So let me get this straight, some 250 folks were trusting (nay, let’s be honest, greedy and stupid) enough to loan money to a Ponzi scheme in the hopes of making astonishing returns on those loans and when the scumbag operating it finally ran out of suckers and money and the game collapsed, these 250 were shocked and saddened to learn they were stupid and greedy.
To quote the Concord fishwrap: “A number of reviews – including reports by Attorney General Michael Delaney, a special legislative committee, and conducted on behalf of Secretary of State Bill Gardner – faulted three state agencies for failing to stop the fraud: the Banking Department, the attorney general’s office and the Bureau of Securities Regulation, which is part of Gardner’s office.”
Since when are state agencies responsible for “failing to stop the fraud”? I suspect it was only after FRM quit paying handsome returns that any of the ‘investors’ called them. But more importantly, since when is it MY responsibility to reimburse the stupid and greedy “victims” with money I was smart enough NOT hand over to criminals?
I say we ask the folks at the Attorney General’s various departments to pay up out of THEIR pockets instead of picking yours and mine. Or since Jon Hildreth, the brother of then state Banking Commissioner Peter Hildreth, was smart enough to cash out early, maybe he ought to kick in some bucks, too?
[…apologies to Dire Straits]