Son of the president of the EU Common Bank loses massively in crypto "investments"

[thewayne]

Bank President Christine Lagarde repeatedly advised her son that crypto investments were usually scams and ripe with fraud, but the 30something son knew better than his old fogey mom. And he lost some 60% of his investments.

Lagarde has been a regular for railing against crypto.

I don't understand her saying he lost "almost all" his investments. He lost 60%, which admittedly is a lot. If he'd lost over 3/4ths, then I'd say almost all. But 60%? Clearly most, as that is obviously a majority, but he still has 40% of it remaining, and that's enough to reinvest - assuming he can extract it if that 40% is sitting in crypto funds.

https://www.reuters.com/technology/ecb-chief-lagarde-admits-her-son-lost-crypto-cash-2023-11-24/

Comments

[dewline]

Speaking of irresponsible people, you've reminded me of one more reason why Pierre Poilievre, current head of the Conservative Party of Canada, should never become prime minister of Canada: his crypto-currency advocacy. Oh, and he wants the Bank of Canada kept out of the game, by the way.

https://www.ctvnews.ca/politics/poilievre-personally-holds-investment-in-bitcoin-as-he-promotes-crypto-to-canadians-1.5907615

https://globalnews.ca/news/8793791/pierre-poilievre-bank-of-canada-cryptocurrency-ban-promise/

https://globalnews.ca/news/9164292/pierre-poilievre-cryptocurrency-inflation-bureaucrats/

https://www.cbc.ca/news/politics/poilievre-blasted-cryptocurrency-legislation-1.6659052

https://www.cbc.ca/news/politics/cryptocurrency-political-conversation-waning-1.7011672

[disneydream06]

Poor baby.
Wrong to say, but it's a little hard to feel sorry for people that have that kind of money to invest. :o :o :o
Hugs, Jon

[silveradept]

I mean, I suppose that's one of those lessons you end up learning yourself, even if we think that money could have probably been put to better use than to be frittered away on crypto scams and bad investments. And that perhaps it would be a bad idea and a failing for people to have that kind of money to fritter away on crypto scams and bad investments.

[thewayne]

People forget the basic rule of 'If it seems too good to be true, it probably is' and go for newfangledness.