Charles Ponzi would be very proud

Everyone wants to be a Ponzi artist. As the high water recedes and exposes what’s been just below the surface, we’re discovering new frauds every day – bad markets will do that. Here’s another $350 million (ho hum) scam. The guy was a crooked penny stock broker who went into “bridge loans” after his release from prison. His lawyer asures us that his client is working with the authorities “to allay investors’ concerns.” No mention of it, but perhaps he’s sharing Bernie’s penthouse as they work together to allay concerns. Or, of course, he could travel to either 175 or 202 Round Hill Road and work his magic there.

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