Hank Shea: An open letter to Tom Petters as a man entering prison

  • Article by: HANK SHEA
  • Updated: April 10, 2010 - 5:56 PM

Although you already have experienced a loss of freedom and privacy and control over your life, you still have critical choices to make.

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vikessukApr. 10, 10 7:00 PM

but lets be real, that doesn't happen in prison and few know the name Petters. Peters? Not from Minnesota eh? When the BOP sends him to TN, TX, or wherever he just another number, noboby cares, you shouldn't either

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davehougApr. 10, 10 7:41 PM

Nobody cares about the lot life dealt you, but they will notice how you responded to it.

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bradtheissenlaApr. 11, 1012:02 AM

Sending a white collar criminal to prison to teach?? Please! Community service slavery is way out of control. Petters needs to be on supervised release, working for the Govt - even at 12c per hour plus housing - to repay the investors. Oh, and I have little sympathy at all for any of his "investors". He did not offer an insured investment. No one in their right mind should have invested $1 in an uninsured investment. The Gov't wastes tax dollars on the Petters case, yet turns a blind eye to the mortgage bankers who caused the greatest redistribution of wealth in the history of Capitalism in 2008, causing hundreds of thousands to loose their homes, their jobs, and home values to plunge, while causing units of Government to loose tax base.

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stonerollerApr. 11, 10 7:57 AM

"Hell hath no fury like a woman scorned." It will be interesting to see what happens to Ms.Coleman. I'm not defending Petters but the true tale of this fiasco has never seen the light of day. Take Polaroid, Fingerhut , Sun Country et-al away sell them for pennies on the dollar and then convict Petters on the entire loss. Sounds like a different kind of "Ponzi" to me.

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mikebrenApr. 11, 10 9:02 AM

Petters was not convicted on the, "entire loss". He was convicted on stealing the money to buy these businesses.

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wildblueApr. 11, 10 9:11 AM

If only each of us would consider these questions at each setback in our lives. Good advice.

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hfnorthApr. 11, 10 9:22 AM

You make a foolish statement when you say nobody in their right mind should invest even $1 in an uninsured investment. That leaves only FDIC bank savings at between a half a percent and one percent. That's losing money to inflation. Every stock, stock mutual fund, municipal bond, corporate bonds, and even real estate have no insurance. They can and do lose value from time to time. People take prudent risks in the market every day.....even in their company's 401(k) plans. What people should not need to factor in, is the risk of criminal acts as Tom Petters was guilty of. Market risk, yes; criminal risk, no. People who put money into Sun Country Airlines stock can and did assume Market Risk. That can be calculated. They should not need to try to calculate criminal risk. That cannot be done.....it's not in the prospectus. Petters needs to be in prison for a long time.

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rikkylynnApr. 11, 10 9:25 AM

Don't get me wrong. Bad behavior doesn't justify more bad behavior but gov't shamelessly practices the exact same schemes and does it with impunity. The financial hit to ALL citizens dwarfs the damage that got Petters 50 years.

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sullyApr. 11, 1010:01 AM

Tom is a liar, cheat, and thief, but by most accounts was a kind and generous liar, cheat, and thief. It is a good thing to hope that he can try to redeem himself through his better nature.

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SupervonApr. 11, 1011:12 AM

was just Tom Petters on a larger scale. There are fast talkers and control freaks out there everyday that think they are doing the right thing and take the public all the time. Like Petters, they don't admit wrong and find others to blame. The difference between Petters and the stock market is that Petters did it privatly and was captured while stock companies just go away and no one takes the hit. Lesson? Keep you eyes and ears open at all times.

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