Feb 19, 2009 11:10pm
Closing Arguments: Just Who Can You Tru$t?
EmailR. Allen Stanford, the man accused of an $8 billion investment scam and under investigation for alleged ties to a Mexican drug cartel, was located today in Virginia, where he was served papers by the SEC. Stanford, whose assets have begun to be seized, also turned in his passport to federal prosecutors. So with alleged con-men investors like Bernie Madoff and Stanford, the countless banks and companies that are failing and the government turning to you for help bailing them out — we ask quite simply: Can you trust anyone with your money? Tell us what you think. Also, you can follow "Nightline" on on Twitter: http://twitter.com/Nightline
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To answer your question: I don’t even trust *myself* with my money…
Posted by: George Fero, Jr. | February 20, 2009, 12:09 am 12:09 am
Trust your ability to diversify. My three ennies are invested in three different institutions.Its unlikely that they would all fail. The old adage about putting all your eggs in one basket are words of wisdom. Go for four percent, instead of nine. Too good to be true usually is.
Also, I’d like to share my diet with Vicky Mabry. I lie in Houston, but I am not fat, maybe my lifestyle could help somebody. I’m 68.
Posted by: Linda E | February 20, 2009, 12:13 am 12:13 am
Obviously, no one. In fact, most folks cannot trust themselves with their own money. Would Jesus play the lottery? Would a sane individual waste money just to impress their neighbors?
I rest my case.
Posted by: Jim, Chicago | February 20, 2009, 12:19 am 12:19 am
hard to say you can trust anyone these days. after loosing all interest gained in retirement acct. the company it was held with fought tooth and nail to keep from paying it out after my wifes death.
then the company I transferred it to continued to loose money on it. when asked about buying gold they said no you don’t want to do that. gold was down around 715/oz then. Now it is at what about 950/oz that’s about $25000. they cost me. so financial advisors I feel are useless. At this point in time I think the best way to double my money is to fold it and put it back in my pocket.
Posted by: d. hoover | February 20, 2009, 12:24 am 12:24 am
As long as questionable investment schemes exist and are unregulated or uninvestigated by our government, I find it difficult to trust any institution with my money. The last eight years have taught us what happens when bankers, investors, and stock brokers (among others) take our money and put it into bad investment instruments. The fact that the SEC has caught up with Mr. Stanford I hope is a good sign that the government is finally going to do something about restricting how these people gamble and play with our money. But more needs to be done. It’s not enough to catch and prosecute “swindlers”; we need to also eliminate many types of “investment” schemes, like the bundling of mortgages into packages that roam around among persons, institutions, and banks (where is your mortgage right now??) and rampant speculation in the commodities markets. Let’s get back to basics, i.e., banks are for people to save money so that banks can make loans to people and the stock market needs to go back to it’s original purpose of giving people a stake in running a company and sharing in it’s profits, not a place to speculate and gamble on prices. Unregulated greed and risk-taking is what has landed us in our current economic black hole. It’s time to stop playing with our money and instead make it work for all of us!
Posted by: Mark Victor | February 20, 2009, 12:28 am 12:28 am
This man as well his firms have given Millions to the Democratic Party.. Yes President Obama, Ex. IMPEACHED President Clinton and even the Giver of TOP Secret Inside Information which has caused the Bank Runs… US Sen. (d-NY) Chucky Boy Schumer…
At least now this FRAUD is found and detained, his US Passport seized and the start of the LONG Legal Process..
Fraud like him and Mr. Al Sharpton should be hung by .. lets be nice here.. there THUMBS…
Why does not the US Press show how Mr. (d-NY) Al Sharpton got his Title (((?)))
He inasmuch as A real reverend as Robert Sanford was Knighted by the Queen of England…
Mr. Sharpton Purchased the Title and does try to use it … Oh well I guess it makes the blokes feel important.
Truth is real and liars always have to lie.
Posted by: AAAAmerican.com | February 20, 2009, 12:33 am 12:33 am
Wow!what a mess! If this man is caught don’t send him to jail first .let him work in the community job don’t feed him make him pay for his own food.tell him this is how we live from day to day and all of our saving is gone. This man should be punish severely.
Posted by: Guatsim low | February 20, 2009, 2:53 am 2:53 am
Mr. Madoff is under house arrest; this man is free because no criminal charges have yet been filed. This country has no problems executing criminals (even possibly innocent ones), but people who defraud others of their savings are treated with tender consideration. It’s unbelievable.
Posted by: kastner63 | February 20, 2009, 5:23 am 5:23 am
AAAAmerican, put down your crack pipe.
Posted by: Clint | February 20, 2009, 6:54 am 6:54 am
Anyone who would give his money to an individual for investment is a fool. Unfortanetly it seems that any of us who have invested with any firm over the last ten years are fools too.
Posted by: Thinking | February 20, 2009, 8:38 am 8:38 am
I have come to believe that honesty in the USA is hard to come by these days. I am now convinced that we are under corrupt rule that is so deeply imbeded that we will never see a good honest politician again.
I am not pointing fingers at the dems or repubs – it is both parties. I live in Illinois, and it doesn’t matter we have seen Republicans and Democrats go to prison.
Presidents are puppets, controlled by the George Soros group. There is no one to believe in anymore.
Posted by: jlpillinois | February 20, 2009, 9:40 am 9:40 am
White Collar crime does pay! I personally come across tax fraud,Tax evasion, keeping 2 sets, false info on a tax return, skimming, scamming, paying under the table, etc. All of these companies are millionaires and Multi millionaires. Personally, I will not touch their work. It’s morally wrong, and, it is punishable by $10,000 for inappropriately recording items on a tax return that the preparer knows to be false. Signing off on any regulatory document that is false-not me ! The prospective client just goes on to an unscrupulous Accountant. The penalty for the taxpayer is about 1 1/2 to 3 years for every count of evasion, fraud, false statement, stiff fines. One guy in Indiana raked up $1,875.00, in underpayment over 3 years. He had a junkyard. The State Treasury came in with thepolice, and found the money in the closet. Big perp walk on the news, prints, photos, OMG ! So, Treasury kept the amount owed , and interest and penalty. 5 years probation! The lawyers in this country have made a mockery of the law, making deals. Lobbyists have not helped either !
Posted by: tax guy | February 20, 2009, 7:03 pm 7:03 pm
I will name five:
Salvation Army
Juvenile Diabetes Foundation
Burn Hospital run by Shriners
Thomas Hospital in Memphis
Posted by: joseph r sligo | February 20, 2009, 10:17 pm 10:17 pm
Forgot to name the fifth:
American Red Cross
There are others. Hospitals such as Childrens and many medical schools.
Posted by: joseph r sligo | February 20, 2009, 10:20 pm 10:20 pm