...it is a truly excellent Ponzi scheme. (E)
The Bernard Madoff scandal barely made the news here in Japan. So it is not surprising that an investment company reporting steady returns for over a decade, even as the globe was rocked by the greatest financial meltdown since the Great Depression, was not flagged by regulators or corporate pension fund managers as suspect. Now, according to The Asahi Shimbun, many of the 120 corporate pension funds that invested in AIJ are on line to writing off half of their asset base, meaning they will not be paying out their corporate retirement benefits (kigyo nenkin) or even the full amount of their employees pension (kosei nenkin). (J)
Greed makes simpletons of us all. If something sounds too good to be true, it probably isn't. A fool and his money are soon parted.
Yes, the clichéd admonitions could just go on and on.
Happy Labor Thanksgiving
2 hours ago