Author Topic: PSA: Don't swipe recklessly for others  (Read 476739 times)

Offline coralsnake

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Re: PSA: Don't swipe recklessly for others
« Reply #2300 on: February 23, 2019, 10:49:37 PM »
Iirc the Wilsons (owners of the Mets) were required to pay back a large amount of money which led to them being unable to properly run the Mets and they had to sell equity to raise funds.

Wilson from Dennis the Menace or Cast Away?
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Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2301 on: February 23, 2019, 10:55:39 PM »
Wilson from Dennis the Menace or Cast Away?
Auto correct from Wilpons, sorry

Offline coralsnake

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Re: PSA: Don't swipe recklessly for others
« Reply #2302 on: February 23, 2019, 10:57:54 PM »
Auto correct from Wilpons, sorry
Lets be fair- they weren’t properly running the Mets before Madoff either.
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Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2303 on: February 23, 2019, 11:03:09 PM »
Lets be fair- they weren’t properly running the Mets before Madoff either.
True
But look at that drop in payroll

Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2304 on: February 23, 2019, 11:32:26 PM »
Haven't decided yet on the right course of action
It’s probably best to discuss this with a competent lawyer before you take a step you might regret

Offline chevron

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Re: PSA: Don't swipe recklessly for others
« Reply #2305 on: February 23, 2019, 11:47:18 PM »
I know many huge frum highly profitable legit businesses in e-commerce etc.

Many if not most, bring in outside controllers, CFO, operations manager etc..

It's easy to build a business, it's hard to grow it in a healthy legal way.

Offline bobthebuilder

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Re: PSA: Don't swipe recklessly for others
« Reply #2306 on: February 23, 2019, 11:48:57 PM »
My opinion on the matter is, once Sterling went down, anyone that had money/CC charges with these other companies freeked out and demanded their money back. When everyone wants money, the quarter runs out, and the ride is over. Most businesses have debt, but they dont expect to have to pay it down overnight. Regardless, if its too god to be true, it aint. I pity the poor souls that are stuck in a  big pile of doodoo, but it was their own fault for blindly "lending" thousands to someone without any regard to consistences.

Online S209

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Re: PSA: Don't swipe recklessly for others
« Reply #2307 on: February 23, 2019, 11:53:25 PM »
15k worth of points every six weeks = $120k a year. Some were doing this over five years. That’s over $500k profit...
Agreed, technically you’re right, assuming it was a 6 week cycle and people were having the same amount swiped each time and netting 2-3%, after a few years they would automatically have a net gain even if they’d lose the full principal (people were in this for more than 5years). OTOH they spent that money as they got it (these guys were probably living paycheck-to-paycheck, and by paycheck i mean points sold) and are now left holding the bag with that massive amount due.

Unless there is undeclared income and then the IRS will want its share. Additionally by Madoff those that came out ahead were required to return their profits to the victims.
You’re right about Madoff but this is hardly the same situation- here the “profits” came from a third party, not as a “return on investment” by the fund.

All that said, I’m SURE the vast majority of victims are out most of their money, although the % they earned until now probably(hopefully) offset a decent amount.
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Online S209

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Re: PSA: Don't swipe recklessly for others
« Reply #2308 on: February 23, 2019, 11:54:33 PM »
My opinion on the matter is, once Sterling went down, anyone that had money/CC charges with these other companies freeked out and demanded their money back. When everyone wants money, the quarter runs out, and the ride is over. Most businesses have debt, but they dont expect to have to pay it down overnight. Regardless, if its too god to be true, it aint. I pity the poor souls that are stuck in a  big pile of doodoo, but it was their own fault for blindly "lending" thousands to someone without any regard to consistences.
Victim blaming
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Offline bobthebuilder

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Re: PSA: Don't swipe recklessly for others
« Reply #2309 on: February 23, 2019, 11:57:02 PM »
Victim blaming
Absolutely. Are you suggesting they were smart "investors"?

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Re: PSA: Don't swipe recklessly for others
« Reply #2310 on: February 24, 2019, 12:03:02 AM »
Absolutely. Are you suggesting they were smart "investors"?
Sure. Earning 16-24% annually with no actual cash outlays and possible legal protections in the case of default? Heck, even credit card companies can’t do as well as that.

We’re already in JS, nothing you can do :)
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Offline bobthebuilder

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Re: PSA: Don't swipe recklessly for others
« Reply #2311 on: February 24, 2019, 12:13:04 AM »
@Dan, Why dont you post precautions on the main site?

Offline Yehuda25

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Re: PSA: Don't swipe recklessly for others
« Reply #2312 on: February 24, 2019, 12:58:55 AM »
@Dan, Why dont you post precautions on the main site?
too late.
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Offline joey89

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Re: PSA: Don't swipe recklessly for others
« Reply #2313 on: February 24, 2019, 01:00:14 AM »
too late.
Not for the next guy.
People will forget in due time.

Offline knowitall

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Re: PSA: Don't swipe recklessly for others
« Reply #2314 on: February 24, 2019, 01:03:24 AM »
too late.
Oh don’t worry. There will be more. Whether it’s a cc farm, Ponzi, MLM, swipe for points, or some new scam, many in the frum community:
1) blindly trust anyone with peyos.
2) don’t view cc swiping as lending (& think u can dispute anything)
3) are just plain naive

Offline yesitsme

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Re: PSA: Don't swipe recklessly for others
« Reply #2315 on: February 24, 2019, 01:05:00 AM »
and the other is a real estate business which is also 10's of millions of dollars
Joel Klein?

Offline Saver2000

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Re: PSA: Don't swipe recklessly for others
« Reply #2316 on: February 24, 2019, 02:12:31 AM »
15k worth of points every six weeks = $120k a year. Some were doing this over five years. That’s over $500k profit...
Lol. It's cost money to live. Who said he had another job? He made $120k a year, and spent 120 a year. Chances are he isn't stashing 500k.

Offline Don Will

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Re: PSA: Don't swipe recklessly for others
« Reply #2317 on: February 24, 2019, 09:27:50 AM »
Absolutely. Are you suggesting they were smart "investors"?
Ever hear of the expression " don't knock a man while he's down"?
None of the victims need to hear your vitriol right now. If you have nothing constructive to say, then just shut up and say nothing.

Offline AussieMan

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Re: PSA: Don't swipe recklessly for others
« Reply #2318 on: February 24, 2019, 09:28:09 AM »
Were all these points a significant % of the market?
Will the value of points rise if supply goes down if people stop swiping like this?

Offline Dan

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Re: PSA: Don't swipe recklessly for others
« Reply #2319 on: February 24, 2019, 09:30:57 AM »
I guess now we know why points got so cheap.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.