Reports that certain acquaintances of Mr Madoff may have taken fees for bringing him new business has put the Palm Beach community up in arms.

“These guys were all members of the country club,” said Richard Rampell, a Palm Beach accountant with many friends and clients who invested with Mr Madoff. “It’s a very tight knit group, like a fraternity . . .  You’re not supposed to take advantage of or make money off your fraternity brothers.”

—Julie Macintosh reporting in "Madoff scandal brings pain to Palm Beach"

Let's see. Tips on how to make an annual 10% off your millions or billions come free to the members of the Palm Beach Country Club set. It's one of the benefits of membership. And the touter offers the tip just because he likes you.

Of course if members aren't supposed to make money off each other, from whom does one make one's money? I leave it to you to work out the details.

Profiting from relationships is so ... well, déclassé. Unless of course you're a realtor—

Nadine House, a real estate agent, said she knows about 15 people who had money tied up with Mr Madoff, all of whom belonged to the Palm Beach Country Club and had “great wealth”, even as defined within such a rich enclave.

“They just feel so betrayed, and their lifestyles are going to change so dramatically,” she said.

“But we all started out poor once, and we can do this again.”

Fortunately the wealthy can count on the free market. Condo Vultures™ Realty, which represents only buyers, has offices in South Florida and other areas with distressed properties. They will help you downsize.

As an old bartender pal used to say, "Are we having a lifestyle yet?"

Related post
A note on understanding elites (9/03/07)

Tags: news and politics real estate lifestyles recession economic depression class war