sonlymewalter

I used to work for a company where the MD (their son) knew the company was on a sticky wicket. He started to cyphon off the money into family assets. The company eventually filed for bankcruptcy once all the money was diverted and the creditors were left pennyless.

Bit like this lot.....
http://www.realitytea.com/2011/11/01...fraud-lawsuit/

All that glitters is not gold......

Would you do it? Could you sleep at night? Or would your morals of doing the right thing get the better of you?

eddie007

It has historically always been the ruling/ upper classes and aristocrats that did this kind of thing.....

Now the average Joe in the street starts emulating this behaviour everyone cries FOUL!


And no I couldnt sleep at night if I did summit like that.... Every cent spent is earned and not a single cent more

Apart from the mortgage... But I dont count that and I'm NOT about to file bankruptcy....

sonlymewalter

Is it not "foul" whichever class does it?

wonder if the law deals with this properly?

BTW - the company mentioned also stopped paying company pensions whilst syphoning off the money

eddie007

Yup of course it is... Goes unsaid, i would hope...

Its disgusting behaviour.... But i find The history of bankruptsy interesting....

And no one remembers the real victims, those that loose everything...

Like the lloyds thing... Fairly ordinary people lost everything after a select handful had made criminal profits for years..... And got out....

Its pensioners and employees who loose the most and the numbers of people involved just aint funny....

sonlymewalter

agree....which is why i asked the question. can't figure out why banks allow business to borrow huge amounts and why the law doesn't protect this from happeneing so the innocent people aren't conned

eddie007

Banks also allow "ordinary" people to borrow more than they can afford to repay... Its how they make money....

Give some one too much, high interest rates and massive fines for not paying when some one gets into trouble, adding to the outstanding balance and spinning things totally out of control

In case you havent guesed I dont actually own a credit card.... Or have any loans other than my mortgage....

I used to have one in the UK, for emergencies ...... And in the lates 80s I used them unmercifully, but never to spend more than I actually physically had in the bank....

They're DANGEROUS

sonlymewalter

yep, yep, yep and yep....

which is why the banks should be regulated by government...

but then government are given hughe amounts of sponsorship....

oh wait...here we are.....maybe the money just swirls around and the only people who lose out are the poor innocent people in the middle....

eddie007

In the middle and at the bottom too....

sonlymewalter

I meant at the bottom when I said in the middle

eddie007

I can't believe that Bravo are thinking about sacking Carolyne Manzo, because she doesnt bring enough drama to the table

She's the best one of the bunch... The BE moderator of the Real Hosewives of NJ...

The others are SO fake... And she feels relatively real....

sonlymewalter

Agree. She's the sensible one.

that Theresa and the bint with the model kid are fruitloops

eddie007

When I grow up I want to be just like caroline....

IvanM

The issues are complicated and the regulations need to encourage investment through confidence but not over burdensome. Even worse is the behaviour of some liquidators. ASIC has failed numerous times with failed prosecutions and belated interventions.

The banks are half the issue. They love to lend where there is collateral and stuff the shareholders. Babcock and Allco come to mind. The directors made millions.

sonlymewalter

Regulations cannot be put into place as the issues are too complicated and they need to encourage investment?

Liquidator beahviour is worse.

ASIC is crap.

Sorry mate all I hear is blame, blame,blame, blah blah blah.

None of the above is reason not to regulate

sonlymewalter

they're all a bit crazy. I know a few Itallian families and they all follow the same drama lifestyle. Falling out over shit and making up is what they do best. They're all full on drama queens