Face the State

The Rocky Mountain News Web site lit up with reader responses this morning after the paper reported on its front page today that KOA talk show host and Rocky columnist Mike Rosen had lost "seven figures" of his retirement account in a fund managed by Agile Group, a former sponsor of his radio show.

RosenFTS File Photo

With Rocky editor John Temple appearing on the show, Rosen defended his decision to invest with Agile, saying that he "put my money where my mouth is with my investments."

Rosen also questioned the credentials of Rocky reporter James Paton. While Rosen conceded that Paton reported Rosen's comments accurately, he said that he spent about 45 minutes educating Paton on the intricacies of the nation's recent market failures. Rosen, who holds an MBA from the University of Denver, said it was clear that Paton hadn't earned an advanced business degree or held an important position of responsibility at any major business.

According to the Rocky's report, Rosen "began investing with Agile about a decade ago after speaking at the firm's annual meeting. He said he wanted an alternative to stocks, and Agile offered a strategy designed to limit risk and protect principal." Rosen was paid by the investment firm until the last year to share how his investments had prospered.

Temple lauded Rosen's willingness to speak with the paper, and callers eagerly chimed in, with one giving Rosen "kudos" for declining to whine about his predicament.

"Of course I made a mistake and I'm not looking for any sympathy," Rosen told another listener who questioned his relationship with show sponsors. "I believed in these guys, just like investors across the country believed in these guys."

According to Rosen, Agile may have been a victim of national scams perpetuated by alleged fraudster Bernard Madoff and Minnesota businessman Tom Petters, who together are accused of bilking billions from investors across the nation.

And for Rosen's foes, many of whom attacked him on the Rocky's Web site, his losses may mean that Denver will see more of him in the years to come.

"I might have to work for more years than I had planned and I might not be able to retire as comfortably as I had planned," Rosen told Paton, while still ringing in a somewhat optimistic tone with his listeners. "This certainly isn't the Great Depression or the Dust Bowl...I'm not jumping out of a plane."