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(MSNBC)   Iowa broker makes his clients $100 million broker   (bottomline.msnbc.msn.com) divider line 36
    More: Dumbass, Iowa, capital requirements, PFGBest, Commodity Futures Trading Commission, Wall Street Journal  
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2235 clicks; posted to Business » on 19 Jul 2012 at 9:14 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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NFA [TotalFark]
2012-07-19 07:48:11 AM
""I have to say I don't feel bad about deceiving the regulators," the note said. "They made the decision to be my enemy.""

Gee, do you think it was your corrupt business practices that caught the regulators attention? You don't feel bad about "deceiving regulators"? What about the life savings of your customers that you admit you squandered on building a new office for yourself? What about the life savings of the old folks who wanted nothing but to have a retirement fund to keep them from going hungry?

Apparently your broken sociopathic brain won't allow you to feel empathy for those lives you destroyed just as long as you feel vindicated in screwing a system designed to protect those investors.

Mr. Broker your "the regulators made me do it" defense is no different than the broken, twisted logic of a husband beating his wife and then saying if she would shut her mouth I wouldn't have to hit her.
 
2012-07-19 08:10:36 AM
That reminds me of the time I had to rob a bank to pay back my ex for bailing me out. The coppers are all part of the circle of crime.
 
2012-07-19 09:27:42 AM
Wow... the first two comments sum everything up, except I'll add: this guy deserves a long, slow, tortuous death.
 
2012-07-19 09:34:32 AM

NFA: ""I have to say I don't feel bad about deceiving the regulators," the note said. "They made the decision to be my enemy.""

Gee, do you think it was your corrupt business practices that caught the regulators attention? You don't feel bad about "deceiving regulators"? What about the life savings of your customers that you admit you squandered on building a new office for yourself? What about the life savings of the old folks who wanted nothing but to have a retirement fund to keep them from going hungry?

Apparently your broken sociopathic brain won't allow you to feel empathy for those lives you destroyed just as long as you feel vindicated in screwing a system designed to protect those investors.

Mr. Broker your "the regulators made me do it" defense is no different than the broken, twisted logic of a husband beating his wife and then saying if she would shut her mouth I wouldn't have to hit her.


If the regulators were so all over his ass how the hell did they miss this scam?

This is like a mini-madoff type scandal here. The regulatory reform most needed (not only at the CFTC, but across the financial sector) is more and smarter (ie better paid) regulators/inspectors.
 
2012-07-19 09:37:35 AM
It is unbelieveable that Wasendorf is trying to claim that the missing funds are the fault of regulators... and were used to pay fines & fees. Everyone knows the reality is that he stole the customers money to support his own opulent life style.
 
2012-07-19 09:40:45 AM

gblive: he stole the customers money to support his own opulent life style

...in Iowa.
 
2012-07-19 09:54:56 AM
Let's find a more appropriate article to describe where the money went....

Peregrine CEO faces hearing as jet, wine, condo to be sold
 
2012-07-19 09:58:09 AM

H31N0US: gblive: he stole the customers money to support his own opulent life style...in Iowa.


and condos in major US cities, real estate all over Europe, a corporate jet to take him everywhere, a $100,000 wine collection.....as well as his million dollar mansion in Iowa.... the list goes on & on.
 
2012-07-19 09:58:26 AM
He is just like a 5 year old..."it's their fault I did it"
 
2012-07-19 10:02:33 AM
Not a hint of self-awareness or remorse, of course.
A true Murikan icon.
 
2012-07-19 10:04:31 AM

gblive: million dollar mansion in Iowa


That would be like the lair of a James Bond villian.
 
2012-07-19 10:06:23 AM
Standard operating procedure. Right?
 
2012-07-19 10:07:23 AM
People in financial markets live on another f*cking planet.
 
