He is billionaire Texas banker Allen Stanford, charged with a "massive" $8 billion international financial fraud. His whereabouts are unknown at this time. His assets are frozen as well, but a smart guy like that has a nice secret bank account for just such an emergency.
Once again, our greed has gotten the better of us. People gladly handed this guy thousands of dollars in order to have that lifestyle of the rich and famous. They weren't happy with the returns they were getting so that took a chance and invested.
My dad always said, "Nothing comes without a price." He told people that they would get unprecedented returns on their investments. You wonder whether or not these people asked themselves a simple question. Is this too good to be true? I always ask that question when I'm considering investing money in anything. Do your homework and wake up?
The U.S. Federal Reserve cut its 2009 economic forecast sharply and discussed setting a target for inflation at its previous meeting as a deepening recession heightened fears of a dangerous decline in prices. So, there are going to be a lot of people out there ready to fleece you. Be careful. Tough times in the economy breed desperate people. Desperate people will just jump at any chance to save themselves.
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