Spanish Savers Fall Victim To Friendly Bankers

This happened in Spain, but it can happen anywhere when bankers start pushing non-bank investment products to their clients. From AP via Boston.com:

Lured by the family-like ties nurtured between bankers and customers, they poured their life’s savings into higher-yielding financial instruments recommended by the people managing their money. When boom turned to catastrophic bust, they found the stock they had acquired had become all but worthless.

Read more