Thousands of Retirees Can't Withdraw Savings Invested in Firms Controlled by Indicted Financier Greg

[bucolic_frolic]

2. Diversify, diversify, Floriduh, Floriduh, and never trust gurus to manage

Lax regulation in some states. There was a real estate implosion in the 1920s in Florida. Palm plantations sold as housing tracks as I recall. I think it was in the book "Only Yesterday".

But aside from that, state regulation is important. States regulate banks, and insurance companies. Some regulate more than others. Some have collusive ties with those they regulate. In some states, there are state banks. Some not. Must be a reason.

Don't know if the investors should be blamed for doing dumb things. But if you've amassed $700k, you'd think you'd know enough to diversify, find a well-known investment company, and do a little sniffing around.