“Not a Beer” Also “Not Hard to Fool” Apparently

We’ve discussed on several occasions the fascinatingly weird background of Republican Joe “Not a Beer” Coors, particularly his self-proclaimed hobby of biblical prophesizing. With that in mind, we found this story from Al Lewis of FOX Business News to be particularly ironic.

You don’t need to have any special ability to see into the future to have known that this “investment opportunity” was not going to work:

Brewery scion Joe Coors gave millions in 2002 to con artists who promised him a 75% weekly return.

That is not a typo. Mr. Coors was pitched a 75% WEEKLY return, and he bought it. Now he’s running for Congress, touting credentials as a “common sense” businessman…

… In 2002, Joe Coors ran across a couple of seemingly obvious crooks who were offering one heck of a deal–75% weekly returns for investors big enough to put down at least $10 million. Mr. Coors and a partner put $40 million into a Merrill Lynch account with the potential to borrow another $20 million on the margin. They then gave the crooks access to the account.

This is all according to documents filed in U.S. District Court in Denver in some civil and criminal cases, as well as a complaint filed by the U.S. Securities and Exchange Commission against the perpetrators.

The entire article is well worth the read, in part because Lewis goes to great lengths to explain that he tried to get the story in Coors’ own words but was rebuffed by the campaign. We can’t say we blame Michelle Yi, Coors’ communications director, for not making the candidate available for questions. After all, there really is no explanation for how you fell for a scheme with a promised 75% weekly return on investment.

The idea that any responsible businessman adult would realistically expect a 75% per week return on their investment, and not have it be some kind of scam, is very difficult to comprehend, well, by any responsible businessman adult. This is a story that will be severely injurious to Coors with pretty much everyone who hears it–limited only by the fact that fewer have heard about it, and the full wackiness may not be as clear to voters without investment experience.

We suppose it could be worse. They could have promised Joe Coors the Brooklyn Bridge.

20 Community Comments, Facebook Comments

  1. ArapaGOPArapaGOP says:

    This is like attacking Enstrom for a charge that was dismissed. Joe Coors was the VICTIM, and you write the story like he was the PERPETRATOR. What the hell is wrong with you, Pols? Don’t these facts even matter to you anymore?

    Al Lewis is a liberal who happens to have landed a spot as a business columnist. That doesn’t make what he says gospel.

    • Duke Coxdukeco1 says:

      They are pointing out how stupid you must be to believe you could get a 75% WEEKLY return on ANY investment that wasn’t illegal.

      But since you don’t get that, it just proves you might be stupid enough to fall for it, too.

    • AristotleAristotle says:

      … that CD7 should be represented by a man who is taken in by easy scams?

      Sounds to me like he needs to be screened for Alzheimer’s. That’s no slight on the man, but it would make him medically incompetent for the important job of Representative to the U.S. Congress.

    • parsingreality says:

      ….to prove how STUPID you are.  And provide another sterling example of how Republicans will say anything, do anything to support the candidates no matter how STUPID they are.

      Oh, wait, I’m starting to see a connection here.  

    • DenLawyer says:

      ArapaGOP, if Joe Coors cannot sniff out “a couple of seemingly obvious crooks who were offering one heck of a deal–75% weekly returns for investors big enough to put down at least $10 million” do you really want him in Congress?  Can you imagine what a field day lobbyists would have with him?

    • OldAuroraDem says:

      Granted, Mr. Coors was the victim of this scam, but two issues remain. 1) No sane businessman truly believes he can reap a 75% weekly ROI. 2) As the judge pointed out, the victims and the perpetrators were guilty of the same thing — GREED! The perps were sentenced to prison, and Coors was given the right to live with his delusions.

  2. Duke Coxdukeco1 says:

    a “must read” by Chris Hayes.

    Nearly all the commentary on Americas’ growing inequality focuses on ways in which skewed distribution of income and wealth is bad for those on the bottom of the pyramid: the way it leads to stagnating wages and competition for scarce positional goods, how it alienates the middle and working classes and the poor. But we largely ignore the effect of extreme inequality that may, in the long run, prove to be the most destructive: the way it makes those at the top of the social pyramid worse.

    You really ought to read this book.

  3. ScottP says:

    This makes me want to cry.

    Although it does make me want to ask Joe Coors for $50k just to see if he says OK.

  4. st0ry says:

    Maybe they were investing in a Columbian submariner training facility…. Or as the other posters have noted “cocaine”.  Those types of investments might have that kind of return, but anything legal…. No way.

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