Billion Dollar Scams

The scams continue to surface. Billions of dollars lost. I find it difficult feeling too sorry for many of those who became victims of the fraud. Numerous wealthy personalities and even members of royalty were attracted to these “get-even-richer” schemes. Now they are forced to sell their mansions, yachts, jewelry and other possessions that were once their status symbols. Some of the scheme enabled the shareholders to place their winnings in tax-free havens. Avoiding tax has been a prime source of monetary gains by the rich while the less fortunate paid the tab. One could equate the payment of millions in bonuses to top level managers as a form of fraud. Executives still took their bonuses even when they knew the company was headed into bankruptcy. Their inside knowledge allowed them to protect themselves at the expense of everyone else.

The economic disaster we are experiencing has some benefits. It will take time to correct the fraud perpetrated upon the millions of tax paying, law abiding citizens around the world. As the saying goes, “You can fool some of the people, some of the time, but you can’t fool all of the people, all of the time.” Accountability will be a strong issue until things get better.
Unfortunately, there will be many who will fall into the same trap as before. Greed is always present and there will always be ready takers.

I would like to know how someone who is high up in the IRS 'forgets' to pay their taxes. Anybody got a handle on that one?

I agree, Abe. It is difficult to sell mansion, yachts, etc., right now, and the greedy people you speak of will join those of lesser means with foreclosed houses.

Someone was speaking of retired people and how they aren't being helped as much as others, and the expert said, "Well, perhaps they'll have to go back to work." Lots of luck. Who is going to hire someone past retirement age when even those in their 30s and 40s can't find work.

All the simple solutions are not there. But if there is the hope that some of these schemes for big money fast go by the wayside for what they really are, that values return to family and friends, we will all be better off.

Carol

The scam at this point would be selling "recession proof" plans, funds, and devices.

I'm thinking of doing a nice little Nigerian Task Shelter myself. Anybody interested send me your email. And all of your friends'.

Funny, Lin.
Actually, the biggest suckers are those who are desperate for funds. They will buy into another scam hoping that it will be that big deal to pull them out of debt. The con-artists know that.
Now if you can come up with a scam to sell to scammers, count me in.

I think some people just don't know who to trust, and right now that is a bigger problem than ever, because almost all those experts who are supposed to know what will happen in the future are admitting they have no idea.

So if someone comes up with a fool-proof scheme for making money, don't trust them!!



Carol

Exactly, Abe. It's like gamblers trying to win their money back. And Vegas will send them a ticket.

I'm just hoping we can get the road to our house repaired. This winter they moved all the utilities to new locations because they are going to take some of the dangerous curves out of this road. You have no idea how bad the potholes are to add to the dangerous curves. Last year after the floods, they rerouted the interstate to this road, and buses, trailers, semis, etc., used it for a few days, not helping the situation.

So I keep hoping since this is a "shovel ready project" that was supposed to be completed in 2006, they'll get to work on it with some of the stimulus money. I'll be waiting with my shovel!!

Carol

Anyone remember the commercial where the guy says, "At Smith Barney, they make money the old fashioned way, they earn it."

I didn't see Smith Barney in any of the scams and don't know if they "earned it" or not, but I like the idea.

Wonder what is happening to all those seminars on how to get rich in the Real Estate market? The promoters made a bundle. I'm wondering what happened to those who leveraged their homes to buy more and more using the success system.

My brother used to say, "I make my money the old-fashioned way: I beat people up and take it."

One night he said that to a girl in a bar and she said. "I make mine even more old-fashioned: I sleep with men and they give it to me."

Both income sources much cleaner, in my opinion, than the mega-scams you're talking about here.