I came across this article by the Tax Prof Blog, edited by Professor Beyer. It relates to Nancy Silverton, who previously sold her restaruant in Los Angeles, La Brea Bakery, for $5 million. But she then lost all of it after she gave it to Bernard Madoff for investment. Madoff is alleged to have swindled investors to the tune to the total of $50 billion.The secondary lesson here (for me) is her attitude. At the age of 54, she might be tempted to curl up into a ball and to give up. But here are her comments:
“I was silly and I learned a lot,” said Silverton, 54, who is an owner of Pizzeria Mozza and its neighboring Osteria Mozza in Hollywood. “I will never not diversify.”
Here is some more…an even more interesting reaction:
“I need to reinvent my life,” said Silverton, who co-founded the landmark Campanile restaurant and La Brea Bakery with her ex-husband, Mark Peel, and another partner. “To think you have a chunk of money is very comforting. Now, I’m just like 99% of the world. If I had to retire tomorrow, I could not.”
She also needs to “build something” again for her three children, ages 15, 23 and 26. “They don’t have any of that savings.”
I love (and could learn a lot from) her attitude. I’ll bet that she does “build something” else.