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Sorry - but when I'm having a bad day - I have a tendency to take pleasure in someone else having a worse day.

Arthur Laffer - the Republican economist and right wing no new taxes talker and the constructor of Herman Cain's 9-9-9 theory and a keynote speaker for and co-author of reports for the American Legislative Exchange Council - has gotten himself in a little mess.

As reported:

Nashville Bizjournal
Arthur Laffer named in Texas Ponzi suit
.Nashville Business Journal by Eric Snyder, Assistant Managing Editor
Date: Friday, January 13, 2012, 10:15am CST

Arthur Laffer, the supply-side economist famous for his Laffer curve and chairman of Nashville-based Laffer Associates, has been sued in a Texas court.

The lawsuit accuses Laffer of lending his name to fund managers who diverted investments to a business that the plaintiffs describe as a Ponzi scheme, Courthouse News Service reports.

Columbia Journalism Review

— Courthouse News Service reports that famed supply-side economist Arthur Laffer, of the Laffer Curve, is being sued for his involvement in a $3 million Ponzi scheme.

This is the most informative article, with the most detail into all the juicy bits - a few snips

Courthouse News
Investors Say Supply Sider Arthur Laffer Backed a Ponzi

HOUSTON (CN) - Fifty-two investors claim fund managers associated with supply-side economist Arthur Laffer took $3.1 million to prop up a Ponzi scheme, then said nothing as their money was "wasted with no reasonable expectation of recovery."

The plaintiffs seek damages from Wallace, Bajjali, Laffer and their partnerships, alleging negligence, negligent misrepresentation, breach of fiduciary duty, statutory fraud, common law fraud, conspiracy and violations of the Texas Securities Act.

My problems will go away at 5pm.  Don't think Lafffer is going to figure this out before end of business today.

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