It's been a while since the subject of grifting has come up on this blog, but the practice is still alive and well out there. And truly I say unto you, this may be the greatest grift of them all. Ken Ham, who just lost a science vs. creationism debate to Bill Nye, is building a new amusement park to compete with his already failing Creation Museum. This one will feature a full scale replica of Noah's Ark and a petting zoo, though apparently no attempt will be made to cram “two of every kind into the ark”. But this is a grift on a massive scale, for it requires a “boatload (or is that busload?) of faith to get by” Ham is trying to raise 55.5 million dollars for his fantasy park, and who knows how much of that money will find its way into his pockets. But to do it, he has to issue bonds, and to issue bonds, you have to make disclosures about risk, meaning you have to tell people the truth, more or less:
Underneath all of this Biblical interpretation, though, buying Ham’s Ark Encounter bonds is a high-risk proposition. The offering lists 39 potential risks to investors, including the possibility that animals in the petting zoo could contract infectious diseases, potential lawsuits by civil liberties and animal rights activists, and the fact that the bond relies almost completely on a competent, good-faith effort by Answers in Genesis. Ultimately, the park “may never achieve positive cash flow,” which the documents note could lead to a default on the bonds.
Most alarmingly, the bonds are not rated by a ratings agency—an indication that they are extremely risky. AiG has no obligation to pay the bonds, which means that the park will have to be up and running before investors see any returns. And if the project collapses, bond buyers risk losing their entire investment.
via Motherboard
So, it's out there for anyone to see that this is a scam, but Ham is counting on the beliefs he shares with his marks that people can't evolve (and that their not likely to read the prospectus). Most of all, he's counting on good old religious and political bigotry, “to which he has never yet appealed in vain” to pull him through.
Basically, Ham is hawking Creationist junk bonds—a fact that he has tried to mask with fire-and-brimstone evangelism and apocalyptic warnings about the “immense spiritual battle” for America. In a fundraising letter sent last month, Ham suggested that the project is being sabotaged by secularists and asked believers to “step out in faith” to support the project.
And step out they will, at least some of them. Whether he can soak another 29.5 million, the amount he needs to actually build the thing (does he really care about that) is another matter, but whether he reaches his goal or not, the amount he has raised so far is a tribute to the grifter profession.
And we non-crazies can take comfort from the fact that every dime he grifts is one less dime available for more nefarious and more effective political purposes. Bless you, grifters, bless you all.
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