Every day seems to be filled with increasingly unbelievable headlines involving scandal, crime and deception. The latest scandal continues to shake Wall Street and tens of thousands of unknowing victims who fell prey to Bernard Madoff and his alleged $50 billion scheme.
Prosecutors allege that Madoff, a decades-long veteran of Wall Street who previously served as chairman of the Nasdaq Stock Market, confessed to losing at least $50 billion in a Ponzi scheme. A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business. As long as he could attract new investors, the alleged scheme worked. The plot appears to have unraveled when clients asked to withdraw their principal only to discover that Madoff’s coffers were empty.
Nobody was spared. Large investors, banks, charities and small investors alike were all impacted, leaving some people with nothing after they trusted this man with all their money. Another harsh reminder for the need to diversify. New details continue to emerge as this investigation intensifies.
What’s next? We’ve already seen Illinois Governor Rod Blagojevich arrested for allegedly pimping out President-elect Barack Obama’s Senate Seat while he was already under investigation. Meanwhile, around the world there are pirates seizing ships on the open seas and just yesterday, an Iraqi protester threw his boot at President Bush while in Baghdad. The nerve of some people! The bottom line is that we continue to live in times of great instability. It is a really good time for individuals to re-assess their financial situations and take necessary actions to prepare for continued instability. Businesses must also do the same.
Here at JumpFly, we often review previously setup Google AdWords accounts where tens or even hundreds of thousands of dollars were spent very unwisely. To me, this is just as insane as the allegations against Madoff & Blagojevich. The pay-per-click (PPC) advertising marketplace is rapidly evolving, and not considering professional assistance may be a costly mistake. With the new year, constantly changing interfaces, increasing competition, the challenging economy and ongoing instability, now is a great time to consider professional PPC management. Why not at least get a free consultation?