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Am I the only one who thinks last night's episode really strained the bounds of credulity?
First let me say that I really do feel for the thousands of people and organizations who were taken in by this charlatan and I'm in no way minimizing the damage that was done.
Normally I enjoy watching Suze Orman; she's articulate and entertaining and even if some or most of her advice is geared to financial "newbies" I think overall the show is worthwhile. However, what were they thinking with the Madoff-victim guest they had on last night (and which took up almost the entire first half of the show)??
The guest was a 50-ish wife of a 75-yr-old psychiatrist in Florida. They had $5 million (yes five million) in their retirement account through Madoff and of course they lost it all. The wife was Suze's guest because she "needed advice" on how to proceed from here on.
But here's where it gets (to my mind and probably 95% of other Suze Orman viewers as well) a bit ludicrous. The husband is still working (she works for him as a secretary) and making $300,000 a year. They own their $2 million house in Ft Lauderdale outright. They have been pulling $100,000 a year out of his $5 retirement fund in order to pay for their 3 kids education (2 in college and 1 in a private highschool). They also have $250,000 in savings. So these are not people who have been literally wiped out by any means.
When Suze asked how their life has already changed, the answer was "We've already cancelled our country club and golf club memberships, and we lie awake at night worrying that something will need repair on the house" (or words to that effect). Riiiiight, sure they do.
It also seems highly unlikely that people with a lifestyle and income like these have, would not also have other investments in the stock market (which have of course lost value like everyone else's but again, come on, they are hardly candidates for coupon clipping and food stamps).
Did the producers actually think that the Suze Orman viewers would really be able to relate to/sympathize with this couple's situation? SO and I did have a "boo hoo, poor you" reaction but it was dripping with sarcasm.
I suspect that the Suze producers just wanted to get a Madoff Victim on the show no matter what the person's situation was... OR.... maybe this is someone known to either Suze or someone on her staff who was offered their 20 minutes of tv facetime as a perk.
The whole segment seemed contrived, senseless and annoying. Not to mention IMHO rather insulting to the thousands of people who really DID lose everything to that con artist and need far more help than the smarmy platitudes offered by Suze to her guest last night.
I haven't seen the show and have to go with what you are stating and agree with you. I feel very sorry for all Madoff victims and other victims of fraud. It seem more hedgefund managers were scamming their cleints and in Florida there is another one on the run from authorities, as we speak.
This morning I heard that Madoff's nephew (the son of the sister who lost everything) also lost everything and he worked for Madoff for 30 years!
It is sad that people lost money but I also heard that some of the victims "just lost the profit they thought they had made", but not what they had put in, since they already had withdraw what they had put in...so that isn't as bad as what was described at first, although still they lost their dream and maybe they already had lost reality by thinking that in a bad economy there was a guy making so much profit while others weren't making much proift or lost money.
It was stupid to invest everything and most people know you have to put money in different funds, stocks, etc...don't put all your money on one horse.
To have people come on the show who had to quit their country club membership....well I guess they will survive that...stupid from Suzie's producers to let people like that on the show, while mostly people who have serious money issues are portrated, but as always...don't believe everythign you see or read...maybe half is true, maybe some good parts are left out to make it sund more dramatic.
I guess when you're used to having everything..... If I have a roof over my head, am warm and dry, and have food and water I think I'm doing ok. Sure living that bare bones could do a number on my psyche but if I could manage the basics that's a pretty good start. If I lost the ability to have these things, I'd complain. But remember, this lady was robbed. This isn't about the state of the economy in her case. I'd be pretty darn bitter too. I've seen some interviews where his victims want help from the government in the form of amending their tax returns which showed fake gains and I have no problem with that. Even if it goes beyond the normal period which can be amended.
I think it's a legitimate story even if they are wealthy. They still had a huge sudden loss of wealth due to fraud and had to make sudden changes to their lifestyle (and probably more changes to come!) They worked hard for that money and it's no less tragic because they are upper income.
Some of those investors who got money out of Madoff's funds may have to give it back, you know.
has anyone learned anything since the Enron fiasco??? That to me was the start of all this we can get rich quick mentality. greed for a better word is just a deadly sin as always.
I think it's a legitimate story even if they are wealthy. They still had a huge sudden loss of wealth due to fraud and had to make sudden changes to their lifestyle (and probably more changes to come!) They worked hard for that money and it's no less tragic because they are upper income.
Some of those investors who got money out of Madoff's funds may have to give it back, you know.
I agree with you. If I worked hard all my life and lost 5 M, I would be pissed. Yes, they are lucky to be doing better than a lot of those who lost everything through him, but her husband won't be working forever. Plus, he won't be able to retire for a while if they can't sell the house now, especially in this market.
I do think she was pretty down to earth. She said they cancelled a lot of things and wouldn't mind never having to buy another shirt again.
I'm wondering how much money they put in themselves and have lost. Was it just earnings they lost or earnings + what they put in.
THe story would have been better if she brought in one of the elderly that Suze mentioned who couldn't pay for their groceries.
What I didn't like about the show was when she told the lady who said her husband would call the cops if she opened his mail and Suze said to divorce him?! I mean c'mon you can't give advice like that when a person just mentioned one little thing in their life.
Normally I enjoy watching Suze Orman; she's articulate and entertaining and even if some or most of her advice is geared to financial "newbies" I think overall the show is worthwhile.
I normally agree with you, but I disagree that her advice is geared to newbies. I consider myself intermediate, if not advanced when it comes to personal finance, yet I still learn a ton with her!
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