Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 2 February 2012 [View all]Demeter
(85,373 posts)NO, IT'S NOT ABOUT THE O MAN, BUT IT COULD BE...MAYBE SHOULD BE
http://www.economist.com/node/21543526
WITH a nudge from their pastor, the 25,000 members of the New Birth Missionary Baptist Church near Atlanta opened their hearts, and their wallets, to Ephren Taylor. And why not, given his glittering credentials? Mr Taylor billed himself as the youngest black chief executive of a publicly traded company in American history. He had appeared on NPR and CNN. He had given a talk on socially conscious investing at the Democratic National Convention. Snoop Dogg, a rapper, had tapped him to manage a charitable endowment.
So when Mr Taylors Wealth Tour Live seminars came to town, faithful ears opened wide. Eddie Long, the mega-churchs leader, introduced Mr Taylor at one event with the words: [God] wants you to be a mover and shaker
to finance you well to do His will. Mr Taylor offered low-risk investment with high performances, chosen with guidance from God.
Divine inspiration, alas, has given way to legal tribulation. For many investors, the 20% guaranteed returns proved illusory. Mr Taylor (whereabouts unknown) stands accused of fraud in a number of lawsuits. Bishop Long, a co-defendant, has urged Mr Taylor to do the right thing and cover any losses. The charges are not the first blot on the ministers reputation: last year he settled for an estimated $15m-25m claims that he had coerced young men into oral sex...