The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Think4Yourself who wrote (171537)	12/16/2008 8:38:07 AM
From: Aggie	Read Replies (1) of 306849

Hi John Q.P. If ever there was a case for confining a contagious outbreak, this is it. Here is an credentialed investor who kept his financial dealings opaque purposely to hide fraud. Whether through ineptness or complacency, or by accepting his credentials as bond, the investors, regulators, and accountants all failed to exercise due diligence on the scheme. They did not do their homework, just happily pocketed the checks. Overworked criminal prosecutors typically de-prioritize fraud cases where success is dependant on an element of greed on the part of the victim. The investors implicitly accepted the risk of the investment when they failed to demand adequate reporting. This atmosphere of complicity alone should allow the SIPC to bow out of any responsibility to keep the investors whole. If Chucky Schumer is so determined to keep NY as the financial Center of the Universe, then he should be moving heaven and earth to get the mess cleaned up and the stink dispelled, instead of arranging for a diamond-and-mink bailout. Aggie

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