Is this guy an idiot or what? Didn't he see what is happening to Trent Lott? The investors are really fools if they continue to live and support that sorry ass president and his country.
"President Abel Pacheco got low marks for compassion from frustrated investors over the weekend.
The president was quoted by the Wall Street Journal saying this about persons who put money with Luis Enrique Villalobos Camacho:
"The Bible says the number of fools is infinite."
Bill McWade, a Florida investor, quickly drafted an e-mail to Jeannette Arias, the fiscal in charge of the Oficina de Atención a la Victima, in which he said:
"Why should I accept the ridicule of a man who suggests that I am foolish, foolish to have invested in a business that the Costa Rican Government allowed to operate illegally for over 20 years?" McWade, a frequent letter writer, sent a copy to A.M. Costa Rica.
Other investors also said privately that they thought Pacheco was unkind.
The quote was in an article Friday that began on the financial newspaper’s front page. The headline said "Retirement Dreams Fall Prey To Schemes in Costa Rica/Collapse of 'Brothers Fund' Rattles Subculture of American Expatriates.
Reporter Jose De Cordoba spent a week here talking to figures in the collapse of the Villalobos investment operation that paid from 2.8 to 3 percent interest a month to primarily North American investors.
The Chicago Tribune carried a story Friday, too, entitled: "Hot Costa Rican get-rich scheme burns U.S. expatriates." Tribune reporter Hugh Dellios also wrote in his story about the collapse of Savings Unlimited, a similar investment operation run by now-fugitive Louis Milanes.
There was not much new in either story for someone who had been reading A.M. Costa Rica since police raided Villalobo’s office and the family’s Ofinter S.A. money exchange operation July 4. But the stories represented the first publication of the situation in major North American newspapers.
There seems to be 42 references to fools in the King James Version of the Holy Bible, but an Internet search could not determine exactly what verse Pacheco was citing.
Costa Rican officials continue their investigation of the Villalobos and Milanes investment firms. Interpol, the international police agency, also has become involved, meaning that the search for the two men is moving worldwide.
Friday investigators searched casinos associated with Savings Unlimited, as well as the San José offices of two lawyers who have done work for Milanes. The casinos are at the Casino Tropical at the Morazan Hotel on Avenida 1, the Royal Dutch Casino on Avenida 2 and the Europa Casino in the Hotel Raddison.
Those left behind to operate the casinos insist that their operation is separate from Savings Unlimited, and the casinos are held in separate corporations. However, officials are expected to seize everything left behind by Milanes and place it in a form of receivership for the benefit of investors. Prosecutors are expected to argue that the casino operations were the window-dressing in Milanes’ failed investment scheme that stripped clients of at least $260 million.
He told investors their money would be used for Casino expansion and slot machines.
All properties but the Europa Casino are considered of limited profitability in the crowded San José casino market and the Royal Dutch at least has begun discharging employees."
AMCostarica.com
"President Abel Pacheco got low marks for compassion from frustrated investors over the weekend.
The president was quoted by the Wall Street Journal saying this about persons who put money with Luis Enrique Villalobos Camacho:
"The Bible says the number of fools is infinite."
Bill McWade, a Florida investor, quickly drafted an e-mail to Jeannette Arias, the fiscal in charge of the Oficina de Atención a la Victima, in which he said:
"Why should I accept the ridicule of a man who suggests that I am foolish, foolish to have invested in a business that the Costa Rican Government allowed to operate illegally for over 20 years?" McWade, a frequent letter writer, sent a copy to A.M. Costa Rica.
Other investors also said privately that they thought Pacheco was unkind.
The quote was in an article Friday that began on the financial newspaper’s front page. The headline said "Retirement Dreams Fall Prey To Schemes in Costa Rica/Collapse of 'Brothers Fund' Rattles Subculture of American Expatriates.
Reporter Jose De Cordoba spent a week here talking to figures in the collapse of the Villalobos investment operation that paid from 2.8 to 3 percent interest a month to primarily North American investors.
The Chicago Tribune carried a story Friday, too, entitled: "Hot Costa Rican get-rich scheme burns U.S. expatriates." Tribune reporter Hugh Dellios also wrote in his story about the collapse of Savings Unlimited, a similar investment operation run by now-fugitive Louis Milanes.
There was not much new in either story for someone who had been reading A.M. Costa Rica since police raided Villalobo’s office and the family’s Ofinter S.A. money exchange operation July 4. But the stories represented the first publication of the situation in major North American newspapers.
There seems to be 42 references to fools in the King James Version of the Holy Bible, but an Internet search could not determine exactly what verse Pacheco was citing.
Costa Rican officials continue their investigation of the Villalobos and Milanes investment firms. Interpol, the international police agency, also has become involved, meaning that the search for the two men is moving worldwide.
Friday investigators searched casinos associated with Savings Unlimited, as well as the San José offices of two lawyers who have done work for Milanes. The casinos are at the Casino Tropical at the Morazan Hotel on Avenida 1, the Royal Dutch Casino on Avenida 2 and the Europa Casino in the Hotel Raddison.
Those left behind to operate the casinos insist that their operation is separate from Savings Unlimited, and the casinos are held in separate corporations. However, officials are expected to seize everything left behind by Milanes and place it in a form of receivership for the benefit of investors. Prosecutors are expected to argue that the casino operations were the window-dressing in Milanes’ failed investment scheme that stripped clients of at least $260 million.
He told investors their money would be used for Casino expansion and slot machines.
All properties but the Europa Casino are considered of limited profitability in the crowded San José casino market and the Royal Dutch at least has begun discharging employees."
AMCostarica.com
