One might be excused for thinking Spain is full of crooked professionals, but there are a few in the UK

I can never understand people who go out and give £1000's to people they don't know, sometimes after meeting them in the street........

Madoff was promising absolutely enormous interest rates that even market savvy individuals knew were unsustainable - and they still put theirs and other s money with him
Perhaps he should be released and they should be put in prison - he is saner than them.

The biggest spivs get away with millions at the end, after presiding over a mess that leaves 1000s jobless, homeless and destitute. The best example previously was Fred "the shred" Goodwin - at least he lost his knighthood but he still received millions as part of the pension pay-off. I understand Rato and various of his colleagues at Bankia are leaving with millions too.
http://www.guardian.co.uk/business/2...ecutive-payoff

so a couple of guys who swindle a few £k out of little old ladies get 5 years inside helping inmates with their maths

people like Goodwin and other people in banking can swindle £megabucks out of little old ladies (amongst others) and they get a large payoff.

just remember that Goodwin was the guy at the bow pushing forward, there are many people, including highly paid non-exec directors, who provided him with the money and approval to do what he did who havent been even mentioned letalone made to pay for the UK's part in The Crisis.

Remember the well known Warren Buffett quote:
"It has been far safer to steal large sums with a pen than to steal small ones with a gun".

Never a truer word spoken. I have a lot of time for that man, he even thinks the super rich should pay more taxes!

Madoff wasn't a "street" seller. Over a period of many years he developed a very credible reputation. He kept his secrets closely held.

He was one of these egomaniacs who absolutely had to create the impression that he was the best. But his ego outstripped his investment funds. In reality his investment funds were far underperforming what "real" investors were achieving (which wasn't much).

Madoff couldn't bear the embarassment of his fund performing the same or lesser than others, so he operated it as a ponzi scheme to prevent his ego from being damaged.

But then his "secrets" were revealed. He was never the "wizard" that his reputation and credibility blessed him with. He was just an egomaniac with a lot of money - other people's money, which gave him the power and credibility to get the SEC to turn a blind eye to the many "anomalies" his investments kept producing.

But until he was exposed, he was as credible as any fund management company on the planet. Those who trusted him weren't stupid. You can't blame them... They were all duped by this egomaniac, who was one of the most credible around...

I for one, am delighted they finally exposed him - even if it was too late. It sends a strong message to others that the hammer eventually falls...

Tony Montana was an independent financial advisor >

I cannot agree with the general supposition that you can't blame those who trusted him. They were also part of those other fund management companies
They weren't duped, they were self-gullible, they took the easy way out without taking responsibility, they knew that ridiculously high interest rates were unsustainable, they still kept flogging his expertise to others who were gullible whilst making a small % on the deal.
In any other situation they would never have touched a one man two dog company but this guy stroked their ego's, made them feel they were part of and exclusive and highly select club

The avarice of those who were at the top of the investment business who kept feeding him had no bounds. And all they could do was shrug and say "sorry, but i got caught as well" as if that is alright.

I have to say this about 'Sir Fred the shred' when he was heading up RBS. If Lehman's hadn't gone down in 2008, Fred would by now have been made a Lord and RBS would have been the biggest banking operation in the world.

He came very close, but overstretched himself on the Dutch deal, just at the wrong time.

It was just the same in the last recession, Robert Maxwell and Asil Nadir were both heading for the top as heroes, but over-borrowed and the recession brought them down and suddenly they were villains.