Tuesday, May 5, 2009

It's Not Exactly Law & Order SVU...

Bloomberg sheds some light on two professional aspects that are thriving in this jolly good ride we call the United States economy: bankruptcy and fraud.

Lehman. Madoff. Stanford. These are just the sexy ones. Nobody hears about the measly $255 million that WexTrust Capital, LLC allegedly swiped or Sentinel Management Group allegedly using investor money to try and secure a $500 million line of credit while it was losing nearly a $1 billion.

After the poo hits the fan, trustees and receivers get to sell off all the office furniture for cents on the dollar and scramble all over the blue marble trying to find every last dollar that is stashed in a closet in Panama City.

It's nice to know that bean counters, lawyers, etc. are out there looking out for their fellow now broke-as-shit Americans.

The other thing I've noticed is that there's always a cherry on top in these situations. Examples range from the highbrow, like millions spent on priceless artwork, to thousands spent on strippers in a few hours. Really puts the swindled into an even better place.

Someone's entire life savings ended up going to a USC student that went by "Candy" in a few hours in Vegas. Great. Just great.

Bankruptcy Sleuths Find Cash in Trader Receipts for Lap Dancers [Bloomberg] Sphere: Related Content

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