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Another Name From The Past Gets His Comeuppance!


Parsad
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This type of stuff is wayyyy more common than you think in the financial world. The majority of the people who still do this past the age of 40-50 have more money than they need but an addiction to accumulation. They are benevolent only when it suits them, IE publicity and recognition. Type of stuff where they give shares at low basis instead of a heartfelt donation. Tip 15% pre tax. Will flip on a subordinate over $100. Cheap AF. Treat their underlings like total shit. Most got their original fortunes ripping off clients, especially the old timers. P&D schemes, "private" investments, non traded REITs, etc. In addition to hefty wrap and RIA fees. There arent many honorable ones out there. And generally, the ones that are, you'll never hear about. 

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21 hours ago, Gregmal said:

This type of stuff is wayyyy more common than you think in the financial world. The majority of the people who still do this past the age of 40-50 have more money than they need but an addiction to accumulation. They are benevolent only when it suits them, IE publicity and recognition. Type of stuff where they give shares at low basis instead of a heartfelt donation. Tip 15% pre tax. Will flip on a subordinate over $100. Cheap AF. Treat their underlings like total shit. Most got their original fortunes ripping off clients, especially the old timers. P&D schemes, "private" investments, non traded REITs, etc. In addition to hefty wrap and RIA fees. There arent many honorable ones out there. And generally, the ones that are, you'll never hear about. 

On a long enough timeframe, every crook ends up being a philanthropist.

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Edited by Spekulatius
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Oh totally. First things I think of in that regard are Al Capone and Frank Lucas handing out turkeys on Thanksgiving. Or guys like Clinton, Trump, Gates heck even Epstein and their "foundations"....the movie Inside Man basically plays Soros. These guys do the scumbag thing to attain crazy amounts of money and then use their wealth to buy publicity and buy a facelift for the "legacy". Fuck them all. I'd rather have a beer with the guy who anonymously puts $20 in the church basket.(although I'd prefer not to go to church LOL)

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The man was just thinking ahead !

https://www.theartnewspaper.com/2020/10/13/steal-and-repeat-why-art-gets-stolen-time-and-again

 

Frans Hals’s Two Laughing Boys with a Mug of Beer (around 1626) was recently stolen for the third time in as many decades, making it the latest high-profile work to become a repeat victim of seemingly targeted thefts. But, when it is notoriously difficult to sell on well-known works even on the black market, who would risk repeatedly targeting such paintings and why?

 

In other examples, it appears that anticipating the authorities catching up with them is exactly the reason why such prime works are appealing to criminals. “One thing I’m seeing more of is the use of such stolen works as a bargaining chip for [reducing] sentences,” says Robert Read, the head of art and private clients at Hiscox. “This trend was noted about a decade ago, but as sentencing gets more creative in the courtroom, it would appear that criminals are viewing it as more of an opportunity—in this case the more publicity and better known a work, the better.”

 

Seems to me that the real value of these paintings, is who else nicked them before you did!

If if happened to be a Frank Costello, or a Carlo Gambino ... well it's really a family heirloom,  and priceless 😀

 

SD

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