I find it curious that some people appear to think it OK to rip off people of means.
Not making a judgement - it's just curious. If I was going to break into a house I would certainly try for a big house in an affluent neighborhood rather than a double-wide with K-Mart furniture but here we're talking about face-to-face transactions.
Life insurance salesmen and financial advisors prey on people of modest means who might be considered, by some, to be affluent. Not everyone can master all areas so would that make the victim responsible if some sleazebag sold them some high-cost poorly-performing funds?
Gnomon, I don't know if you are referring to me, but I've been explicit that I don't think stealing is okay, regardless of one's level of affluence.
As this story was reported what I see is a woman who couldn't be bothered finding out what her possessions might bring, properly appraised, on the open market. I suspect her jewellery would be appraised before such a sale, or even for insurance.
Willful ignorance for whatever reason.
My father is 86 and my mother turns 83 tomorrow. They have spent most of their lives in relative affluence, the result of my father's hard work. Nobody is ripping them off these days because they are old. They choose to inform themselves.
Now if someone reported the woman selling wasn't in full command of her faculties, that would be different.
And your comparison to a sleaze bag selling crap funds is disingenuous. All she needed to do was make a call to a legitimate appraiser, of which I'm sure a few could easily be found.
Ignorance on one side of the transaction doesn't make it immoral. Or a rip off.
