Dave, you are so correct! It burns me up that most times when you see an embezzlement scheme, a Madoff fraud scam, or politicians on the take, they basically get a slap on the wrist. The legal system needs to take a harder stance to help prevent future attempts at theft.
At least Madoff got a pretty stiff sentence, but most of these bums get off pretty light. One of my favorite shows is CNBC’s “American Greed”. I watch those shows and see these guys swindle hundreds, sometimes thousands of people out of hundreds of millions of dollars, many times these poor folk’s life savings, and they get a couple of years after ruining hundreds of lives. Makes me sick. Always reminds me of two things. 1) If a deal sounds too go to be true, it usually is. And 2) Never put all or too much of your assets into one asset or firm. Some of the people ripped off were screwed in part due to their own greed, but none deserved what happened to them. Lock these kind of people up for along time to deter them and others like them.
Dave, I have told the same thing to a prospect who said he got his insurance for half of my quote. Every time, the deal was too good to be true and it backfired on them.
How many cases have we seen where the high salaried pro athletes lose all of their money to schemes and end up broke after they retired? I saw one on Dan Marino where he invested and bought over a million shares of a company that went belly up. Now, all he has is his NFL retirement and doing commercials for Nutri-systems.
There are dozens of stories just like Marino’s. I think there’s a website somewhere out there which goes over the athletes. Every certified player agent should be required to also be a certified financial planner to give these guys decent advise. I’m usually not a regulation type of guy, but after seeing all these athletes piss away their fortunes on dumb investments or outright scans it changes my mind. But again, the best adviser one can find is a well educated self. Another area our public education system has failed us.
April 1, 2016 at 5:15 pm
Agent says:
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Dave, I saw one the other day on 20 athletes that lost it all. Most were football players who have to be the dumbest of all professional athletes. Wild spending, multiple marriages that failed with the spouses taking them to the cleaners, bad investments with real estate that went bust. Lawrence Taylor another example of complete stupidity. Broke with only a pension now.
April 4, 2016 at 4:38 pm
Realist says:
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Some people are so greedy they believe anything, even stuff too good to be true.
April 1, 2016 at 2:45 pm
Agent says:
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These guys are without morals, ethics and have no conscience. I agree that while collar crime should carry heavy duty sentences and in general population, not a country club prison.
Seriously? 1 1/2 years is an absolute joke. When the justice system starts getting their act together, then perhaps they will start handing down appropriate sentencing.
The biggest scam in history was the sub-prime mortgage mess which almost bankrupted the country and we still haven’t recovered from it no matter how many recovery summers we have had the past 7 years. I am amazed that Progressives seem to think 2 to 2.5% is a good growth factor and they swallow the bogus employment figures hook, line and sinker and everyone knows that 90 million adults not in the workforce is not a good thing.
Yes, these sentences are a joke. Prison should be prison and a deterrent. I see little difference between causing someone a lifetime of medical expenses, mental cruelty & bankruptcy and homelessness(from physical injury) and that of intentionally stealing someone’s life savings accumulated over a lifetime of hard respectable work. The white collar prisons should be done away with. The punishment needs to fit the crime. Stealing someone’s life savings means to me a lifetime of prison or some meaningful equivalent. Maybe then these folks will think twice and re-evaluate what moral compass they have and use their intelligence to earn a living in a honorable & respectful way.
As for athletes and investing, you would think that they would learn from one another’s mistakes. There are athletes that have done well and that is because they take the time to educate themselves and put a value on their earnings and understand that their athletic career has a short shelf life. Its hard to feel sorry for these people when they are doing what they love and getting paid tons of money to do it and for those precious few, are in the history books of their sport regardless of the size of their bank account.
1 1/2 years in prison? That’s it? No wonder people still do so much white collar crime.
Dave, you are so correct! It burns me up that most times when you see an embezzlement scheme, a Madoff fraud scam, or politicians on the take, they basically get a slap on the wrist. The legal system needs to take a harder stance to help prevent future attempts at theft.
At least Madoff got a pretty stiff sentence, but most of these bums get off pretty light. One of my favorite shows is CNBC’s “American Greed”. I watch those shows and see these guys swindle hundreds, sometimes thousands of people out of hundreds of millions of dollars, many times these poor folk’s life savings, and they get a couple of years after ruining hundreds of lives. Makes me sick. Always reminds me of two things. 1) If a deal sounds too go to be true, it usually is. And 2) Never put all or too much of your assets into one asset or firm. Some of the people ripped off were screwed in part due to their own greed, but none deserved what happened to them. Lock these kind of people up for along time to deter them and others like them.
Dave, I have told the same thing to a prospect who said he got his insurance for half of my quote. Every time, the deal was too good to be true and it backfired on them.
How many cases have we seen where the high salaried pro athletes lose all of their money to schemes and end up broke after they retired? I saw one on Dan Marino where he invested and bought over a million shares of a company that went belly up. Now, all he has is his NFL retirement and doing commercials for Nutri-systems.
There are dozens of stories just like Marino’s. I think there’s a website somewhere out there which goes over the athletes. Every certified player agent should be required to also be a certified financial planner to give these guys decent advise. I’m usually not a regulation type of guy, but after seeing all these athletes piss away their fortunes on dumb investments or outright scans it changes my mind. But again, the best adviser one can find is a well educated self. Another area our public education system has failed us.
Dave, I saw one the other day on 20 athletes that lost it all. Most were football players who have to be the dumbest of all professional athletes. Wild spending, multiple marriages that failed with the spouses taking them to the cleaners, bad investments with real estate that went bust. Lawrence Taylor another example of complete stupidity. Broke with only a pension now.
Some people are so greedy they believe anything, even stuff too good to be true.
These guys are without morals, ethics and have no conscience. I agree that while collar crime should carry heavy duty sentences and in general population, not a country club prison.
Seriously? 1 1/2 years is an absolute joke. When the justice system starts getting their act together, then perhaps they will start handing down appropriate sentencing.
remember savings and loans debacle? white collar jails and all that
The biggest scam in history was the sub-prime mortgage mess which almost bankrupted the country and we still haven’t recovered from it no matter how many recovery summers we have had the past 7 years. I am amazed that Progressives seem to think 2 to 2.5% is a good growth factor and they swallow the bogus employment figures hook, line and sinker and everyone knows that 90 million adults not in the workforce is not a good thing.
Yes, these sentences are a joke. Prison should be prison and a deterrent. I see little difference between causing someone a lifetime of medical expenses, mental cruelty & bankruptcy and homelessness(from physical injury) and that of intentionally stealing someone’s life savings accumulated over a lifetime of hard respectable work. The white collar prisons should be done away with. The punishment needs to fit the crime. Stealing someone’s life savings means to me a lifetime of prison or some meaningful equivalent. Maybe then these folks will think twice and re-evaluate what moral compass they have and use their intelligence to earn a living in a honorable & respectful way.
As for athletes and investing, you would think that they would learn from one another’s mistakes. There are athletes that have done well and that is because they take the time to educate themselves and put a value on their earnings and understand that their athletic career has a short shelf life. Its hard to feel sorry for these people when they are doing what they love and getting paid tons of money to do it and for those precious few, are in the history books of their sport regardless of the size of their bank account.
that explains why I’m still having QBE rating platform issues. Nothing got done. Go figure.