SEC failed to do its job

SEC failed to do its job

In the ongoing Senate investigation into why the pre-need industry is facing imminent collapse, it is well to draw a distinction between poorly conceived or poorly implemented business plans and the out-and-out scams perpetrated by con men.

The case, for example, of the failed companies which solicited placements in return for guaranteed payment in the future of college tuition properly belongs to the first category. While some might have diverted their trust funds into questionable businesses, many placed their money into legitimate investment outlets. It just happened that there was no way the latter’s commitments could be met given the mismatch of returns and runaway increases in the cost of education.

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