COTONOU, Benin — More than a hundred thousand people in the tiny West African nation of Benin have lost their savings in a Ponzi scheme run by a now-defunct company that appeared to be publicly endorsed by the country’s president....
The reverberations have echoed to the top of Benin’s power pyramid and now threaten President Boni Yayi, who appeared on television with ICC managers.
Television news shows showed Yayi and other top government officials posing alongside the managers of the investment firm. The images were reproduced on T-shirts. While investors interpreted Yayi’s presence as an endorsement, the president did not officially speak in favor of ICC during the appearances.
In this country of 8.7 million people, the average yearly income hovers at $750. Many lost months or years of savings in the scam....
Perhaps the greatest swindle, some say, is the government’s role in the investment company. Many victims say the sight of government officials in the ads reassured them their money would be safe.
“We saw them on television,’’ said Pierre Dossa, a mechanic who lost his savings. “How could we not believe in it?’’
I'm finding that pretty easy these days in AmeriKa.
--more--"
