Let’s just say that Mom and Dad had trusted a certain firm with their money that they had squirreled away bit by bit, and had chosen the “safest” place by believing this firm’s claims that they were the only ones never to lose anyone’s money; that they were the only ones with the inside track to the world’s financial markets. They faithfully watched the papers and the market reports daily, added more money, and rolled over CDs as they matured. So frugally did they live, as money is the root of all evil.
One day their son came over with the newspaper, and on the front page, was the headline that this firm was busted. Evidently, the newer management realized what they could get away with, as they coasted along on the reputation of the firm. They had gotten reckless, and decided to use their clients’ money without telling them. After all, they were the financial experts, right? Well, of course, they eventually got caught.
Their response to their son was, “That’s lies! Our accounts have been doing very well! We have all these statements to prove it! We know those people would never scam us, we trust them!”
As time played out and more evidence surfaced, it was obvious to almost everyone that the money was long gone. Mom and Dad still refused to accept that they were financially bankrupt. They would have too much to face if they accepted this fact. Number one would be their complete lack of security and identity, followed by realizing that life as they know it would change completely. Painfully, they became aware of the fact that, as they could afford their previous lifestyle.
They also lost the friends that went with it. Their pride made it almost unbearable! The fact that they, who had so much, or thought they did, let people play them for a fool. How could they face anyone, especially their family and friends that had previously inquired?
If this were you would you try to warn anyone else?
Do you think you might try to show people how to safeguard against this happening to them?
Do you think you would just go on with your life in a week or two as if nothing happened?
Do you think it would be natural to meet with other investors who were swindled by this firm to compare notes and support each other?
Would you condemn them as bitter and malicious?