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FDIC Insurance isn't there so that some guy can spend money put into his bank account by accident. What is it with people who think that because someone made a mistake that they can walk away with someone else's money?
This guy AND his family are part of the scourge of modern society that thinks anything goes so long as it doesn't happen to them.
I am thrilled the bad seed got punished and got it good. He should have probably gotten something like that long before now and this wouldn't have happened. As it is, he's just following in the footsteps of other undesirables.
Good riddance.
I agree and great post.
It's stunning that you had to spell that out for anyone. The ignorance of some on this board never ceases to amaze me.
I don't think he should have to pay it back. The bank has insurance to cover this.
Banks create money. When you get a mortgage, they don't use someone else's money
and loan it to you. What they do is write a draft. In essence, they create the debt.
It is no skin off their back, and it's their mistake, and if I were the kid, I'd never pay it back.
After 7 years I would declare bk or some other legal way out.
I have absolutely no tolerance for banks, it's their mistake, not his. They suffer not.
You all are letting the fact that he sole it from a bank cloud your judgment.
Is it OK to steal a car because it's insured?
Is embezzlement OK?
I wonder if this kid has a juvie record.
I hope that I don't know any of you in real life. Some of you are an embarrassment.
Banks .......rob, cheat and steal everyday. I feel he should have been let off. They steal from everybody else(the people) let them be cheated.
Bill Black is a tax expert, a tax law professor, a bank examiner, and a powerful speaker. The U.S. Congress does not like to hear his testimony on how Big banks have defrauded the U.S. taxpayer. At all.
However , please watch the You tube video, on Bill Black when interviewed by Bill Moyers. Bill Black will open your eyes. Congress does not like to hear his testimony
because To many will be imlicated. So,Avoid his testimony, sweep it under the rug...
From his book, "The Best way to Rob a Bank is to Own One". The recent "Great Recession" was caused by bankers defrauding people. Granting mortgages to people without jobs or income. Banksters as Black calls them. For the commissions.
Then- Selling portfolios grouped with good mortgages and these toxic mortgages mixed together, purposely. For the sales commissions. All , all, within banking, know this was a fraudulent practice within the banking industry.
Bill Black was a bank investigator for the federal government. He is extremely disliked within the banking industry also,by many , for his exposure of fraudulent banking practices. There are many other factors involved to make this fraud at high levels possible, rules deregulation in the industry being the worst. Done in D.C. through lobbying efforts. Mortgage banking and investment banking are separate entities (were), after the lessons learned during the Great Depression laws were enacted that prevented this mixing of the public and private sector banking. That has changed back to the way it was.
A "credit default swap" is a financial instrument to bail out those same investors whom had invested in subprime toxic mortgages ( mortgages fully expected to fail). In other words---If these investors huge purchases with the bank failed- the bank would simply give them their money back through the "credit default swap". It was like insurance against the financial failure of the subprime investment which was known beforehand --would inevitably fail by these investment firms. Yes insurance....for not cars but for money. The money was stolen and the "insurance "
paid the money back to the investors. The collapse of the banking industry was inevitable.
Next came the bailouts for the banks "too big to fail". By whom? By the taxpayers. Us. Worse yet. This mess caused a worldwide recession, Greed did this.
This is, of course an extremely overly simplified and abbreviated version of what happened at the highest level of Wall street investment firms. The story is entirely too long to write here, but it was fraud, in the words of Bill Black...."Fraud is defined as the creation of of trust and then violating that trust". In the highest levels of the banking industry.
Professor Black is telling the public about this and the banks do not want us to know. John and Jane Q. Public do not care. They think like you , innocence is bliss.
Yes it is OK to steal if no one sees it, mochamajesty. Through insurance.
You live with your eyes closed with an innocence gained through being uninformed. This was theft on an immense scale. Car theft is insignificant. Grand theft auto vs.
Grand Theft of the taxpayer.
"Bernie Maddox was a piker , knew nothing about how to steal money with his ponzi scemes," says Bill Black. Watch this Bill Black interview if you care.
I am also glad..... that you do not know me, too. You embarrass yourself. mochamajesty.
Quote:
Originally Posted by mochamajesty
You all are letting the fact that he sole it from a bank cloud your judgment.
Is it OK to steal a car because it's insured?
Is embezzlement OK?
I wonder if this kid has a juvie record.
I hope that I don't know any of you in real life. Some of you are an embarrassment.
