Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(The Atlantic Wire)   Steve Jobs doesn't let a little thing like being dead stop him form continuing his life-long habit of screwing people out of the money he owed them   (theatlanticwire.com) divider line 15
    More: Hero, iMacs  
•       •       •

21252 clicks; posted to Main » on 21 Dec 2012 at 10:56 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest


Archived thread
2012-12-21 11:29:09 AM  
3 votes:

JackieRabbit: Rather than talk about a dead man not having paid for a yacht, let's talk about the thousands of "zombi" private jets and yachts the 1% have. For those who have not heard of these, before the Great Recession, a lot of rich people bought private jets and super yachts and financed them instead paying cash. They then defaulted on their loans. No one can buy them, so the banks won't repossess them. They just wrote the debts off as losses. Hence the uber-rich get a plane or boat for free. Well, not really free, since we have to pay for them through higher fees and interest rates on consumer credit. But it's the least we can do to help these poor, downtrodden souls.


Sorry, but no. Financing doesn't work that way. A bank will always reclaim the financed material. They don't just throw up their hands and say "Shoot! We lost 4 million dollars on this yacht. Instead of just reclaiming this boat let's try to recollect it in small increments from thousands of other people through rage inducing fees".

Your statement that "nobody can buy them" is also completely false.
2012-12-21 03:30:11 PM  
1 votes:
Never, EVER trust a rich person. If they don't have the cash up front, they either aren't really rich and are planning on screwing you.

You don't become a billionaire by hard work. You become a billionaire by farking people over en-mass.
2012-12-21 03:28:48 PM  
1 votes:

grinding_journalist: Resident Muslim: Would still like to own something like it some day.

[i830.photobucket.com image 540x360]

Yours for a cool $1.8 million.


For what you get, that sounds a bit on the low end.
2012-12-21 01:33:08 PM  
1 votes:

JackieRabbit: armor helix: JackieRabbit: Rather than talk about a dead man not having paid for a yacht, let's talk about the thousands of "zombi" private jets and yachts the 1% have. For those who have not heard of these, before the Great Recession, a lot of rich people bought private jets and super yachts and financed them instead paying cash. They then defaulted on their loans. No one can buy them, so the banks won't repossess them. They just wrote the debts off as losses. Hence the uber-rich get a plane or boat for free. Well, not really free, since we have to pay for them through higher fees and interest rates on consumer credit. But it's the least we can do to help these poor, downtrodden souls.

Sorry, but no. Financing doesn't work that way. A bank will always reclaim the financed material. They don't just throw up their hands and say "Shoot! We lost 4 million dollars on this yacht. Instead of just reclaiming this boat let's try to recollect it in small increments from thousands of other people through rage inducing fees".

Your statement that "nobody can buy them" is also completely false.

You obviously weren't paying attention to the news earlier this year, when this was a hot topic. A bank can do nothing with hundreds of repossessed multi-million dollar airplanes and yachts and it would cost a fortune to maintain them. A berth in a yacht basin that could accommodate one as large as the one in the FA would run about $10K per month and that's only one cost in maintaining such a vessel. Also, the legal cost of repossessing them is very high. These luxuries were bought by people who really couldn't afford them but bought them on leveraged money that disappeared. Those who can afford them already have them and don't need another. Eventually the market will turn around and these planes and yachts could be sold on the cheap, but the bank would lose money on the transactions. So many banks just walked away from them and recouped some of their money through tax d ...


Show me a link where banks walk away from million dollar yachts without repossessing them because of the maintenance costs. Make sure this link also shows how its cheaper and easier for them to let a defaulted borrower keep a $10,000,0000 yacht than for them to take it and sell it at an auction. Also be sure that this link explains that the borrower gets to keep the yacht "for free".

I'll be waiting for that.......
2012-12-21 12:43:38 PM  
1 votes:
I'm surprised he didn't patent the curved hull and start suing canoe builders.
2012-12-21 12:00:01 PM  
1 votes:
what a cool Yacht should look like...

images01.kurier.at
2012-12-21 11:55:46 AM  
1 votes:
I worked for quite a few wealthy people.......been my experience that the wealthy don't get to be wealthy by writing a lot of checks.


/Not surprised.
2012-12-21 11:53:12 AM  
1 votes:
well, according to THIS Dutch news report , Starck's fee was based on 6% of the final price which was originally estimated at 150M Euros.
It ended up costing "only" 105M Euros, but Starck wants the 6% of 150M fee instead.
2012-12-21 11:40:34 AM  
1 votes:
Why is everyone picking on Steve Jobs? There are lots of other dead CEOs who don't pay for design services for their yachts either. They're just as bad. Why don't you even mention them? I'm tired of all you Rockefeller and Getty fan boys piling on Jobs. He's only doing what's required to keep up with all the other dead CEOs. What's wrong with that?
2012-12-21 11:34:08 AM  
1 votes:

JackieRabbit: Rather than talk about a dead man not having paid for a yacht, let's talk about the thousands of "zombi" private jets and yachts the 1% have. For those who have not heard of these, before the Great Recession, a lot of rich people bought private jets and super yachts and financed them instead paying cash. They then defaulted on their loans. No one can buy them, so the banks won't repossess them. They just wrote the debts off as losses. Hence the uber-rich get a plane or boat for free. Well, not really free, since we have to pay for them through higher fees and interest rates on consumer credit. But it's the least we can do to help these poor, downtrodden souls.


Do you have a link? Because you see banks don't work that way. If they have to write off a debt, a bank would much rather take the boat or plane so they have some asset with value against that debt. It's a balance sheet thing. If I loan you $10 million to buy a Gulfstream and you default, I'm going to take the damn plane because I can recover at least some of my $10 million. The last thing I'd do is say, "Keep the plane I'll just eat this $10 million."
2012-12-21 11:12:29 AM  
1 votes:
Hero? Any other business man would be called an evil bastard.
2012-12-21 11:07:32 AM  
1 votes:
Rather than talk about a dead man not having paid for a yacht, let's talk about the thousands of "zombi" private jets and yachts the 1% have. For those who have not heard of these, before the Great Recession, a lot of rich people bought private jets and super yachts and financed them instead paying cash. They then defaulted on their loans. No one can buy them, so the banks won't repossess them. They just wrote the debts off as losses. Hence the uber-rich get a plane or boat for free. Well, not really free, since we have to pay for them through higher fees and interest rates on consumer credit. But it's the least we can do to help these poor, downtrodden souls.
2012-12-21 11:05:32 AM  
1 votes:
form?
2012-12-21 11:04:18 AM  
1 votes:
Actually, Subby, I bet many dead men don't pay their debts. Jobs isn't alone here.
2012-12-21 11:01:36 AM  
1 votes:
Always get a contract dude... At the very least, save emails.
 
Displayed 15 of 15 comments

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
Advertisement
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report