An Irishman Breaks Down Modern Kleptocratic Ponzinomics

» 09 December 2010 » In Crime, money, People »

An Irishman Breaks Down Modern Kleptocratic Ponzinomics

Irishmen have always had a way with words. Listen someone finally telling the truth about the economy:

Via Zero Hedge

In other financial news:

Goldline Hired 3 ‘Boiler Room’ Salesmen Sued By SEC

Congress will open hearings Thursday into the controversial sales practices of Goldline, the precious metals dealer that pioneered the practice of weaving its sales pitches into broadcasts by popular conservative political personalities such as Glenn Beck, Mike Huckabee and Fred Thompson.

Rep. Anthony Weiner, the New York Democrat who called the hearings, described Goldline sales tactics as a “profound rip-off” in an interview with ABC News. He plans to focus on methods that have turned the sale of gold coins into a multi-million-dollar bonanza for Goldline and other firms, especially in recent years as economic uncertainty has turned gold into a hot investment. The company, which is sending a top executive to testify, has said Weiner’s attacks are motivated by “a political agenda.”

But ABC News has learned the hearings may also draw attention to some of the controversial figures involved in the company, and activities they engaged in prior to taking jobs on the Goldline sales force.

Among them are three Goldline sales associates who were taken to court in the 1990s by the Securities Exchange Commission on allegations that they used deceptive mass mailings and what are sometimes called “boiler room” tactics to defraud 115 mostly elderly investors out of $1,180,000 over 13 months, according to court records. The scheme allegedly involved selling shares in a 1-900 telephone line. Investors were allegedly promised 24 percent returns after a four-month period or a 203 percent return after a sixteen-month period — estimates the SEC called highly misleading and false, the court papers say.

Paul Land, Charles Boratgis and Morrey Wasserman settled the case without conceding guilt, but agreed to return all the money they had been accused of obtaining through their allegedly fraudulent scheme.


Anyone who knows me personally will find the humor in me posting that. Anyone else? You better ask somebody.

The Rest is Up to You…

Michael Porfirio Mason
AKA The Peoples Champ
AKA The Sly, Slick and the Wicked
AKA The Voodoo Child
The Guide to Getting More out of Life

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5 Comments on "An Irishman Breaks Down Modern Kleptocratic Ponzinomics"

  1. The G Manifesto
    MrNever Wear the Same Shoe Twice
    09/12/2010 at 4:38 pm Permalink

    Sounds like a good heist

  2. The G Manifesto
    09/12/2010 at 7:52 pm Permalink

    Great interview! Really laid it out raw.

  3. The G Manifesto
    05/01/2011 at 8:27 pm Permalink

    Not a bad interview but we shouldn’t really get mad at the bankers making huge bonuses… they are just hustling. We should get angry at the Federal Reserve for allowing the banks to make billions AND then bailing them out when they screw up.

    Everyone needs to buy gold now! There is no bubble, commodities are where its at.

  4. The G Manifesto
    14/01/2011 at 8:21 am Permalink

    Solid post!

  5. The G Manifesto
    14/01/2011 at 8:29 am Permalink

    Love it. Read also Matt Taibbi’s book and couldn’t agree more about the greed ruining the world right now.

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