Destroying the Retirement Dreams of a Generation
By M.N. Gordon
April 24, 2012
Stocks had a rough go of it yesterday. After recouping some of the day’s early losses the DOW ended the day with a 102 point loss. One headline said it was Europe’s fault. Another said it was Wal-Mart bribery in Mexico.
Here at the Economic Prism we don’t know what the reason was…we just hope no one lost an ear over it. That does happen from time to time, you know.
Take Jerry Lee Ries of Los Angeles. On the night of April 11, Ries and another man met near Parking Structure 10 in Santa Monica to conduct a business transaction. Ries was, no doubt, clarifying the finer points of his program of debt collection when he pulled out a knife and sliced the man’s ear off.
The victim apparently owed Reis $400, but was only able to produce $360. Then, wouldn’t you know it, Ries didn’t even keep the ear he took as collateral for the $40…he tossed it in a street corner trash can.
Unfortunately, the victim’s ear could not be reattached. What’s more, Ries had to post $100,000 bail to get out of the pokey after being arrested and charged with mayhem and assault with a deadly weapon. All for $40 bucks!
But Ries isn’t the only lender to have a deal gone bad…
Shareholders Say $20 Million is Inadequate