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To: Robert O who wrote (145624)	10/18/2001 4:24:15 PM
From: pgerassi	Read Replies (1) \| Respond to of 186894

Robert O: You must have lost money in a S&L bailout to be so vehement about it! Some acquaintances of mine lost their retirement money in an insurance scam (went bankrupt and only people local to the state in which it was incorporated got any reasonable amount on the dollar ($300K down the hole)). But to this day, SS has not operated as it was sold to the people. They present it like you have an account where you will get your money back in the future when it has always been a "Pay As You Go" plan like welfare and Medicare is the same way. The underfunded mandate is in the hole to the tune of $2 trillion dollars between both programs. And the benefits only come if the future workers are taxed to death (in 70 years to over 100% of income)! This is the way a Pyramid scheme works (a famous and popular scam). The $1+ billion insurance fraud was prosecuted. How many single S&Ls have been prosecuted and what was the largest loss in any that were successful? As to your thinking that I changed my definition, you are wrong, yet again! Fraud is only possible, if prosecuted successfully. Otherwise, it is only alleged. And 300 frauds can not be a single bigger one. If you think that S&Ls had bigger ones, then pay to get them prosecuted on civillian grounds (and there are many lawyers to help you spend your money on it), otherwise it is only an allegation. Personally, I thought that any investment above $100K per account that was insured should have lost all of it. It would reduce the chance of it ever happening again and stop the "too big to fail" mentality that goes with it. Too bad we can't throw the writers of the SS mess into jail as most of the founders are dead. But, ever get it up as a jury trial where most of the members are young workers, and you would get a quick and decision against SS! Pete