DiscussMormonism.com

I read this article over the weekend and wanted to share it. I'm so glad that it was online:

http://online.wsj.com/article/SB123093987596650197.html

I know I'm Mr. Gullible. I guess we all are in someways.

The four issues: Situation; Cognition; Personality; Emotion are very interesting.

Enjoy the article.

Gullible and greedy.

I met a couple at an evangelical church. The husband claimed that he was an expert investor and wanted me to invest with him. I felt uncomfortable and did not bite.

Here's the classic article on the subject:

Are Mormons Gullible Investors?

harmony wrote:Gullible and greedy.

Quite greedy.. there is speculation that many assumed Madoff was violating securities laws (Frontrunning..) but since he was making money for them it was ok.

Very sad though none the less.

TAK wrote:

harmony wrote:Gullible and greedy.

Quite greedy.. there is speculation that many assumed Madoff was violating securities laws (Frontrunning..) but since he was making money for them it was ok.

Very sad though none the less.

I spoke with a client yesterday whose friend had lost over $12 million with Madoff. His friend likened it to the act of dropping an atomic bomb upon the Jewish community, saying he wouldn't be surprised if the Israeli death squad (Masaad?) would take him and his dealers out for this violence.

The returns were conservative, consistant and eledgedly came from diversified portfolios. Many had little reason to question Madoff's integrity, his institutions and those that represented him. It is clear this dirtbag broke many laws to pass himself and others off as being honest and credible. Madoff just wasn't part of a predictable economic downturn trend, he was one of the evil people that orchestrated it.

However, labelling his victims as "greedy" or even "gullible" is akin to saying that most victims of rape and burgulary bring it upon themselves.

cinepro wrote:Here's the classic article on the subject:

Are Mormons Gullible Investors?

Great article. The guy is pretty much dead on.

Inconceivable wrote:However, labelling his victims as "greedy" or even "gullible" is akin to saying that most victims of rape and burgulary bring it upon themselves.

Greed drives the securities market. It's full of people trying to get more than what they invest. That's the name of the game. I don't see why you think these people wer exempt.

Inconceivable wrote:I spoke with a client yesterday whose friend had lost over $12 million with Madoff. His friend likened it to the act of dropping an atomic bomb upon the Jewish community, saying he wouldn't be surprised if the Israeli death squad (Masaad?) would take him and his dealers out for this violence.

The returns were conservative, consistant and eledgedly came from diversified portfolios. Many had little reason to question Madoff's integrity, his institutions and those that represented him. It is clear this dirtbag broke many laws to pass himself and others off as being honest and credible. Madoff just wasn't part of a predictable economic downturn trend, he was one of the evil people that orchestrated it.

However, labelling his victims as "greedy" or even "gullible" is akin to saying that most victims of rape and burgulary bring it upon themselves.

I don’t really disagree with you but there is nothing conservative about a +12-15% return in a market that lost 30-40% - its unheard of and now we know why..

TAK wrote:there is speculation that many assumed Madoff was violating securities laws (Frontrunning..) but since he was making money for them it was ok.

Similarly stated, "there is speculation that many members suspected their leaders had been dishonest but since their religion felt so good to them, it was ok."

I also find this quote from the article to be very applicable,

The partial answer is that Madoff's investment algorithm (along with other aspects of his organization) was a closely guarded secret that was difficult to penetrate, and it's also likely (as in all cases of gullibility) that strong affective and self-deception processes were at work. In other words, they had too good a thing going to entertain the idea that it might all be about to crumble.