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January 13, 2009
Can You Say "Blow..."
..."Jo"...wait. (I have to rephrase. My niece reads this. Got it.)
..."Me Down. That's Just WRONG."
...In October 2008 a judge in the Bayou case, Adlai Hardin Jr., ruled that investors who cashed out their interests within two years of the scheme's exposure had to hand back their principal as well as their profits—even though they were innocent victims of the swindle—if there was evidence that they got out because they suspected, or had been warned, there was something amiss. (The court also ordered profits made within the last six years to be surrendered.)......Mitchell Banas, a lawyer who represents an endowment for Christian Brothers High School in Memphis—which got its money out of the Bayou fraud before it collapsed but now must return both profits and principal—says the outcome is "extremely unfair." His client, he says, withdrew its money from the scheme on the advice of financial advisers who smelled a rat; now the school is left "between a rock and a hard place."
So your financial advisors do the right thing and get you the Hell outta Dodge...and shame on you. You get to pay for the folks who schmaybe wouldn't listen to reason and greedily stayed, only to lose it all.
Oh, yeah. My kinda good thing.
Posted by tree hugging sister at January 13, 2009 06:07 PM
Comments
what a pile of crap.
Posted by: Mr. Bingley at January 14, 2009 06:04 AM
So basically investors who managed to avoid being ripped off the first time are now going to be ripped off by the system.
That judge needs to be dragged behind an airboat as gator bait.
Posted by: Gunslinger at January 14, 2009 06:44 AM
This kind of crap is why I'm considering stashing all my cash in a mattress instead of investing it.
What an idiot. But then again, the trend in this country seems to be "screw over the people who acted responsibly" so maybe he's just following the dicta of our culture for now.
Posted by: ricki at January 14, 2009 10:26 AM
How is that possibly legal? I can understand ordering that the profits be seized since they are actually the principal of other victims... but I don't get the logic behind punishing the initial investors, who had no way to know what was going on.
Posted by: nightfly at January 14, 2009 10:29 AM
YqEcwk
Posted by: Efnxptmk at July 14, 2009 03:01 AM
YqEcwk
Posted by: Efnxptmk at July 14, 2009 03:01 AM