A Politician Unfit to be Governor
(Editor's note: Phil Goodstein, author and historian, publishes a monthly print-only newsletter called The Naysayer. He also gives us permission to publish it here, for which we are very grateful as his writing lifts the prose of this site considerably, to say nothing of the benefit of his historical insights. The Naysayers next meet on Saturday, February 6, Enzo's Pizza, 3424 Colfax (between Cook and Madison) 5:30 PM.)
by Phil Goodstein
From the time of the Pikes Peak gold rush, Colorado has been a magnet for financial swindlers, con artists, and snake oil salesmen. Not surprisingly, the state was in the vanguard of the savings and loan swindles. It has produced a rich crop of Ponzi scheme perpetrators. The only reason the recent banking crisis mostly skimmed the state's surface is because Colorado's longtime dominant banks-First National, Colorado National, and United Bank-had previously sold out to Wall Street manipulators. Even so, the collapse of the $1 billion New Frontier Bank in Greeley was the country's largest bank failure in 2009. New Frontier's collapse stemmed from bad management, deceit, and swindling. Colorado bank regulators mostly turned a blind eye to such practices as the financial institution's problems escalated.