Re: A/C in Action: The AP Case
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To make a fair comparison, you'd have to show that this type of thing would not have happened under regulation. Despite stringent regulation, however, we've seen numerous examples of corporations defrauding customers and/or investors in much the same way. Peter Popoff is back on TV selling religious snake-oil. Head-On (which is 99.9999% wax) is still on the shelf at Walgreen's. Universal life insurance is still legal to sell as an "investment product." Worse than all that, we still have Social Security.
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Pretty funny.
My retort is that under regulation, law suits are possible against the perpetrators. Who is suing Absolute Poker? Who can sue? Who can be prosecuted? Who is going to be prosecuted? The answer to all those questions is no one.
Regulation may not prevent such things from happening, but recourse is possible.
Possible is better than not possible.
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