As the rural banks affiliated with the Legacy group declare an extended bank holiday, I can't help but say, "I TOLD YOU SO!"
My first encounter with the Legacy group came when they sponsored a meeting of REALTORS(R) and they started selling their products with sweet words like, "You can buy a house/car, and after all your payments are made, you get 100% of your money back!"
This prompted comments like, "Too good to be true!" and "This reminds me of my investment in Pacific Lenders!"
To those who sought my advice, I always told them that any business has a profit motive and I simply don't believe that they could run their business without that most basic of all business motives. To many, the advice came too late.
Oh well, to those who managed to invest early and get all their money back, congratulations! But to the depositors of these rural banks and the more recent investors in Legacy, I hope you manage to overcome this challenge in the worst possible economic climate.