FBI Bust Another Wall Street Ponzi Scheme
In the unregulated financial world of George Bush's America, the FBI have now found another major Wall Street fraud scheme that ripped off hundreds of millions of dollars from unsuspecting investors:
"NEW YORK (Reuters) - Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.
Nicholas Cosmo, head of Agape World Inc. on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said."
Reuters
What is particularly funny about this fraudulent scheme is the name of the company - 'Agape'. Agape is a code word for fundamentalist Christians, usually signaling to them that the business is 'christian':
A⋅ga⋅pe
1. the love of God or Christ for humankind.
2. the love of Christians for other persons, corresponding to the love of God for humankind.
American Republicans and Canadian Conservatives generally have full faith in an 'unfettered' free market, capitalist system, where they perceive regulation as a negative. I bet that the thousands of investors who trusted Agape now wish that there had been just a bit more regulatory oversight of this criminal enterprise.
"NEW YORK (Reuters) - Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.
Nicholas Cosmo, head of Agape World Inc. on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said."
Reuters
What is particularly funny about this fraudulent scheme is the name of the company - 'Agape'. Agape is a code word for fundamentalist Christians, usually signaling to them that the business is 'christian':
A⋅ga⋅pe
1. the love of God or Christ for humankind.
2. the love of Christians for other persons, corresponding to the love of God for humankind.
American Republicans and Canadian Conservatives generally have full faith in an 'unfettered' free market, capitalist system, where they perceive regulation as a negative. I bet that the thousands of investors who trusted Agape now wish that there had been just a bit more regulatory oversight of this criminal enterprise.
I used to think it was "agape" pronounced a-GAPE. It was funny when I read the old American Family Association "AgapePress" articles. Because my mouth was AGAPE at the horrific things they wrote.
Posted by
Anonymous |
5:01 pm, January 27, 2009
Agape is actually a Greek word, not a code word used by christians - though it is used by christians. Sorry Buck, the spin was a bit much for me.
The Beast.
Posted by
Bill Stevenson |
8:00 pm, January 27, 2009
Hi Beast! Long time not talk. When I was in the deep south of the USA awhile back, I encountered a couple of businesses and churches that used AGAPE in their name. I still content that if you call your enterprise, AGAPE Realty or AGAPE whatever, you are signaling that you very likely are a fundamentalist. Don't cha think???
Posted by
leftdog |
8:39 pm, January 27, 2009
I have signed up for your blog cause I am interested in what you might also flag in the Bush era on this Ponzi theme ...
Posted by
Robert Pummer |
10:54 am, February 08, 2012
http://www.rainmakerscam.com
Posted by
Robert Pummer |
10:55 am, February 08, 2012