Monday, October 12, 2009, PM | 2 Comments
The name Spokane (pronounced spo-can), Washington State’s second-largest city, means children of the sun in a Native American dialect. William P. Barrett, over at Forbes Magazine, says “children of the scam” seems equally fitting. He must have done his research to claim something like that. He gives a few examples why he thinks rugged individualism often goes hand in hand with cutting corners.
The examples he gives are:
- There’s the diploma mill that sold 10,000 phony college degrees to buyers in 131 countries. [What’s the difference? Many believe you learn in practical life and not in college, phony or otherwise.]
- The $31 million parking-garage bond hustle that snared fund firms Vanguard, Nuveen and Smith Barney. [But Bernie Madoff is from New York City or at least that’s where he lived.]
- The many questionable enterprises around the continent that turn for legal and accounting services to firms in the heart of the Pacific Northwest’s Inland Empire. [I wonder if Enron, WorldCom, Global Crossing, and many more were all located in Spokane. I doubt it.]
- There’s some evidence bank robber Butch Cassidy spent his final decades hiding out in Spokane before dying in 1937, the same decade Dashiell Hammett’s novel, The Maltese Falcon, had a runaway husband popping up there. [Now come on. Did Bonnie and Clyde, Dillinger, Al Capone and all those guys and gals live in Spokane too?]
- A Spokane man began serving a five-year federal sentence for his role in a $50 million Colorado Ponzi scheme. [One more time, how do you compare that with the biggest schmuck of them all Madoff’s $50 billion Ponzi scheme.]
Moral of the story
Not one city or town can be singled out for corruption. You can find corruption and phony schemes in every place on earth. When it’s there, it’s there regardless of a place.
Read the full story Fraud: Scam Capital of America.Facebook.com/doable.finance