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According to the Wall Street Journal, Brian McClain, a Kentucky rancher, ran a Ponzi scheme that cost investors and bankers $170 million. The fraud could have been caught many years earlier.
Lending on livestock, done properly, requires periodic livestock inspections. Rabo AgriFinance was McClain's primary lender, but Rabo loaned McClain millions without any cattle inspections for four years.
In addition, Rabo's own files noted that McClain was frequently overdrawn millions of dollars and known for check kiting. Instead of foreclosing, they loaned him millions more.
Rabo's alleged negligence cost the bank and investors millions of dollars.
1 Corinthians 4:2 says, "Now it is required that those who have been given a trust must prove faithful."
If you're responsible for company resources, do the required work to prove faithful.
Faithful leadership was never intended to be walked alone. UBM Membership helps Christian business leaders grow in wisdom, integrity, and community. Explore Membership.
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