April 18, 2016
For a period of at least seven years, the Department of Homeland Security either did not know about the theft of $50 million in its Vermont EB-5 program, a sign of remarkable incompetence, or knew about it and did nothing about it, a sign of something worse.
The loss of these moneys in a well-honed Ponzi scheme was announced last week by the Securities and Exchange Commission — once again riding to the rescue — and by chagrined officials of the State of Vermont, as we reported at the time.
As of Sunday, DHS had — perhaps understandably — issued no statements on the disaster to the program, which is like the Titanic's owners saying nothing after its sinking. Read more...