The saying “There's a sucker born every minute.” has been kicking around since the late nineteenth century. The indomitable American “can do” attitude has made that adage an extremely lowball estimate. I watched a video clip on Crooks & Liars the other day excerpted from Cashin' In, a Fox News program hosted by Eric Bolling. It weirded me out so much I had to click on over to the Fox News website and watch the entire segment. I’ve never done that before. I don’t have the stomach lining for Fox. But this was so compelling I had to.
But first …
We’ve all received the scam email about helping a wealthy Nigerian move his millions out of the country into American banks. If you agree to help the guy out you get to keep a huge percentage of the money. The cost to victims of these advance-fee frauds like the Nigerian bank scam went from $100 million in the U.S. in 1997 to an estimated $6.3 billion in 2008 and $9.3 billion in 2009 worldwide.