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(NBC News)   Greedy old person cashes out retirement saving to join a get rich scheme, gets ripped off, and then is shocked, SHOCKED, she has to still pay the tax penalty for clearing out her IRA   (nbcnews.com) divider line 14
    More: Dumbass, Ponzi schemes, IRA, Franchise Tax Board, rate of returns, retirement, United States Department of the Treasury, credit bureaus  
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10822 clicks; posted to Main » on 04 Aug 2013 at 5:40 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Funniest)
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2013-08-04 02:51:14 PM
5 votes:
When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.
2013-08-04 02:07:11 PM
4 votes:
"For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.
2013-08-04 05:43:30 PM
2 votes:
I need new business cards that say "CEO of Billionaire Catt Entertainment."
2013-08-04 09:28:33 PM
1 votes:

HempHead: madgonad: 

You guys sound like amateur investors.

On the Internet I make a 50% return every year.


I make more than $21,000 a week working from home on my computer, and so can you.  I thought it was a scam, too, until I saw the money rolling in.  Just PM me and I'll send you the details on how you can have a successful, part-time at-home business.
2013-08-04 07:33:41 PM
1 votes:
Mrbogey (farkied: More like Mrbogus): She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.

1) FTFA:  "she retired at age 45 in 1991".  That makes her about 67 now, above the minimum age (59 1/2) needed to cash out an IRA without paying the 10 percent penalty.

2) So the tax she owes is the ordinary income tax on the disbursements.

3) She did not pay tax on the money she put into the account.  So she owes tax on what she takes out.  That's the deal.  That's how an IRA works.  It is mathematically equivalent to paying tax when you contribute and getting the investment income tax free.

4) How do you wingnuts plan to pay for the War on Terra, for rounding up the wetbacks and for building the Great Wall of Texas, if not with taxes?  Do you expect the Pentagon and the Vaterlandssicherheitsdepartment to hold a bake sale?
2013-08-04 06:59:09 PM
1 votes:
She can always go on Welfare.
2013-08-04 06:57:34 PM
1 votes:
The only thing that can make this better is an investigation into how this idiot accrued 1.3 mil in the first place.
2013-08-04 06:52:00 PM
1 votes:
She should have invested in Beanie Babies.
2013-08-04 06:21:57 PM
1 votes:

Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.


You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.
2013-08-04 06:11:59 PM
1 votes:
joebrower.com
2013-08-04 05:55:29 PM
1 votes:

Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.


What was ingenious, was Mr. McCant called his sham company "Billionaire CATT Entertainment" not "Billionaire DAWG Entertainment," which would've obviously raised suspicions.
2013-08-04 05:52:09 PM
1 votes:
Pissing away money in the hopes of getting rich quick and then whining when the government has any sort of say about it?  What's the problem?  This is about as American as it gets, folks.
2013-08-04 05:47:52 PM
1 votes:
Should have invested in bitcoins. They are only going UP! UP! UP!
2013-08-04 03:44:21 PM
1 votes:

Mrbogey: Others less fortunate than her need that money.


Lockheed Martin?
 
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