Archives of “businessman” tag

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Biggest Stock Market Scams in History

  
  Education
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There are so many to choose from that these are the ones from the 1980s and the 1990s. More will follow!

1. Barry Minkow

SCAM: Barry Minkow

A 15-year-old kid, which makes the story all the more worthy. The guy went from nothing to millionaire, with an IPO and hit the big time. Then, he ended up in prison to pay for the dastardly deed. You have to admire him though. A smooth-talking crook as good as they ever get.

He founded ZZZZ Best, a carpet-cleaning and restoration company at the age of 15, in San Fernando Valley. He had trouble making ends meet and despite his idea, he had banks closing down on him at the start because he was under age and minors can’t sign contracts or checks. He joined forces with Tom Padgett and forged documents for carpet restoration, stating that he was working on various projects to make it look like he had business. They set up a company to front the operation, Interstate Appraisal Services. The fake company gave the banks the ‘proof’ that he was raking it in and everybody believed him. Kids don’t lie, do they? The insurance company amounted to some 86% of his revenue. But, that was all fake. The carpet-cleaning company was bone fide, though. He financed his carpet-cleaning business by check-kiting schemes: he wrote checks from account X to finance account Y, and then wrote checks immediately from account Y back to account X and the money (which never existed) just got transferred from one account to another. Child’s play, wasn’t it? Now, don’t go getting any ideas, the banks will find out (one day)! (more…)

The business end of the bible

  
Education, Humour, Life
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biblealoneA Jewish businessman was in a great deal of trouble.
His business was failing and he had put everything he had into the business.
He owed everybody and it was so bad he even contemplated suicide.
As a last resort he went to a Rabbi and poured out his story of tears and woe.
When he finished, the Rabbi said, “Here’s what I want you to do”.
Put a beach chair and your bible in your car and drive down to the beach.
Take the beach chair and the bible to the water’s edge.  Sit down in the chair and put the bible in your lap.
Open the bible: The wind will riffle the pages, but finally the open Bible will come to rest on a page.
Look down at the page and read the first thing you see.
That will be your answer, that will tell you what to do.
A year later the businessman went back to the Rabbi and brought his wife and children with him.
The man was in a new custom-tailored suit, his wife in a mink coat, the children shining.
The businessman pulled out an envelope stuffed with money out of his pocket, gave it to the Rabbi as a donation in thanks for his advice.
The Rabbi recognized the benefactor, and was curious.  “You did as I suggested?” he asked.
“Absolutely”, replied the businessman.”
“You went to the beach?”
“Absolutely”.
“You sat in a beach chair with the Bible in your lap?”
“Absolutely?”
“You let the pages riffle until they stopped?”
“Absolutely?”
“And what were the first words you saw?”
“CHAPTER 11”.
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