2012-07-19 10:09:12 AM
I mean, what rational normal human being could take a hundred million dollars he was given to handle responsibly, start blowing it, get investigated it and then blame it on the people who were trying to stop him? You aren't normal. You have the attitude of a spoiled child. You're a grown man but you have rationalized your bad behavior.
 
2012-07-19 10:14:03 AM
It's everybody else who's at fault, not me! It's not my fault!

I hope he dies a slow death in a jail cell
 
2012-07-19 10:16:54 AM
I all seriousness I would support capital punishment for scumbags like this - some poor SoB saves his whole life while working some shiat job and this asshole feels entitled to a new office/desk/blowjob a day secretary ... fark em... seriously.
 
2012-07-19 10:30:13 AM

gblive: H31N0US: gblive: he stole the customers money to support his own opulent life style...in Iowa.

and condos in major US cities, real estate all over Europe, a corporate jet to take him everywhere, a $100,000 wine collection.....as well as his million dollar mansion in Iowa.... the list goes on & on.


I wish Federal Regulators would abuse me like that.
 
2012-07-19 10:38:43 AM
Does anyone have an investment firm they can trust? It's as if decades ago someone realized that there would be a hell of a lot of money to steal if everyone's retirement was tied up in the stock market. But that would be crazy.
 
2012-07-19 10:48:15 AM
It was the 401(k) scam, begun under Jimmy Carter's administration, that kicked this mess off.
What that did was construct giant money pipelines from every working person's income stream into the private banks of Wall Street. And that money flows to this day, biweekly or monthly, as a payroll deduction, subsidized by the US government as pretax "contribution."

People just have no idea to what they are are actually contributing and they will never see one third of that money ever again. Never. Gone, baby, gone.

/You been robbed and raped.
 
2012-07-19 11:09:11 AM

NFA: Apparently your broken sociopathic brain won't allow you to feel empathy for those lives you destroyed just as long as you feel vindicated in screwing a system designed to protect those investors.


Sociopathy... it doesn't always end up with dead bodies or raped victims. It is just a matter of a complete lack of empathy with a complete disregard for societal norms in the interest of self-satisfaction. I bet this guy is really charismatic, draws people in very quickly, knows how to get in their good graces.
 
2012-07-19 11:14:27 AM

pounddawg: He is just like a 5 year old..."it's their fault I did it"


And then when he was about to get caught, he tried to hold his breath until they went away: Link
 
2012-07-19 11:14:49 AM
I would have gotten away with it too, if it hadn't been for you meddling kids!
 
2012-07-19 11:15:03 AM

HotIgneous Intruder: subsidized by the US government as pretax "contribution."


Not taking is giving?
 
2012-07-19 11:17:05 AM

YixilTesiphon: HotIgneous Intruder: subsidized by the US government as pretax "contribution."

Not taking is giving?


Exactly. More for Wall Street to multiply.
 
2012-07-19 11:21:39 AM
So...the answer is less regulation of the financial sector, right? We need to leave the job creators to their business, right??

Right???

Also just had the thought to cash out my 401k today, tax implications be damned.
 
2012-07-19 11:24:17 AM
Done in one.

/except I would have added something about hanging him by his tongue
 
2012-07-19 11:27:14 AM

ngaoistyast: So...the answer is less regulation of the financial sector, right? We need to leave the job creators to their business, right??

Right???

Also just had the thought to cash out my 401k today, tax implications be damned.


The industry will self regulate. Would you invest with a corrupt financial adviser, of course not and they will go out of business leaving only honest ones. The plan is perfect, fool proof.
 
2012-07-19 11:52:29 AM

HotIgneous Intruder: It was the 401(k) scam, begun under Jimmy Carter's administration, that kicked this mess off.
What that did was construct giant money pipelines from every working person's income stream into the private banks of Wall Street. And that money flows to this day, biweekly or monthly, as a payroll deduction, subsidized by the US government as pretax "contribution."

People just have no idea to what they are are actually contributing and they will never see one third of that money ever again. Never. Gone, baby, gone.

/You been robbed and raped.


