In light of these fraud schemes, the First Presidency of the LDS Church recently passed along a message, which in part reads, "We are concerned that some Church members ignore the oft-repeated direction to prepare and live within a budget, avoid consumer debt, and to save against a time of need." It goes on to recommend members invest with responsible and established financial institutions.
Wednesday, March 12, 2008
Why are Utahns such suckers?
KSL's piece on the latest fraud news out of Utah mentions the propensity of many residents, especially LDS members, to fall for anyone in a suit who promises low risk and high returns. Ironically, we have a state full of gamblers. The same people who would be aghast at shelling out $50 for an evening in Wendover will hand over $10,000, few questions asked, to people like Linda Woolf and David Gengler ("Teach Me to Trade"), or Val Southwick. "Wow, 200 percent return per year with no risk? Sign me up!"
Will it do any good? Hard to say. As the saying goes, "There's a sucker born every minute, and most of them in Utah."
at 10:22 AM