Saturday, October 3, 2009
In a statement of claim, the city alleges its unsophisticated investment advisers were misled about the worth and nature of a fund into which they poured taxpayer money.
Instead of a safe, secure investment with a bit better interest rate than a government bond, they became "victims of (a) ... well-choreographed scheme to deceive it out of its investment funds."
The defendants, the city claims, "are sophisticated financial institutions that perpetuated a scheme through careful structuring and planning to create, promote and distribute an unstable and volatile product" consisting of a "complex, insecure investment with no real capital structure" supporting it."
See full story here
So, were we victimized or should we have known better?
Thanks toWRCU2 for the idea for this topic.