelly All
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