Steve,
"Golfing at" and being a member are two different things.
I do know that some members of Boca Rio were hit very hard by the Ponzi scheme. As were U.S. Senators and other intelligent, sophisticated investors.
This will probably result in additional membership losses.
It comes at a bad time for any golf club.
How the bad economy, coupled with additional membership loss will affect maintainance and GCA remains an area of concern for many clubs whose members were affected by this scheme.
Having 20-20 hindsight makes geniuses of us all.
The guy was the former Chairman of Nasdaq, had 20-30 years of credibility, offered conservative returns and listed a clientele of highly reputable individuals. He had been audited by outsiders and presented detailed monthly statements to investors. If investors requested occassional funds for use, they were sent within a week. So how would you know something was wrong ?
So how is it that the rocket scientists on this site knew that he was a phony ?
The only mistake made by some, and it's a significant mistake, is that many investors didn't diversify. Many investors had the great majority of their net worth invested with him.
But, could you blame them for over-weighting their portfolio ?
The man had a 20-30 year PROVEN track record, a great reputation and a sophisticated clientele.
Some friends of mine have been wiped out.
I talked to some fellow members of my club in NJ and we're just glad he didn't come to our club because we would have lined up to give him some of our money.
Who amongst us wouldn't ?
If this scheme is as far reaching as some predict, some clubs may drastically alter their operations for 2009, including what goes on with the golf course.
I've heard that several clubs are thinking about pseudo-mergers in order to stem costs.
Will confederations come into existance, collectives where purchasing and other functions are performed for a group of clubs, including maintainance equipment ?
Food for thought ?
Time will tell.