Brand New Ponzi

In another triumph for Cox and the SEC we find another Ponzi scheme in Atlanta, this time from currency traders. According to Bloomberg:

A Georgia currency trader and his firm cheated investors in a $25 million Ponzi scheme and planned to raise $100 million in a stock offering, U.S. regulators said in lawsuits today.

I predict that we will keep finding more and more as these SEC slugs finally wake up. Anyone who believes that the current system of stock ownership, bond ownership, or debt ownership will last is smoking the good stuff. The common share holders, preferred share holders, and bond holders in AIG, B of A, and the rest of the "troubled" banks have been wiped out. We cannot survive this. Nobody will ever buy that kind of "investment" again.