Did you miss the latest Ponzi scheme catch?
Ever heard of Tom Petters?
Here we go again.
This clown ran a $3.65 billion dollar Ponzi scheme out of Minnesota that bilked thousands of people out of their money.
One more in a long line up of Ponzi schemes.
First--and biggest--was Bernie Madoff.
Then there was R. Allen Stanford and now this guy.
In the 2000's, it seems the government virtually shut down and didn't investigate anyone who was--or was supposed to be--taking money for investments. Bernie Madoff, in the most aggregious example, didn't have an investor's license. Ever.
It needs to be asked: Where were the government regulators when these men were taking in all this money?
We need our government to work for us.
Sure, we want less government and smaller government and the requisite lower taxes but for the agencies that exist, we want and need them to do the jobs they were designed and created for.
In this case, where was the Securities and Exchange Commission (SEC)? What the hell were they doing these last 9 years?
There should be hell to pay for them for all that has happened.
Links: http://www.reuters.com/article/fundsFundsNews/idUSN024978920091202
http://en.wikipedia.org/wiki/Tom_Petters
http://www.nytimes.com/2009/12/03/business/03stanford.html?_r=1
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