Fund proposed for FRM investors
 

Did anyone else find it incredible that there is a proposal to create a fund for those that lost money invested with FRM. Where were these folks when they were getting 15% return on their money,not one complaint. I always thought that an investment was just that an investment and along with that came risks. When it was paying dividends they weren't calling legislators crying that they were making to much but when the bottom falls out and they find they were scammed everybody else should agree that they should be compensated. What about a family business that fails not due to mismanagement or theft but simply due to economic conditions or the businesses that are struggling to stay afloat and loseing money should they line up as well. I don't think they will or would. If it looks to good to be true IT IS.

Where's the money coming from? Taxpayers?

The article was in the Citizen on the 4th. Rep. Lou Del Assandro is proposing it. don't think I spelled his name correctly

Eventually, isn't this where it always comes from??...

Dan

It's my guess that a lot of bills get filed by the 400 different state reps just as a service to their constuents, while the rep does not support it themself. It gives their constituent a good feeling and helps build support locally for the state rep, or at least support from the person requesting the new law.

How much effort does it take for a state rep to file for a new state law? Probably, not very much. So, this thinking opens up another way to look at a proposed law.....is it just a constituent service....which the rep likely knows will get tagged 'inexpedient to pass' by the appropriate legislative committee, or is it something that stands a chance to pass?

If a state rep can race down Route 93 at 90-mph presumably to get to the State House, then a state rep can sponsor a bill as a favor which he knows will be 'dead on arrival' when it gets its' first hearing!
...................

Here's a related item:


Frank Marino of Meredith vs. State of New Hampshire, Re: Financial Resource Management of Meredith NH.

Believe there's a pending lawsuit waiting to go to court, it has been in the local newspapers...maybe in a letter to the editor or something? As I understand: Frank Marino of Meredith vs State of New Hampshire; based pretty much on his being lied to by an employee of the NH State Banking Commission when he asked about the record on FRM. Mr Marino was researching FRM, before writing out a check, and was asking about the company at the banking commission office in Concord in terms of FRM's history with the state, and pretty much got flat out 'fat-manned' by the state banking commission employee.

If and when that case gets to a trial, it should be a good one to watch!

Does the state banking commission have an obligation to truthfully answer questions with regards to a state regulated mortgage company, and can a banking commission employee knowingly misstate some very pertinent history, by saying that FRM had little to no problems and had a clean record, when in fact the state banking commission employee knew otherwise?

Who does the NH State Banking Commission really work for? Does it work to protect the citizens of NH, or to protect the banks and mortgage companies that it regulates and its' politically connected banking commissioner? ...:rolleye2:

Here's hoping that Frank is legally able to take his case all the way to a courtroom decision based on the merits of his case, and does not settle for less, or get legally redirected to a NH legal oblivion.....WAY-TO-GO FRANK!.......hope you are able to stay legally strong! Bringing a lawsuit against the State of NH, what with all their resources, must be a difficult thing to do.
...............

Google "Frank Marino vs. State of New Hampshire," and you should find a May 6, 2010 article in the Concord Monitor.

Looks from reading the Mr Marino will have a steep hill to prove his claim.IMHO

Fund this...
 

Buyer beware. You take a chance with any investment. Just because you make a bad choice, don't expect ME to bail your butt out. But you do and I have no choice.

Some of us...me included as my husband has been out of work for 7 months, are tired of the whining. Start over like the rest of us who lost most of our savings in the last two downturns within 10 years.

GB

Very well said.

http://www.citizen.com/apps/pbcs.dl/...9888/-1CITIZEN

and, hopefully that link will work! From the Dec 17 Laconia Citizen, www.citizen.com, "Meredith man makes his case against banking commissioner" by John Koziol is an excellent piece of local journalistic talent on display here!

Three cheers for the Laconia Citizien......hut-hut-hut!