Thursday, August 6, 2009, AM | Leave Comment
According to Ken Fisher, yes you can protect yourself from a financial rat before you smell one. I read this book except only the last few pages, but I would finish it soon. He claims you can protect yourself from Ponzi scheme like that of Bernie Madoff. Ken describes in detail and says that scams could have easily been avoided?
Looks like he has done a lot of research and talked to a lot of Acronyms like SEC. He describes five simple signs that can alert you to possible scams and help insulate you against financial fraud.
How to Smell a Rat is an informative look at recent and historic examples of fraudsters, how they operated, and how their scams could have been avoided. Page by page, Ken Fisher highlights various features of potential frauds and provides you with an insider’s view on how to spot financial disasters before you become a part of them.
Ken says most investment scams can be easily detected and more easily avoided. While Bernard Madoff may be a criminal, my friend from the 60s says the greater crime is that investors continue to be swindled for no reason [Well! swindle is one big reason]. Pick up Ken Fisher’s How to Smell a Rat, and learn how to protect yourself as best you can from financial fraud.
One thing I don’t understand is, among so many others, that individual investors, statistics say, can be easily scammed out of their life savings but in Madoff’s case, institutional investors got scammed. I would have imagined, being more resourceful than individuals, they would have protected their investments better and easier. Their system should have raised a red flag long before the scam was discovered.
In a Nutshell
Even when folks read this book and a lot of others on the same topic, there will be always be Ponzi schemes, there will always be schmucks and scums like Madoff.
Many folks say in hindsight, you have 20/20 eyesight. I don’t know. I never did. I still wouldn’t know what I would have done in cases like that.Facebook.com/doable.finance