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Over and over we've seen the same financial scam play out: a) company starts up that explicitly avoids being a bank b) company does something where some amoun
by jellicle 2y ago
Over and over we've seen the same financial scam play out:
a) company starts up that explicitly avoids being a bank
b) company does something where some amount of money is placed in FDIC-insured banks, and it TRUMPETS on its website: "FDIC INSURED" over and over
c) consumers are misled into thinking their money is safe
d) regulators do not act
e) consumers lose all their money
f) profit (for a very specific set of individuals)
The company can even fake up a bunch of social media accounts to tell people reassuring lies right up until the scam collapses.
These scams will continue until regulators get serious about putting people in jail for them.
https://www.reddit.com/r/yotta/comments/1ctf25r/is_our_money_actually_fdic_insured/ https://www.reddit.com/r/yotta/comments/1ctf25r/is_our_money...
- bithead 2y ago>These scams will continue until regulators get serious about putting people in jail for them. Which is so much more likely under turmp.
- Terr_ 2y agoIt used to be I could be sure this was sarcasm. I miss those days.
- evrydayhustling 2y agoIs this a job for regulators or just criminal prosecution? Sounds like step (b) is either fraud or not, depending on how the trumpeting gets done.
- cyanydeez 2y agoCriminal prosecution only works on poor people. Crimes where the individual is elected president or just gets rich don't do anything of merit.
- cyanydeez 2y agoUnfortunately, the kleptomaniacs are in charge. Please try again in 4 years