Petters told investors 'bad apple' to blame for raid by feds

When investors in Petters Co. Inc. inquired about why federal authorities had raided the business in the fall of 2008, Tom Petters told them that a "bad apple" in the company had stolen money and misled investigators, according to testimony in the Petters fraud trial today.

[but of course]

Granted, I don't know all the details of this case, but I am really getting sick and tired of these business owners who live life lavishly, but when the means is found out all of a sudden it is "I am completely innocent. I didn't know a thing about it. It had to be someone else!" Sorry, that really doesn't fly with me. I realize that this is more complex than just a corner deli (and yes, I used to run one of those, so I do know what I am talking about), but I know many business owners, and one common thread that connects almost 100% of these owners is that they are to some extent control freaks.

Out of all of them, I will say this. At least Bernie Madoff finally admitted that he was a jerk. He didn't throw a bunch of people under the bus.

[Theresa]

I don't think we will ever know the full story. In my opinion, they are all guilty by association. Quit pleading "I'm innocent" Innocent of what? All of you got caught with your hands in the cookie jar. The game is over, and you are going to jail. You will not pass go, and you will never again collect $200.

[IrishMN]

There was a whole bushel basket full of bad apples here, and the biggest one was Petters himself.

[the_m0nkey_in_th e_wrench]

All in favor of Laissez-faire economics, raise your hand.

[Denny Hecker]

I myself is not a bad apple

I consider myself an apple pie kind of man

I share every piece I get to every employee

Now they want more.

I too was raided by the feds and they were in

the wrong so say my lawyers and friends.

When all is said and done I'll move out of cold

Minnesota and give nothing back because of the

harsh treatment I'm getting and the comparison to

Mr. Petters who I admire because he is a genius to

have come up with such a powerful scheme to make

billions.

Why didn't I think of that, maybe I'll use his blueprint

next time when I get more loans from the bank.

[the_primate_in_t he_wrench]

Wow, they have sensored my handle.

[wtf]

Tom....are you sure that "bad apple" isn't you?

[wtf]

I can tell you've been hurt
by that look on your face, girl.
Some guy brought sad into your happy world.
You need love, but you're afraid that if you give in,
someone else will come along
and sock it to ya again.

One bad apple don't spoil the whole bunch, girl.
Oh, give it one more try before you give up on love.
One bad apple don't spoil the whole bunch girl.
Oh, I don't care what they say,
I don't care what you heard.

I could make you happy, baby,
satisfy you, too.
But how can I if you won't give me a chance
to prove my love to you?
Won't you just give me one chance?
I'll give you my guarantee that you won't be hurt again.

One bad apple don't spoil the whole bunch, girl.
Oh, give it one more try
before you give up on love.
One bad apple don't spoil the whole bunch, girl.
Oh, I don't care what they say,
I don't care what you heard now.

I've been noticing you, baby,
for a long, long time.
And I'm not ashamed to tell the world
that you really messed up my mind.
Girl, to me you're like a dream come true.
I'd rather hurt myself than to ever hurt you.

One bad apple don't spoil the whole bunch, girl.
Oh, give it one more try
before you give up on love, girl.
One bad apple don't spoil the whole bunch, girl.
Oh, I don't care what they say,
I don't care what you heard now.
One bad apple don't spoil the whole bunch, girl....

[Grape Shot Jones]

'bad apple' ,Petters said. Well there's the pot callin the kettle black if I ever heard it.

[Theresa]

And he is the worm in the bad apple

[Johnny Appleseed]

why is a defenceless apple getting a bad rap,and the worm deserves to eat to

[felix]

but of course wrote:

Granted, I don't know all the details of this case, but I am really getting sick and tired of these business owners who live life lavishly, but when the means is found out all of a sudden it is "I am completely innocent. I didn't know a thing about it. It had to be someone else!" Sorry, that really doesn't fly with me. I realize that this is more complex than just a corner deli (and yes, I used to run one of those, so I do know what I am talking about), but I know many business owners, and one common thread that connects almost 100% of these owners is that they are to some extent control freaks.
Out of all of them, I will say this. At least Bernie Madoff finally admitted that he was a jerk. He didn't throw a bunch of people under the bus.

just like dictator Hussein blaming everything on bush - what a surprise

[Mike]

We all know who the real "bad apple" is...this guy is every bit as much of a con man as Denny Hecker. They should put them both in the same cell. It's all about me...and money.

