the fairer shares club

For the economy to start to recover it is essential that trust is restored, but has it gone too far this time?

Lets look at Bernie Madoff and the dildos in his retinue.

Madoff was once chairman of the NASDAQ stock exchange - that position should be above reproach, yet he was responsible for giant Ponzi fraud.

It is also reported that, at the time of his arrest he had cheques worth over $170m that had not yet been banked - money from investors who were still unsuspecting.

In much of the TV coverage, they have concentrated on the smaller victims - simple folk who lost money in ignorance, but they are not the real problem here - sad though their stories are.

The majority of the money was lost by big name financial institutions who really should have known better, and it is this trust that has been lost for ever.

If Joe Public wanted to save some money, he would go to a bank or building society and trust them to invest it wisely and give him a return on his savings, but it is these very people who were so easily duped by Madoff.

The trust that banks and financial institutions have the competence to manage money may well have gone for ever.

More importantly, when you are looking for advice on how to invest money, who else can you turn to?

This ‘authority vacuum’ could very well lead to more money being invested in physical goods, antiques, property etc …. or worse still, just ’shoved under the mattress’  - all of which means there will be less money in play for start up companies and businesses wishing to expand.

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