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The bank lent me $2m so I spent it on strippers and cars

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Re: The bank lent me $2m so I spent it on strippers and cars

#151

Post by yequalsx »

raesene6 wrote: post #119
yequalsx wrote: post #64

Earlier quoted context omitted.

A loan is a two party relationship and both parties have responsibilities. Also there are known consequences to default. Defaulting on a loan has nothin to do with morality as far as I'm concerned. If you are fine with the consequences of default then do so. It's not immoral as everyone knows the risk/consequences.

It's a two party situation if both parties are aware of it. I didn't read any implication in the article that the bank knew about this, it was a mistake either human or software that led to him having the credit line. so only one party was aware of it, the customer, therefore their responsibility for the borrowing.

Yes. I was only commenting not the parent commentators apparent belief that strategic defaults are immoral.

Re: The bank lent me $2m so I spent it on strippers and cars

#152

Post by brianwawok »

johnward wrote: post #90
adekok wrote: post #51

The article doesn't way why he was found not guilty, but I'll make my guess. He did nothing to defraud the bank or mislead it. He simply had access to a large line of credit, and used it. If the bank wants it's money back, that's a civil matter, not a criminal one. It's their responsibility to ask for it back. This reeks of incompetence on the part of the bank, followed by outright malice. They put an innocent guy in…

Things like this are why it takes me 3 months and numerous trips to the bank to get a home equity loan. I also need to provide proof of what I was going to do with the money. On the plus side I got to witness the loan agent having to use a typewriter in 2016.

I got a HELOC in the US in 1 trip to the bank and about 30 minutes. Was so easy. No typewriter either.

Re: The bank lent me $2m so I spent it on strippers and cars

#153

Post by tlrobinson »

BeetleB wrote: post #149

Reminds me of something that happened back when I still had a landline. They incorrectly billed us over $2000. We argued with them and they reversed the charges - twice. So now my balance showed a credit of $2000. I kept calling them back and they said they couldn't see anything wrong on my account. This went on for months. A number of times the person on the phone said "Well just don't tell anyone!". I asked for tha…

Wouldn't the optimal (not morally) move be to just set aside the money you might eventually have to pay back?

Re: The bank lent me $2m so I spent it on strippers and cars

#154

Post by 2almalki »

BeetleB wrote: post #149

Reminds me of something that happened back when I still had a landline. They incorrectly billed us over $2000. We argued with them and they reversed the charges - twice. So now my balance showed a credit of $2000. I kept calling them back and they said they couldn't see anything wrong on my account. This went on for months. A number of times the person on the phone said "Well just don't tell anyone!". I asked for tha…

well, did they find out in the end? lol

Re: The bank lent me $2m so I spent it on strippers and cars

#155

Post by CPLX »

What a shame he was young and irresponsible when this happened. It could have been a truly epic story had he done something interesting like take out the money, invest it in something like income producing real property or a cashflow positive business, and then been able to come out ahead when judgement day inevitably came along by handing back the money owed.

Re: The bank lent me $2m so I spent it on strippers and cars

#156

Post by poslathian »

jjeaff wrote: post #122
Bartweiss wrote: post #96

Earlier quoted context omitted.

Yep, significant difference. I've seen several stories of people prosecuted for spending improper deposits, but presumably a loan - where risk is implied and defaulting is an understood practice - is a different beast.

He seems to be trying to justify his actions by calling it a loan, but I've never heard of a loan where the bank tells you that you can just start over drafting your account and let it go negative, then pay us back later.

Overdraft lines of credit are definitely a thing and can be arbitrarily large depending on the account holder.

My bank keeps trying to sell me this, I don't see why this would be a good idea. Does anyone here use this?

Also, one time our old bank erroneously withdrew a 6 figure sum from our operating account which put the balance far in the negative. I was stunned that they covered it and bemused to see a 35$ overdraft fee as the next line item on the statement. The charges were reversed within 48 hours.

I scratch my head sometimes at how its at all possible for large banks to make these kinds of mistakes.

Re: The bank lent me $2m so I spent it on strippers and cars

#157

Post by stemc43 »

FireBeyond wrote: post #132
stemc43 wrote: post #98

Earlier quoted context omitted.

it's an unsecured debt. Pretty sure he doesn't have to pay it back if he declares bankruptcy.

No, he means that in many locales, bar associations have criteria of 'moral character', that 'declaring bankruptcy' may, or may not infringe upon.

> criteria of 'moral character'

morals for lawyers? unbelievable...

Re: The bank lent me $2m so I spent it on strippers and cars

#158

Post by cr0sh »

BeetleB wrote: post #149

Reminds me of something that happened back when I still had a landline. They incorrectly billed us over $2000. We argued with them and they reversed the charges - twice. So now my balance showed a credit of $2000. I kept calling them back and they said they couldn't see anything wrong on my account. This went on for months. A number of times the person on the phone said "Well just don't tell anyone!". I asked for tha…

> Does anyone really think this would go unnoticed forever?

While not of the same scale, a decade or so ago I once purchased a few hundred dollars worth of computer hardware at a store outside of my state of residence (I was visiting my parents or something). I paid for it with my debit card, and got a receipt.

I'm still waiting for that charge to go through.

Re: The bank lent me $2m so I spent it on strippers and cars

#159

Post by BeetleB »

2almalki wrote: post #154
BeetleB wrote: post #149

Reminds me of something that happened back when I still had a landline. They incorrectly billed us over $2000. We argued with them and they reversed the charges - twice. So now my balance showed a credit of $2000. I kept calling them back and they said they couldn't see anything wrong on my account. This went on for months. A number of times the person on the phone said "Well just don't tell anyone!". I asked for tha…

well, did they find out in the end? lol

I kept making sure they didn't forget about it.

Re: The bank lent me $2m so I spent it on strippers and cars

#160

Post by pktgen »

Someone wrote: post #145
raesene6 wrote: post #127

Earlier quoted context omitted.

That's easy, he had no money to pay it back, ergo it's fair to conclude he had no intention of paying it back. It's one thing to go a couple of thousand overdrawn, quite another to spend $2 million when you have no source of income.

"Have no money to pay it back" applies to many companies (including many banks) that borrowed money and to many house owners, too. Would you conclude they have no intention of paying it back, too? Many companies also spend money they lent on frivolous stuff (end of year parties, football tables, etc) that doesn't obviously contribute to the bottom line, so buying some booze and spending some money on strippers, in it…

> "Have no money to pay it back" applies to many companies (including many banks) that borrowed money and to many house owners, too. Would you conclude they have no intention of paying it back, too?

The question isn't whether the loan was paid back, it's whether there was an intent to pay it back at the time the loan was taken out. Many of those homeowners foolishly believed their house would appreciate at 20% per year indefinitely (and many lenders were telling people this to convince them to take out loans).

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