Tuesday, October 12, 2010

Yet Again, Religion Makes People Stupid

It wasn't that long ago that Bernie Madoff was busted duping his fellow Jews with impossibly high returns on investments. Greed and misplaced faith were their downfall.

Now it's the Christians' turn:

"It was a good place where Christians would be investing in the work of other Christians," said Karen Lamb, a 55-year-old Terre Haute, Ind, housewife.

More than five years later, the Lambs still are waiting to get most of their $53,000 investment back. Now a former pastor is going on trial for what authorities call a multimillion-dollar scheme that preyed on thousands of parishioners who thought they were helping build churches but were actually buying the man and his sons planes and sports cars.

Authorities say Reeves, founder and owner of now-defunct Alanar, and his three sons duped about 11,000 investors into buying bonds worth $120 million secured by mortgages on construction projects at about 150 churches. The men diverted money from new investments to pay off previous investors, pocketing $6 million and buying two airplanes, sports cars and vacations, according to court records.
Officials say the scheme operated mainly in Indiana, though church members in other states, including Florida, Michigan, Maryland and Oklahoma, also were victimized.
(courtesy HuffPo)
When will people learn that a common religion does not equate common values, that thieves are thick among religious folk, as they are with all folk, and--most importantly--that you should never invest ALL of your money in one place?

Probably never, so maybe it's a blessing in disguise that most people out there have no money to invest thanks to the Lords of Wall Street and the Chamber of Commerce.

In the meantime, be wary your fellow churchgoers...


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