Author Topic: Time for some proper due diligence/ independent auditing in our communities  (Read 208436 times)

Offline yawn

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Offline Afrages6

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1221 on: January 25, 2024, 08:48:30 PM »
https://www.theyeshivaworld.com/news/general/2256295/mailbag-im-begging-you-stop-setting-your-money-on-fire-two-more-ponzi-schemes-unfolding.html
So yeshiva world is basically reporting Ponzi schemes through the mailbag these days?
Clever way to do some reporting without actually reporting the Ponzi schemes.

Offline Tuna Baygel

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Offline Definitions2

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1223 on: January 29, 2024, 08:06:26 PM »
https://thelakewoodscoop.com/news/letter-enough-with-all-the-ponzi-schemes-how-to-put-an-end-to-it/
It's posts/letters like these that I find very conflicting when it comes to hashkafa.

To me it seems like the person believes 100% that this can be prevented if we would do XYZ. How does this work hashkafically?

Also why isn't it a simple halacha question. I don't know halachos of lashon hara but a simple question to anybody that knows the halachos can answer this.

(Out of my own curiosity, when it comes to LH do we have to be worried about side effects of saying lashon hara, like family members being affected? Why is that a factor? Just because someone else might do something wrong [like not wanting to be friends/married into a family of the perpetrator] we have to worry about saying lashon hara on someone else?)

Offline yuneeq

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1224 on: January 30, 2024, 01:30:30 AM »
It's posts/letters like these that I find very conflicting when it comes to hashkafa.

To me it seems like the person believes 100% that this can be prevented if we would do XYZ. How does this work hashkafically?

1. A person that is destined to lose money can have this carried out in many ways. Unfortunately, far too often this occurs via theft and deception from fellow Jews.

2. A person can be blessed with money but he also has the free will to blow it all. Many of these investments are in that category.
Visibly Jewish

Offline aygart

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Feelings don't care about your facts

Offline Euclid

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1226 on: January 30, 2024, 10:26:22 AM »
Somehow these people are hearing about a Ponzi a week and I am not.
you're hanging out with the right crowd

Offline aygart

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1227 on: January 30, 2024, 10:35:01 AM »
you're hanging out with the right crowd
Sounds like that is the real solution for the issue
Feelings don't care about your facts

Offline jye

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1228 on: February 13, 2024, 09:10:28 PM »
a real headache
When it rains it pours

Offline yelped

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1229 on: February 14, 2024, 07:31:42 AM »
When it rains it pours
You're talking about that one lawyer who decided to have a big mouth? She can't be sued for defamation?

Offline yawn

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1230 on: February 14, 2024, 09:14:31 AM »
You're talking about that one lawyer who decided to have a big mouth? She can't be sued for defamation?
That was the rain. But it's also pouring.

Offline yelped

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1231 on: February 14, 2024, 10:15:49 AM »
That was the rain. But it's also pouring.
Then I'm out of the loop.

Offline ushdadude

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1232 on: February 14, 2024, 10:28:53 AM »
Scammers are terrible but if people weren't greedy, they would have nobody to scam. I mean, guaranteed 25% returns???

Offline Something Fishy

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1233 on: February 14, 2024, 10:54:49 AM »
Scammers are terrible but if people weren't greedy, they would have nobody to scam. I mean, guaranteed 25% returns???

Probably more like dumb, naive, or desperate.

Or all three.

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Offline ushdadude

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1234 on: February 14, 2024, 11:02:36 AM »
Scammers are terrible but if people weren't greedy, they would have nobody to scam. I mean, guaranteed 25% returns???
Probably more like dumb, naive, or desperate.

Or all four
FTFY

Offline knowitall

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1235 on: February 14, 2024, 11:19:21 AM »
I've spoken with many people who were scammed that were just plain old naive.

Once you are financially literate, you understand what the risk-free rate is, where investment grade corporates are, what you can reasonably expect to earn in equities over a long period of time, etc. Only after you understand that, do you realize that any investment promising returns over that, is much more risky or speculative, and likely using leverage as well.

Don't assume that everyone knows 25% is not a normal return for a safe investment. I've had many calls with financially illiterate folks who were shocked when I mentioned what they can reasonably expect annually from an "aggressive" portfolio. 
« Last Edit: February 14, 2024, 11:51:18 AM by knowitall »

Offline yfr bachur

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1236 on: February 14, 2024, 11:39:51 AM »
I've spoken with many people who were scammed that we're just plain old naive.

Once you are financially literate, you understand what the risk free rate is, where investment-grade corporates are, what you can reasonably expect to earn in equities over a long period of time, etc. Only after you understand that, do you realize that any investment promising returns over that, is much more risky or speculative, and likely using leverage as well.

Don't assume that everyone knows 25% is not a normal return for a safe investment. I've had many calls with financially illiterate folks who were shocked when I mentioned what they can reasonably expect annually from an "aggressive" portfolio.

THIS.

I wouldn't consider myself very financially literate (I'm a regular kollel guy, just I took economics in 11th grade  ;D) but I have explained/pleaded/begged at least three friends and relatives out of investments that I was able to see through in minutes.

Offline aygart

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1237 on: February 14, 2024, 01:22:18 PM »
I've spoken with many people who were scammed that were just plain old naive.

Once you are financially literate, you understand what the risk-free rate is, where investment grade corporates are, what you can reasonably expect to earn in equities over a long period of time, etc. Only after you understand that, do you realize that any investment promising returns over that, is much more risky or speculative, and likely using leverage as well.

Don't assume that everyone knows 25% is not a normal return for a safe investment. I've had many calls with financially illiterate folks who were shocked when I mentioned what they can reasonably expect annually from an "aggressive" portfolio. 

If they think it is a normal return for a safe investment then why don't they invest it in one?
Feelings don't care about your facts

Offline Saver2000

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1238 on: February 14, 2024, 01:26:19 PM »
If they think it is a normal return for a safe investment then why don't they invest it in one?
They do. They think the offer being presented is a safe investment.

Offline haltkup

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Re: Time for some proper due diligence/ independent auditing in our communities
« Reply #1239 on: February 14, 2024, 02:24:14 PM »
Spill the story so it can be debated, lessons learned, or just plain hock, or don't bother sharing at all.