Went to the grocery store this afternoon to pick up some side dishes for dinner tonight. I paid,got some change for laundry and headed to my car. Well hopefully today is the turning point for weather here in Memphis....anyhow there was a elderly gentleman collecting shopping carts and I made eye contact with him and said "NICE DAY" he responded yes!! it is....I joked a bit with him and asked him if this was a summer job he replied that he wished it was and said that he was having to return to work because his retirement he put away money for was part of the Madoff SCAM.
He said he participated in his Unions plan and had transferred funds from his employer plan to his Union plan as it looked better structured....He said he had around 750K and has lost most of it....I said Im sorry this has happened to you and assured him that President Obamas administration will be dealing with this in the coming months....he said he voted REPUKE and said he now believes he threw his vote away and that the PUKES would have let this slide by without accountability....
He was 78 years old and had been retired for 16 years and figures he will be now working until he has formaldehyde in his veins...
3. He was. I'm sure most of us lost a lot the last couple of years.
Maybe not as much as he did but we are all being equalized to some extent. Any wealth I had was in a house which is now worth slightly less than I owe. I use to think I could sell it and take the cash and live in a cheaper place. Not now. Every bit of wealth I had is gone too. I did not lose as much as that guy but we are in the same boat. Just about all of us are or will be. Those that are unemployed, even if they find a new job will take years to get back to where they were. Maybe they never will. I'm still working but if I lose this job we will probably get the house foreclosed on.
We all will remember these times. I really feel for the guy who is 78 because of what has happened to him at his age.
One thing about him and me. I never believed in deregulation.
somehow I have a hard time feeling that someone who was worth $10 billion and is now worth $6 billion is really in the same boat. Their future and the future of their children is not impaired the way the future is impaired for those of us who are not millionaires
5. Oh, my heart bleeds for this poor poor rich man. He had
$750,000 and he invested it with a scam artist and now he has to ... work. And, he has a job to work at? Oh that poor poor fellow. How many people go through life and never get close to $750,000? How many people at any age have no work? dc
It appears the union was scammed, and he was the victim. I do suspect ultimately his investments were probably insured to some level, even if not dollar to dollar. And probably insured by some government dictated program that he railed against as a "big government beauracracy".
7. Wait--isn't this the elderly man they keep showing on tv? I thought he was 90
The man I saw lost around the same amount of money. When I heard about this, I couldn't believe it. I am hoping that all these people can at least recoup a portion of their investments.
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