[When Pigs Eat]

felix wrote:

<quoted text> just like dictator Hussein blaming everything on bush - what a surprise

Saddam Hussein has been hanged in Iraq.

Bush had the immunity idol that's why he survived!

[MN Observer]

I have little sympathy for those that lost money by investing directly with Petters. If you are promised returns of 18% to 24% and you realize those returns and then you invest greater and greater sums of money to continue to increase your profits with such returns, your greed has blinded you to the fact that nobody legally gets those kinds of returns consistently. Guys like McCord Christensen and Dean Vlahos deserve to lose their investments. If any of Tom Petters' investors actually got their money out with a profit before the raid, the feds need to seize all of their money above the principal they invested and distribute it to actual creditors to which Petters owes money (not investors, they gambled and lost).

[mnlakesman]

the " bad apple" Petters used to stick his little worm in.

[Archie]

I may be a little confused by the news of so many Ponzi schemes taking place in our great country.

I thought that the Flim Flam Man's plan could work only on the very rich and greedy that can not resist "easy money" and have for years earned outrageous profits from their investments while the non greedy are happy with their steady and reliable small and reasonable returns.

I really think that Madoff and Petters should get some credit for "Burning and taking such easy money from the "greedy" and reminding dishonest people that there is no free lunch.
It was not little investers or ma and pa savers that got stung by the Ponzi scheme. It was rich and greedy that got the lesson.
I do not feel a bit sorry for the losers because these same folks have not mentioned how many free lunches they have recieved and did not make a single complaint.
We need more folks like Petters and Madoff to keep the rich and greedy honest. An honest person never has these problems, only from desperate and petty theives that are not able to earn an honest living.
This is Poetic justice friends !

[Mike]

Archie wrote:

I may be a little confused by the news of so many Ponzi schemes taking place in our great country.
I thought that the Flim Flam Man's plan could work only on the very rich and greedy that can not resist "easy money" and have for years earned outrageous profits from their investments while the non greedy are happy with their steady and reliable small and reasonable returns.
I really think that Madoff and Petters should get some credit for "Burning and taking such easy money from the "greedy" and reminding dishonest people that there is no free lunch.
It was not little investers or ma and pa savers that got stung by the Ponzi scheme. It was rich and greedy that got the lesson.
I do not feel a bit sorry for the losers because these same folks have not mentioned how many free lunches they have recieved and did not make a single complaint.
We need more folks like Petters and Madoff to keep the rich and greedy honest. An honest person never has these problems, only from desperate and petty theives that are not able to earn an honest living.
This is Poetic justice friends !

I took the one percent on my savings account for years and my friends laughed at me and bragged how their 401K's were doing. Most of them not only lost their interest but a portion of the principal too. They don't give me a hard time about my one percent anymore. I still have it.

[Archie]

Mike;

Because you are an honest and decent citizen that does not expect a free lunch, and live within your means, You are also dependable reliable and are what makes the best neighbor, friend and citizen. and have earned the right to be secure and content in your life. The country needs more Mikes !

[Mike]

Archie wrote:

Mike;
Because you are an honest and decent citizen that does not expect a free lunch, and live within your means, You are also dependable reliable and are what makes the best neighbor, friend and citizen. and have earned the right to be secure and content in your life. The country needs more Mikes !

I'm not saying I have all the answers, but there is a percentage of our citizens who will lie, cheat and steal to make an extra buck. They'll turn their backs on needy people who have honest needs and complain they aren't getting enough benefits in life. It's sad, because it didn't happen to the people who fought in WW II who were willing to accept they were going to work hard all their lives and were satisfied to have a little more than they needed. Now, they mortgage their lives to the hilt to have everything they need and then are shocked when they end up with nothing. I like to buy one big ticket item at a time and have a plan to pay it off before I buy another. I know, it's a boring life, but I'm happy and it can be done with a little patience. I'm not rich and I'm 55 and have most of what I want. What happened to all of us? I think it was easy credit. When I grew up you had to beg, borrow and steal to get a credit card. Now, they hand them out like candy.