$100,000,000 international bond swindle uncovered in Pensacola

It was a time when there were no rules governing the sale of tax free bonds. From 1971 until 1973 I was part of group known as the "Memphis Bond Daddies". We sold tax free, bearer bonds over the phone. Our home base was Pensacola, Florida. The deregulation of the stock brokerage business in the 1970's and the huge bear market made it so that brokers could not sit behind their desks waiting for the phone to ring. They had to adapt the "cold calling" techniques perfected by the bond daddies.

Today huge investment banks have managed us out of our retirement funds. Trillions have been lost, and like in the days of the bond daddy, no one will go to jail. Insurance companies sell insurance without anything to pay claims. The smart guys on Wall Street believe, if they don't get caught, it must be legal. Lawmakers get their lifeblood contributions from big firms and big banks. The regulators are young lawyers, looking to get a big paying job with the firms they are regulating.

This is the account of my three years as a "Bond Daddy", and how we started it all.