boyst Posted March 30, 2013 Share Posted March 30, 2013 is "quintessential" and evidently not too smart, now... http://abcnews.go.com/US/wireStory/600m-ponzi-scheme-incubated-small-nc-town-18845335#.UVb3fVfDiU4 How do people continuously fall for this crap? I understand some times it is easier to see it with hindsight but it is a damn shame that even with it right in front of their face the powers that be (government) did nothing. I know the hardware store mentioned, it's one of those small town places that if they do not have it no one else will. I know of a few people mentioned and I know others that were affected. Unfortunately, the real issue is never going to come out - where was regulation? I am not saying we need more regulation, we need less, that way you could go lynch mob the guy. However, after getting to Att. Gen. Coopers office it did nothing, after getting attention from everyone across the country in private banks and financial institutions and other states no one passed along the word to say "hey, check in to this." What a crock. Link to comment Share on other sites More sharing options...
DC Tom Posted March 30, 2013 Share Posted March 30, 2013 is "quintessential" and evidently not too smart, now... http://abcnews.go.co...35#.UVb3fVfDiU4 How do people continuously fall for this crap? I understand some times it is easier to see it with hindsight but it is a damn shame that even with it right in front of their face the powers that be (government) did nothing. I know the hardware store mentioned, it's one of those small town places that if they do not have it no one else will. I know of a few people mentioned and I know others that were affected. Unfortunately, the real issue is never going to come out - where was regulation? I am not saying we need more regulation, we need less, that way you could go lynch mob the guy. However, after getting to Att. Gen. Coopers office it did nothing, after getting attention from everyone across the country in private banks and financial institutions and other states no one passed along the word to say "hey, check in to this." What a crock. From the article, it looks like the word was passed along...but every regulatory body involved insisted it wasn't in their jurisdiction. Which, rather than indicating a need for more regulation, rather better demonstrates the perils of over-regulation. Link to comment Share on other sites More sharing options...
boyst Posted March 30, 2013 Author Share Posted March 30, 2013 From the article, it looks like the word was passed along...but every regulatory body involved insisted it wasn't in their jurisdiction. Which, rather than indicating a need for more regulation, rather better demonstrates the perils of over-regulation. Which just shows common sense has no jurisdiction in the government bodies that exist today. Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted March 31, 2013 Share Posted March 31, 2013 This is an example that shows what happens when government has grown too big to effectively govern and there are too many levels of bureaucracy. Link to comment Share on other sites More sharing options...
Recommended Posts