Financial Tsunami Hits Elderly Fincorp Investors 10/4/2007

Financial Tsunami Hits Elderly Fincorp Investors

7800 investors, most of them self-funded retirees, have lost $210,000,000 with the collapse of Fincorp. You might say these unsuspecting people have been hit by a financial Tsunami, but unlike real Tsunami victims, they'll receive no charity from our Government.

Under the economic rationalist agenda when it comes to financial services the creed is "let the buyer beware" and then "the devil take the hindmost". Of course the banks will recoup possibly all of their money, so it obviously helps your financial security if you donate large sums of money to the major parties.

What kind of nation have we become when the vagaries of the marketplace and the arcane intricacies of its rules and regulations, that are beyond most peoples' understanding anyhow, determine how well you can live in your retirement?

The investors who lost the nest eggs that they spent their lives acquiring, also spent their lives paying taxes to support the people who weren't so frugal and the public servants (including the lawmakers) whose lax regulatory powers left them in the lurch.

The only just settlement is that the banks who have got their money, and who can afford it, should fork out the money the private investors have lost.  To them the millions would be a drop in a bucket.