Ajit Pai’s ex-advisor gets five years in prison for lying to investors
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Rich people seem to be able to get away with almost anything.
Except cheating other rich people out of money. That is a big no no.
Except cheating other rich people out of money. That is a big no no.
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Right after he leaves office and gets that cozy DC Lobbying job?
Don't you all miss Wheeler now? /sigh
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Perennial shitposter Richard Bennett's distinguished colleague, ladies amd gentmemen!
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I can’t even conceive of the self-delusion required to convince oneself that forging contracts is worth it. She must’ve thought she was a negotiation wizard and could will into existence her heart’s desire.
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Hopefully, Pai will be the first FCC chair to NOT be invited to join the Aspen Institute: https://www.aspeninstitute.org/news/pre ... institute/ .
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Happens all the time.
Mikael Meir who teaches business ethics, and spent time in a Canadian prison for insider trading, gave a speech at Google and talks about every year in his ethics classes he asks his students 'If you were told you could make $50 million in an insider trading transaction, and wouldn't get caught, would you do it'. Something like 80% of people he asks that question to says 'Yes, absolutely'. (it is right at the very beginning so I am not going to put a link to the specific time)
https://www.youtube.com/watch?v=nHiomRwhI0M
So you talk about conceiving of the self-delusion, apparently around 80% of the public all have that same delusion. Simply because someone tells them 'Oh sure you won't get caught, they'll never know, we can cover our tracks and get good enough lawyers'.
Basically people are idiots.
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This sounds a lot like the Qwest playbook of convoluted deals to make it look like all the dark fiber they had run was actually generating revenue.
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It always amazes me when this happens with notionally sophisticated investors.
While I wouldn’t want to give the impression that receivables financing fraud - procuring loans or investments based on non-existent, fraudulently modified or already hocked to other lenders contracts that appear to guarantee a future cash flow - is common; it is A Thing That Happens.
Consequently, it’s basic due diligence to contact the counterparty to confirm the existence of the contract(s) and the terms. You also may need to get its express consent if it’s a secured financing and might want some undertakings from it (e.g. not to terminate without giving you a chance to rectify any defaults). If the company seeking funds doesn’t consent to you talking to the counterparties, spouting BS about confidentiality most commonly in my experience, that’s a huge red flag and I’d be obliged to warn the client accordingly. Hell, in many jurisdictions investigating the counterparty is not just good practice; it’s go-to-jail-if-you-don’t-do-it required under anti money laundering laws.
The sheer incompetence on the part of whichever investment officers signed off on getting taken for nine figures by one of the oldest scams in the book is mind boggling to me.
While I wouldn’t want to give the impression that receivables financing fraud - procuring loans or investments based on non-existent, fraudulently modified or already hocked to other lenders contracts that appear to guarantee a future cash flow - is common; it is A Thing That Happens.
Consequently, it’s basic due diligence to contact the counterparty to confirm the existence of the contract(s) and the terms. You also may need to get its express consent if it’s a secured financing and might want some undertakings from it (e.g. not to terminate without giving you a chance to rectify any defaults). If the company seeking funds doesn’t consent to you talking to the counterparties, spouting BS about confidentiality most commonly in my experience, that’s a huge red flag and I’d be obliged to warn the client accordingly. Hell, in many jurisdictions investigating the counterparty is not just good practice; it’s go-to-jail-if-you-don’t-do-it required under anti money laundering laws.
The sheer incompetence on the part of whichever investment officers signed off on getting taken for nine figures by one of the oldest scams in the book is mind boggling to me.
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Always steal from the poor. They don't have the money to fight back and if they try, well, the legal system hates them.
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Come on baby, eat the rich,
Put the bite on the son of a bitch,
Don't mess around, don't give me no switch,
C'mon baby eat the rich
C'mon baby eat the rich
(Motorhead)
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Trump’s folks… draining the swamp by dredging out the bottom dwellers and installing them in high positions.
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Georgia teen gets 5 years for stealing a pair of sneakers (used a gun), did not hurt anyone.
Elizabeth Ann Pierce gets 5 years for committing fraud and other unsavory acts, inflicting damage orders of magnitude higher than the Georgia teen previously mentioned.
...If you have to guess the wealth and racial differences at play, you haven't been paying attention.
Elizabeth Ann Pierce gets 5 years for committing fraud and other unsavory acts, inflicting damage orders of magnitude higher than the Georgia teen previously mentioned.
...If you have to guess the wealth and racial differences at play, you haven't been paying attention.
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Eat the rich
There's only one thing that they are good for
Eat the rich
Take one bite now - come back for more
Eat the rich
I gotta get this off my chest
Eat the rich
Take one bite now - spit out the rest
(Aerosmith) (This is fun)
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What's the difference between a catfish the 45th president?
One is a scum-sucking bottom feeder, the other is a fish.
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I had to re-read the first paragraph as it almost appeared to state that Agitate Pai has been charged, but no such luck. Beyond that, I am not the least bit surprised by this. If Pierce is Republican, then she is the rare case of not having the magic R work for her. A reckoning with corporations and their political cronies is long overdue. When our nations goes back to handling corporate heads like this is what will make America Great Again.
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I'll have to remember that one, though I remain partial to this one.
Trump drained the swamp, as he promised.... he just failed to mention that he would be filling the newly-drained swamp with untreated sewage.
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Let's throw in some toxic coal slag for good measure....No such thing as global warming!
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And trivia time, the band members of Aerosmith have a net worth in and around 500 million USD. Not sure I would want to eat any of them mind you!
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My wife got a Bachelor's in business management, and the one class she had the hardest time with was "Business Ethics".
It's not that my wife is unethical. It's that they teach people to be more self-serving and cutthroat than ethical. The idea (in a nutshell) was to not care what ramifications a policy might inflict as long as it improved the bottom line.
She went on an got a doctorate in another field. She's simply too ethical to be a business person, if that's what it takes to be "successful".
Given that, it doesn't surprise me that 80% of his students would do something illegal if they thought they could get away with it and reap huge rewards. The risk/reward there is obvious, if you don't have any sense of actual ethics to begin with.
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The fact that a Democratic Republic basically has an unwritten rule that your ability to exercise and protect your rights is inversely weighted by your income level is appalling. Our legal system is overdue for a do over.
Unless both parties in a case are corporations, all cases should be handled by public defenders and public prosecutors. To ensure that happens, all attorneys should be required to serve as public attorneys for a set number of years before being permitted to enter into private practices. That method will prevent the case overload that we have seen over the past several decades.
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You don’t just eat him, you do it kinda like thin jerky strips and just suck on them in your mouth to get all the drugs out.
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I'm quite curious why she did it - it seems like such a risky scam. Was she that hard up for cash? I'd rather be job hunting than hiring a defense attorney, 10 times out of 10.
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Many, if not most, upper middle and upper management persons, particularly in large corporations are sociopaths. If I recall correctly, Ars had an article or two on this.
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For half a moment after reading the title I thought the article was about him instead.
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