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I first became aware of Millennium Bank, operating in Kingstown, capital of St. Vincent and the Grenadines, in June 2007. I posted a page about Millennium Bank Kingstown web search for Millennium Bank Kingstown at that time.

I was particularly alarmed at Google's policy of knowingly allowing fraudulent advertising through its AdWords program. I believe they will come to regret that decision.

When the Ponzi scheme known as Millennium Bank falls apart, there will rightly be a lot of fingers pointing at Google, and if I had my druthers, Google would be made to pay back every penny that people lose as a result of Google's negligent behavior.

But I wouldn't bet on this happening. What I would bet on is that your U.S. dollars deposited at Millennium Bank aren't going to be able to buy an equal number of Linden bucks in Second Life. That's a roundabout way of saying that you can expect to get less than 1¢ on the dollar when the Millennium Bank fiasco is finished.

Now I see that the people claiming to be masters of finance at thestockmasters.com are letting all the world see that they're nothing but a bunch of clowns, having advised readers who may be inclined to open an account at Millennium bank to "keep your contribution below $50K".

Now I fully realize that $50K is chump change for quite a few people, but for most, losing $50,000 is going to put a noticeable dent in their assets, and you need to be concerned about your return on investment. Remember, the return isn't going to be 6% or 8%, it's going to be -100%, and the doubt is not whether this will happen, only when it will become apparent that it happened years earlier.

So is it the idiotic advice by TheStockMasters that has got me all worked up about this Ponzi scheme right now?

No, what's got me worked up is knowing that there's some unknown, but surely growing, quantity of money that's being sent to the folks operating the Millennium Bank. This isn't about the ordinary risk you have when you make a deposit in an uninsured bank. An uninsured bank that's properly run will fail due to imprudence or perhaps some very bad luck.

But the reason that the Millennium Bank will fail to return its deposits is because they never had any intention of sending the money back to you, and if they do it now, they only do it because it sucks more people into become depositors. And that ultimately means an increase in the amount of money lost.

It is likely that the amount of money lost to the numerous versions of Nigerian Letter scams will pale in comparison to the money lost to the Millennium Bank scam. At least with the Nigerian letter scam, the victim will realize that he's been had after some comparatively brief period of time, perhaps a few months. But victims of Millennium Bank are just happily toting up the interest they're earning, blithe to the fact that for most of them, those earnings will only be on paper (and hey, subject to United State income tax every year). Then, it will blow up for all the victims at once, and we'll hear about the thousands or tens of thousands of individuals, organizations, and businesses that have had a substantial portion of their assets just disappear.

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Revision r1.1 - 02 Mar 2008 - 11:16 by EliMantel web search for EliMantel
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