How much 401k money did this Peregrine guy and Madoff steal?

And how do you come up with your prediction that you'll never see 1/3rd of your 401k money again? That would entail a pretty farking dark scenario.
 
2012-07-19 11:54:12 AM
gee, i wonder what party he supports.

/rot in jail, asshole.
 
2012-07-19 12:03:35 PM

Debeo Summa Credo: And how do you come up with your prediction that you'll never see 1/3rd of your 401k money again? That would entail a pretty farking dark scenario.


Not dark, just the new normal.

Never mind typical income tax, which would take more, either before or after feeding the banksters their kickback.
 
2012-07-19 12:11:45 PM

HotIgneous Intruder: Debeo Summa Credo: And how do you come up with your prediction that you'll never see 1/3rd of your 401k money again? That would entail a pretty farking dark scenario.

Not dark, just the new normal.

Never mind typical income tax, which would take more, either before or after feeding the banksters their kickback.


That article is saying that your total best egg would be reduced by 1/3 relative to what it would be if wall street didn't charge you any fees for the funds you invest in.

Its not saying that 1/3rd of the money you contribute today will be gone. You'll still get your contribution back, plus after-fee returns.

You either misread the article or worded your post incorrectly.
 
2012-07-19 12:16:08 PM

Debeo Summa Credo: HotIgneous Intruder: Debeo Summa Credo: And how do you come up with your prediction that you'll never see 1/3rd of your 401k money again? That would entail a pretty farking dark scenario.

Not dark, just the new normal.

Never mind typical income tax, which would take more, either before or after feeding the banksters their kickback.

That article is saying that your total best egg would be reduced by 1/3 relative to what it would be if wall street didn't charge you any fees for the funds you invest in.

Its not saying that 1/3rd of the money you contribute today will be gone. You'll still get your contribution back, plus after-fee returns.

You either misread the article or worded your post incorrectly.


C) HotIgneous Intruder is an idiot.
 
2012-07-19 01:12:31 PM
Well, at least he pumped most of that money back into the economy, creating jobs for construction workers and accountants alike. It's not like he just sat on like the 1% do.

/sleazebag
 
2012-07-19 01:28:39 PM

NFA: ""I have to say I don't feel bad about deceiving the regulators," the note said. "They made the decision to be my enemy.""

Gee, do you think it was your corrupt business practices that caught the regulators attention? You don't feel bad about "deceiving regulators"? What about the life savings of your customers that you admit you squandered on building a new office for yourself? What about the life savings of the old folks who wanted nothing but to have a retirement fund to keep them from going hungry?

Apparently your broken sociopathic brain won't allow you to feel empathy for those lives you destroyed just as long as you feel vindicated in screwing a system designed to protect those investors.

Mr. Broker your "the regulators made me do it" defense is no different than the broken, twisted logic of a husband beating his wife and then saying if she would shut her mouth I wouldn't have to hit her.


Baby Boomers the motto of the entire generation is "fark YOU I GOT MINE!"
 
2012-07-19 01:48:00 PM
"I was forced into a difficult decision: Should I go out of business or cheat?" he wrote.
"I guess my ego was too big to admit failure. So I cheated," the note said. It was discovered on Monday in his car outside the company's new Iowa headquarters, where Wasendorf had tried to kill himself by funneling in tailpipe exhaust.

Link
 
NFA [TotalFark]
2012-07-20 10:12:25 AM

Adjective Bird Whiskey: I mean, what rational normal human being could take a hundred million dollars he was given to handle responsibly, start blowing it, get investigated it and then blame it on the people who were trying to stop him? You aren't normal. You have the attitude of a spoiled child. You're a grown man but you have rationalized your bad behavior.


Read the book titled The Sociopath Next Door. It will explain everything and will truly enlighten you to much of what happens in the world. It's a short easy read and I highly recommend it for everyone. I'm serious it will change the way you view the world and make you a safer person.
 
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