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Gullible, Not Greedy

July 23, 1989

In his letter about American Continental's sale of notes to Lincoln Savings customers, T. Bruce Graham makes some invalid assumptions ("It Was Risky Business," July 16):

He wrote, "I am quite sure a prospectus accompanied the offer." That's wrong, at least in my case and in those of other note buyers with whom I have spoken. I did not receive a prospectus until two weeks after I had invested. The office was conveniently out of them. And even then, the prospectus gave no indication of the risk involved.

Graham also says investors' vision was "blurred" because of the high interest rates. I don't know about Graham, but it would take considerably more than a 1% difference to fog me over. No, we who purchased the notes were not a bunch of wild-eyed "high interest chasers," as Graham calls us. We were just ordinary people who got flimflammed.

JAMES F. RYAN

Van Nuys

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