Banks .......rob, cheat and steal everyday. I feel he should have been let off. They steal from everybody else(the people) let them be cheated.
However , please watch the Youtube video, on Bill Black when interviewed by Bill Moyers.Bill Black will open your eyes. Congress does not even like to hear his testimony. To many will be involved. Avoid his testimony.
From his book, "The Best way to Rob a Bank is to Own One". The recent "Great Recession" was caused by bankers defrauding people. Granting mortgages to people without jobs or income.
Then- Selling portfolios grouped with good mortgages and these toxic mortgages mixed together, purposely. For the sales commissions. All , all,within banking, know this was a fraudulent practice within the banking industry.
Bill Black was a bank investigator for the federal government. He is extremely disliked within the banking industry also,by many , for his exposure of fraudulent banking practices. There are many other factors involved to make this fraud at high levels possible, rules deregulation in the industry being the worst. Done in D.C. through lobbying efforts. Mortgage banking and investment banking are separate entities (were)
, after the lessons learned during the Great Depression. That has changed back to the way it was.
A credit default swap is a financial instrument to bail out those same investors whom had invested in subprime toxic mortgages( mortgages fully expected to fail). In other words---If the investors purchase with the bank failed the bank would give them their money back through the "credit default swap". It was like insurance against financial failure of the subprime investment which was known beforehand --would inevitably fail. Yes insurance....for not cars but for money. The money was stolen and the "insurance "
paid the money back to the investors.
Next came the bailouts for the banks "too big to fail". By whom? By the taxpayers. Us. This mess caused a worldwide recession, Greed did this.
This is, of course an extremely overly simplified and abbreviated version of what happened at the highest level of Wall street investment firms. The story is entirely too long to write here, but it was fraud, in the words of Bill Black...."Fraud is defined as the creation of of trust and then violating that trust". In the highest levels of the banking industry. Professor Black is telling the public about this and the banks do not want us to know. John and Jane Q. Public do not care.
Yes it is OK to steal if no one sees it, mochamajesty. Through insurance.
You live with your eyes closed in an innocence gained through being uninformed. This was theft on an immense scale.
"Bernie Maddox was a piker" , knew little about how to steal money with his ponzi scemes, says Bill Black. Watch this interview if you care.
I am also glad..... that you do not know me, too. You embarrass yourself.
It's OK to steal if no one sees it?
Thanks for assuming that I knew none of this.
But none of what you posted makes him spending that money OK.
And I embarrass myself by having morals and knowing right from wrong?
Screwed up.
Last edited by mochamajesty; 03-15-2015 at 06:06 AM..
For him to be a thief, he would have had to have stolen it.
I say this having never stolen anything. But this case is different.
When he spent the money he stole it. If he had simply left it untouched in the account it would have continued to simply be a bank error waiting for correction.
Why should he have to pay it back or be punished at all? The bank's the one who screwed up.
Because it's still the responsibility of the person to turn the money over to the bank. It's not like finding $30,000 cash buried in your backyard. It's a bank that will eventually find where the money was mistakenly deposited. Also, it's the right thing to do to turn the money over to it's rightful owner.
But none of what you posted makes him spending that money OK.
And I embarrass myself by having morals and knowing right from wrong?
Screwed up.
It's easy to have morals on an anonymous message board. This reminds me of all the posters who mercilessly bash other people who admit to cheating on their spouses on the relationships forum. Since around 50% of married people, men and women, cheat on their spouses, I'm positive some of these bashers are secretly cheating themselves. How many of you would have done the same thing as the kid (or would have if they knew for a fact they wouldn't get prosecuted?) I admit to being weak and a person with very little financial means. I might do the same thing the kid did; I don't know. But there's one kind of person I can't stand; it's a hypocrite, and I know there's a lot of them around here. People in glass houses. . .
I don't have to guess, I've called a bank to correct much smaller errors that were in my favor but I wasn't willing to keep money that I knew wasn't mine. I've also called stores when they have shipped something I didn't order or they sent two instead of one. Most of the time, they say to go ahead and just keep it, it would cost them more in processing and shipping than it's worth to them for me to send back. But I never just keep what doesn't belong to me. I also tell cashiers if they give me too much change, including walking back inside if I've already made it to the parking lot before I realize. I am raising my child to be the same way, and if I want him to be an honest person, I need to model that for him. Don't assume that just because you aren't an honest person without integrity, that others who say they behave differently are lying.
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Banks,Little do you know,
