Members of my family are reminded of my constant habit of news foraging -- (which was truly unleashed with the advent of the Net...) -- as I send them emails with links to Truth is Stanger than Fiction Updates throughout the week.
This news update from Ephraim, UT, was too wonderful to pass up. A bank realizes some significant earnings offering very speculative loans to a 9,000-member polygamist sect that believed civilization was about to end. Ultimately, though, Ultimately, as the piece notes, "the bad loans -- along with the embezzlement of nearly $5 million by the bank's head cashier -- would lead to the collapse of the 99-year-old bank." End Time might actually not be the Right Time to leverage your income.
In a wonderful bit of understatement, the article quotes a banking supervisor:
The Bank of Ephraim had profited for many years from higher-interest loans to the sect, whose members live in the twin cities of Hildale and Colorado City astride the Utah-Arizona state line. But eventually the bank ``got in too deep,'' investing heavily in increasingly risky ventures with sect members who ``didn't have much to lose,'' Utah Banking Supervisor Jim Thomas said.
As for me, I just want a gift toaster.
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