Lester a good man | TheUnion.com

Lester a good man

I read with much dismay the article about Phil Lester and the financial losses incurred by him and so many other good people. It’s tragic when anyone loses all or part of their life savings.

Truth be told though, in private lending borrowers usually pay higher interest rates, and lenders receive higher returns. But greater return means greater risk. Earning 10 to 12 percent (with banks now offering a paltry one percent or so), does not come without peril. When a market like real estate crashes, unfortunately almost everyone loses.

I’ve known Phil Lester for many years, and I’ve had one major financial dealing with him. I found Phil to be truthful, forthcoming, and genuinely concerned with the welfare of his clients. Note that Phil used his personal funds to compensate investors for their loss. Did your broker offer you a personal refund when the stock market tanked in ’08?

We all make mistakes, but what really counts is our intent. A wise man said that when you leave this life, you take with you only the character you’ve developed. I believe Phil Lester is a man of superb character who’ll have a lot to take with him when he leaves.

Steve Weber

Nevada City

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