MY TURN: A sucker born every minute - WMC Action News 5 - Memphis, Tennessee

WMC-TV 5 V.P. & General Manager Lee Meredith

MY TURN: A sucker born every minute

WMC-TV 5 V.P. & General Manager Lee Meredith WMC-TV 5 V.P. & General Manager Lee Meredith

Memphis certainly is not in need of anything to improve our reputation as a crime center, but it seems as if we may be on the way burnishing the white collar portion of our crime resume.

That’s thanks to the leadership of the Stanford Financial Group. The company’s officers, including two who work here in Memphis, were charged this week with defrauding investors of billions of dollars.

So far, the charges are just part of a civil complaint, but the FBI and the Internal Revenue Service are also investigating. The story should sound familiar.

People motivated by greed, doing things they shouldn’t. And of course, that’s coupled with regulatory oversight that’s weak or non-existent. Stanford Financial Group was a major contributor to the political parties and politicians, including some of our elected officials.

Undoubtedly, Mid-South investors will be among those worldwide who are left holding the bag.

Repeat after me: If it sounds too good to be true, it probably is. It’s a lesson we all learn the hard way, but then some of us are more hard-headed than others.

That’s my turn. Now it’s your turn. To comment on this segment or anything else, email yourturn@wmctv.com or call 800-465-1210.

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