Tim Durham

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CNBC Blinded By Lavish Lifestyle Of Another Alleged Ponzi Schemer

Zachary Roth | December 1, 2009, 2:47PM

Tim Durham

Jon Stewart has already cornered the market on lampooning CNBC for the chronic lack of skepticism that characterized its coverage of the financial world during the boom years.

But the network's failure wasn't just a case of cheer-leading for Wall Street banks that made bad bets on the housing market. Both before and after last fall's financial crisis, CNBC has lavished fawning coverage on several high-flying financiers who later, say prosecutors, turned out to be little more than frauds. And this past week offered the latest example.

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Topics: Allen Stanford, Angelo Mozilo, CNBC, Countrywide, Financial Crisis, Jon Stewart, Media, Tim Durham, Wall Street

Latest High-Flying Accused Ponzi Schemer Has Ties To Indiana Guv

Zachary Roth | November 30, 2009, 2:06PM

Tim Durham

Meet the latest high-living accused Ponzi schemer with close ties to Republican politicians. That would be Tim Durham, the flamboyant Indianapolis-based owner of Fair Finance Co., and ally of Governor Mitch Daniels...

In court papers filed last week by the Feds and examined by TPMmuckraker, Durham was accused of using money from new purchasers of his company's investment certificates to pay off earlier investors, thereby thereby "lulling the earlier victims into believing that their money was being [handled] responsibily." The filing followed an FBI raid last Wednesday on Durham's Indianapolis office.