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Pyramid Scam

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December 3, 2008 Weblog:

From Colombia: Pyramid Schemes and the President


The word Pyrámide (Pyramid) is on the lips of people throughout Colombia after the collapse of over 250 unregulated pyramid schemes defrauded thousands of people their savings, and may also cost President Alvaro Uribe his chance at a third consecutive term in office.

While I was in Colombia in July, it was common to see people lining up for long stretches first thing in the morning to buy into the pyramids, which promised 150% interest to investors. The schemes were operating openly until their collapse in mid-November.

"It didn't occur to any juridical or 'intelligence' organization to infiltrate the line-ups, hand over the money, receive the dividend, and serve as proof of the scheme. The DAS (Department of Security Administration) and the Casa de Nari (Presidential Palace) are much too busy spying on politicians and journalists to waste their time investigating narco-trafficking money launderers and other scammers," reads a stinging column published in El Tiempo in March.

According to the Polo Democratico Alternativo, an opposition party, the pyramids have affected every aspect of the economy in the departments of Nariño and Putumayo. The total amount of money lost in the schemes is believed to be upwards of $250,000,000. Many Colombians took out loans in order to buy-in.

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