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How Not to Get Scammed || Daniel Simons & Christopher Chabris

The Psychology Podcast

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The Bernie Madoff Scam

Bernie Madoff created a new kind of scam that wasn't often referred to as a Ponzi scheme. He basically just said, I will manage your money and invest it in high quality stocks. And you know my reputation, I'm a famous guy on Wall Street. Many people and you'll get about eight to 10% on your money every year but it'll be solid. It'll be consistent returns.

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