It is an interesting fact that the two people who have actually been prosecuted, since the great meltdown, as a result of financial scams, were men who specialized in relieving the already rich of their money, while the folks who simply gambled with everyone’s money have gone not only scot-free, but have been the recipients of government largesse (we cannot call it welfare as it went to the rich). There is a lesson in there somewhere.
The latest con-man sent to the big house is R. Allen Stanford, whose victims joined together in court to condemn the man who relieved them of their millions. Now, I hold no brief for Stanford, but somehow, my heart does not go out to these folks. Consider the nature of the con:
A federal jury in March convicted Mr. Stanford of running an international scheme over more than two decades in which he offered fraudulent high-interest certificates of deposit at the Stanford International Bank, which was based on the Caribbean island of Antigua.
(via New York Times)
Lives there a rich investor that knows not that the entire purpose of setting up shop in Antigua is to evade the law? They feel cheated, I’m sure, because they thought the only point was to cheat the government out of taxes, and not themselves out of their money.
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