As PZ Myers reported a little while ago, the latest scam from Answers In Genesis is to sell junk bonds to gullible investors—bonds that AiG has no binding obligation to ever pay back. Classic sucker bait, right? Anybody who knows anything at all about investing is going to steer clear of the giant red flags all over this investment.
But there’s a new twist in this sweet little con game. Everyone knows that government bonds are a much more sound investment than ordinary junk bonds. So why not sell your junk bonds through some government office, in order to trick people into thinking they’re getting government bonds instead of junk bonds? Ken Ham apparently has enough inside influence to make it happen.
A city in Kentucky may soon offer $62 million in securities for prospective investors to help aid the completion of a Creationist theme park and replica of Noah’s Ark.
Beginning next month, Williamstown may oversee the amount of taxable securities for investors to the project overseen by Answers in Genesis, reported Brian Chappatta and Priya Anand of Business Week.
Yes, for a mere $100,000 dollars, you too can purchase a “lifetime family pass,” allowing you to enjoy a full day of overcooked french fries and half-baked mythology for as long as the park remains profitable. And if it never does return a profit, AiG gets to keep all of your money, absolutely free.
What does Williamstown get out of all this? Not much, probably, although there might be a short-term benefit to local businesses and contractors while AiG is spending all those anticipated millions building the park. At least the city won’t be stuck with the bill, should all those bonds default.
Mark Looy, chief communications officer for Answers in Genesis, told The Christian Post that since the “bond offering” is offered through rather than by the city, Williamstown “is not at financial risk.”
Investors who are paying attention might notice that this means no, the city isn’t guaranteeing the security of those bonds either. The only contribution the city is making is lending an illusion of government security to investments that could cost you hundreds of thousands of dollars, if you are incautious enough to waste that much money on them.
Like I said, a sweet little scam. The coal mines may be playing out, but you can still make a healthy profit mining people’s gullibility, inattentiveness, and superstition.