With the flood of tales of heartbreak and financial ruin from King Ponz still coming in, less than 24 hours after Bernie learned what sentence he will be appealing, someone stepped up to the plate and called the Madoff victims "greedy". In a Squawk Box Europe interview, Hugh Hendry, chief investment officer at Eclectica, fought the urge to call Madoff investors flat out stupid in favor of greedy sheep who didn't do their homework.
"I'm sympathetic for people losing money but I think this pejorative term of being greedy still applies. There was an implicit greed in not questioning and just accepting unnatural returns."
No pity parties at the Hendry estate any time soon.