Should we feel sorry for duped rich people who may no longer be rich?

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  Posted by G Sun Dec 21, 2008 8:39pm PST

  Well I think loss is a hard thing for any of us. I guess after living such a high life the tumble down must be extra hard as reality hits. Regular people are always struggling so I guess it's just hard to relate to these people. We in a way have better coping skills to deal with dissapointments and getting back up again.

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  Posted by Grandma Rosy Mon Dec 22, 2008 1:11am PST

  I really don't want to be too hard on them, but, maybe Christmas time is a good time for the rich to lose all that money. They can see how the rest of the people cope, and what don't kill them will make them stronger.

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  Posted by rita Mon Dec 22, 2008 1:48am PST

  HI

  HLO

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  Posted by Thomas Mon Dec 22, 2008 4:17am PST

  Welcome to the reality most of us have to live with. Ever been evicted before? Ever been sued by everyone living on the entire block? Ever been taken to the cleaners by nearly every institution known to mankind? I have little sympathy after hearing time and time again, "things like that doen't happen". Well they do, too bad so sad. If we all close our eyes and keep thinking positive, maybe it will all vanish as if never possible. But to some of us misfortune is something you cannot plan long term enough to prevent, whereas the spoiled have all the time in the world.

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  Posted by Thomas Mon Dec 22, 2008 4:37am PST

  Communal living is the only way to preserve human decency and self respect these days. That way if one of your friends has misfortune, you can help them out until they can stand on their own two feet once again. In this system, we're taught to drop all contacts with people who threaten our financial security. Well, i'm waiting for the final death of the microcredit mentality. The rich will never live communally in order to help others, so they can't expect help from the misfortunate to create the productivity of tomorrow. I love ranting.

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  Posted by Ms. H Mon Dec 22, 2008 5:04am PST

  Nope I don't feel sorry for them at all. They have connections and can go to their golf buddy at the First National Bank of Good Old Boys and get floated a no interest loan. An besides their pay checks for one month are probably what I barely make in one year. I and other people like me can't do a damn thing.

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  Posted by MochaMama42 Mon Dec 22, 2008 6:11am PST

  well, I wouldn't exactly call it feeling sorry for the super rich who realize that now they aren't, however, I will say this: I empathize with what they are going through. I guess what baffles me, is that someone would invest, ALL their money with someone. Even if you consider yourself creative and not a "money person", why put all your eggs in one basket?

  I am certain Ms. Penney will be fine. She is already writing; she could write another book, I'm sure her other "super rich" friends will help her with work, etc, whereas, if she where "just another woman" in New York City, without the impressive connections, she would definitely have more of an up hill battle as far as taking care of herself. Maybe this was her wake up call to be more aware of her finances?

  I feel for her situation, I don't pity her.

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  Posted by mark w Mon Dec 22, 2008 6:49am PST

  If they are "trust-fund" babies, then no I have no pity for them, but if they made their fortune through hard work and then got screwed, then, yes, they did not deserve what happened. Probably those that made their fortune through hard work will probably make it again, but those "trust-fund" babies don't know how to work and will be lost as to what to do next.

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  Posted by RetiredNow Mon Dec 22, 2008 8:28am PST

  I think the issue is trust in another human being. It is as if your husband cheated on you, vandals trashed your home; Madoff's scheme was an attack on who you are.

  Just because it involves money, doesn't mean that it isn't just as horrific as if someone just found out they had lost everything in a fire. Yes, some have assets left, but the foundations that invested who supported the less fortunate, can no longer provide services.

  The community at large is the victim as well.

  It's not pity, it is the understanding that someone specifically targeted each and every one to cheat them, personally. I think empathy would be a better word.

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  Posted by Lolo Tue Dec 23, 2008 7:56am PST

  Why would you use several investment firms? that makes little sense either. then none of the advisors have a clear picture of your finacial status and well educated decisions can't be made.

  i do feel badly for this woman and the others that were swindeled. she worked hard for years, saving and planning for a future that she thought was secure and has now been stolen from her. That is not enough though, we now need to be offened that she was sucessful in her career. how dare she have amassed a level of savings that would allow her to retire and enjoy her lifes passion.

  At least she can start all over now.

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