My story and I will stick by it.
It happens over and over and over, and over.
How do the workers in the stock market steal your hard-earned money?
The first thing any money manager will tell you is – you need to transfer your money out of stock and into mutual funds. After that the money is moved around every day – not one person on Wall Street can tell you where your money is on a given day. Their story is – don’t worry – some days it goes up and some days it goes down – like a wave. The tide goes out and comes in. They go up and they go down. During this movement, each day, these money managers are siphoning pennies which add up to dollars and before you know it – IT IS ALL GONE.
A good example is Jon Corzine, a former Senator, Governor of NJ and, worked on Wall Street, who was the Manager of this MF GLOBAL fund and over night – all of the money disappeared. He still doesn’t know where the gzillions went to. He is still walkin’ and talkin’ the streets and nothin’ has been done to him. In fact, he was a Democrat Senator in Obama’s administration.
Money Noose: Jon Corzine and the Collapse of MF Global” and managing director at Wedbush Securities.
“The CTFC charges against him are extraordinarily serious. They’re not resolved. It’s extremely problematic and it is shocking that he would even have the gall to even go out there and try to manage more money.”
Another one was Bernie Madoff, who is now in prison.
When I hear that a person is in charge of a Hedge Fund – I have to laugh. The definition of hedge is they are gambling with your money. It is no different than you going to Las Vegas and putting it in a slot machine.
Definition of hedge fund manager:
Protect oneself against loss on (a bet or investment) by making balancing or compensating transactions.
The company hedged its investment position on the futures market.
IT IS A GAMBLE FOLKS.
Owen Li, the founder of Canarsie Capital in New York, said Tuesday he had lost all but $200,000 of the firm’s capital—down from the roughly $100 million it ran as of late March.
BUT WHERE DID IT GO? SOMEBODY TOOK ADVANTAGE OF THE PEOPLE AND HAS IT IN THEIR STASH.
We need more control over Wall Street and the transactions.
I am sure there are HONEST managers out there. But, I have friends that lost all of their retirement savings and had to start over.