Yesterday, I took a day off and went to watch the Home Gold trial. It's been going on for 3 weeks and looks like it will last 3 more. Where do the jurors get the time to do this? My hat is off to those people.
Here's the net of the story. Carolina Investor's started about 40 years ago and worked well up until sometime around 1998. Then it got bought out by HomeGold, but remained a separate company. Carolina Investors (CI) took investments, loaned money to HomeGold (HG), who loaned it out. HG made some very bad moves and went bankrupt. Of course, CI had all their money in HG, so they went bankrupt too. A total of 8,000 people lost about $227m. Most of the people were retired and they lost their life savings.
The question now is, who is guilty of what? The money is gone, no way it will come back. The current trial is the former head of HG (the parent company). From the one day I saw, I could see the method the prosecution was headed and the same for the defense. I wish I could have seen more of the trial, but I'll have to settle for reading the paper's comments.
Very cool day.
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