Summary
Millions of middle-class Americans accumulate savings and become modest investors - with little protection from swindlers. Therefore, it's disturbing that America has multitudes of Ponzi schemes, crooked brokerages that take money from new investors and use it to pay imaginary earnings to previous customers. Exposure of Bernard Madoff's $50 billion Ponzi in 2008 spotlighted the evil. Now an Associated Press report says 150 additional U.S. Ponzis collapsed in 2009, chiefly because the recession curtailed incoming investments. They included a $7 billion scam by jailed financier Allen Stanford and a $1.2 billion scheme by disbarred Florida lawyer Scott Rothstein, who was chummy with politicians and sported Rolls- Royces, yachts and gold toilets. Altogether, Americans lost $16.5 billion to the 150 new Ponzis of 2009. Moral: Trust your investments only to spotless brokers.
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State troopers proudly announced that they destroyed 223,000 mariju...
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