Comments on: Why Scams Happen and Why They Happen Again and Again

By: mong

mong — Fri, 13 Feb 2009 02:09:42 +0000

also from another angle, or how paul krugman analyzed the madoff scandal:

“Yet surely I’m not the only person to ask the question: How different, really, is Madoff’s tale from the story of the investment industry as a whole?”

http://www.iht.com/articles/2008/12/19/opinion/edkrugman.php

By: the warrior lawyer

the warrior lawyer — Tue, 10 Feb 2009 07:44:25 +0000

Thank you for the kind words, Barister98. Your insights are a most welcome addition to this blogsite. It’s readers like you that make blogging worthwhile.

By: Barister98

Barister98 — Mon, 09 Feb 2009 09:27:13 +0000

To my idol Warrior Lawyer. I totally agree with you that greed indeed is such a strong moving force that it sometimes shuts out the rational / thinking side of one’s brain. Now that valentine’s day is just around the corner, im sure those people who were duped by celso delos angeles swear that they “fell in love” with celso’s “double your money scheme” that they literally dropped their drawers and let celso ravish them. I guess the Banco Central or the SEC should have acted like zealous parents and should have warned the public of the evil and bad ways of Celso. Unfortunately, it appears that even the Banco Central seemed to have been mesmerized by the financial magic Celso has eloquently woven in the captivated minds of thousand of investors / depositors. Keep posting Warrior Lawyer !!! your posts are well worth the pre paid (not DSL) i spend for internet access.

By: Five Weight

Five Weight — Tue, 03 Feb 2009 10:04:07 +0000

Warrior Lawyer, when government connives with scammers through lax regulation and impotent enforcement, that’s called the Philippines. How many scams have been perpetrated in this country? It must be up there in the record books.

By: the warrior lawyer

the warrior lawyer — Tue, 03 Feb 2009 00:21:40 +0000

I couldn’t agree more, Salve. In this regard, you are doing a great service with your very engaging and informative blog in Money Smarts. Others can pick up a lot of common sense advice from it which will save them from a lot of grief later on. I know I have.

More power to you. Your advocacy of personal financial education is much needed in these difficult times.

By: salve

salve — Mon, 02 Feb 2009 00:54:21 +0000

Hi Warrior Lawyer, the combination of greed and lack of education is lethal. It causes a sucker to be born every second. From years of covering the banking sector as a reporter and editor, I have seen a LOT of bank depositors staking out at the BSP, desperate to get their money back, and I bet many of them have been warned that those extremely high interest rates were really signs that the bank was in trouble. Thankfully, I’ve also come across some who have been burned and learned their lesson and decided getting rick slowly is the way to go. But when the combination of greed and lack of education is there, really, no amount of government regulation will save them. This goes without saying, though, that a stronger government regulator could save many families preserve their hard-earned savings.