Principles Make a Difference
MY MEETING WITH BERNIE MADOFF OCCURRED ABOUT A YEAR BEFORE HIS NAME SPLASHED OVER SO MANY HEADLINES IN SO MANY NEWSPAPERS. Introduced through a good friend, we met in the library of my Palm Beach home for an hour and a half. His investment fund was closed to new investors, Bernie told me, but he would consider taking our money.
For years, I had heard friends tell me of the steady returns they were routinely getting on their money with Bernie. When the market was up, they made a bundle. When the market was down, they still made out. One year, they received perhaps a 14 percent return; another year, perhaps 12 percent; another, 17 percent. There was never a loss year. It was just enough to speak to your greed, ...