Friday, July 21, 2006

Gettin' my rant on.....

Are you ready for this one? I am getting ready to seriously rant and rave. In the Friday edition of The Courier Journal, in the Indiana section, there is an article about 2 former executives of Monon Corporation. It seems that when their company was about to file bankruptcy, these two outstanding individuals tricked three lending companies into loaning them money, apparently approximately $8.7 million, which they then used to finance their lavish lifestyles.

Okay, here's where I really start to lose it. The article reads as follows: "A federal appeals court has ruled against two former Monon Corp. executives who argued that they should not have to repay millions of dollars taken in a corporate fraud because lenders should have noticed something was wrong."

Did you catch that?

The article continues, "The former executives argued in their appeal that the lenders should have more closely examined their dealings with the company."

They have to spend 7 years in prison, convicted of conspiracy, mail fraud, and wire fraud. But they don't think they should have to pay all the money back because the LENDERS didn't catch them! Because the lenders believed them!

The judge in the appeals case said it best: "Telling the truth is cheap, while nosing out deceit is expensive. Requiring all lenders, investors, and so on to investigate every representation made to them would be extrangavantly wasteful".

Amen, brother.

Had these idiots won their case, can you just imagine what it would be like for you and me to get a car loan? or even worse, buy a house? Arrrgh!

Okay, I'm done now. I think I'm going to write these two bananas some fan mail (it doesn't say what prison they're in, but I can find out) and then I'm driving to Indianapolis to shake a judge's hand.


The Princess said...

In the words of my ever so wise husband:

"People are stupid"


Tricia said...

That is a classic idea though - if they were creative in their appeal - than their business plan must have been just as creative.


eatmisery said...

I did your meme from the other day!