Monday, November 17, 2008

Minnesota Billionaire's Fall from Grace

Tom Petters had it all. Rising from a salary of $30,000 per year in 1990 to a estimated worth of $1B in less than twenty years; he was an astounding rising star who would have a fall even more fascinating.

Over two decades, Petters used his charisma and salesmanship to turn a small liquidation company into a diversified, billion-dollar business with stakes in companies including Polaroid and Sun Country Airlines. He wrote big checks to politicians and pledged millions to universities that named programs and buildings after him.
"I thought that everything he touched turned to gold," said George Wozniak, a Minneapolis travel agency owner who once considered a business deal with Petters. "That's what it looked like."

Read about his fall here.

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