171–180 of 331 posts
Stealing 2 million, one coin at a time, over 13 years, mostly at night, by waggling a magnetised car antenna through a small slot for hours and hours, is actually hard work. Its like the opposite of The Shawshank Redemption.
Digging a tunnel through a rock wall with a tiny hammer over years, as in The Shawshank Redemption, seems very similar. Both sound like a lot of work though.
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Isn't this literally what banks do? Take peoples deposits paying a minimal interest rate and then invest that money to earn a return higher than the interest rate they pay the customer (they actually will also borrow more money on the back of your deposit). So, when it's the bank doing it it's ok but a bank employee doing it independently for personal gain it's an issue. The book deal aspect was interesting also. So,…
> So, when it's the bank doing it it's ok but a bank employee doing it independently for personal gain it's an issue. If the bank came into your home, took money without your consent, gambled it on high-risk activities, then tried to replace it before you noticed that would also be bad. But that’s not what banks do. People deposit their money at the bank consensually and with an understanding that the bank’s activiti…
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Is not paying tax on income from theft actually tax fraud? I mean, the theft itself is obviously unlawful. But perhaps you wouldn't be taxed on theft proceeds anyway, so no tax laws are broken in that case.
Yes income from illegal activities is still taxable income in most parts of the world. Edits, thinking about it...the article says he claimed the money was from his business. And the bank took in the money. So perhaps he did pay tax?
https://pub-edmonton.escribemeetings.com/filestream.ashx?Doc...
Edit: disregard — this doc is for parking meters rather than LRT machines (which the article also calls LTR).
As a non US/Canada based reader reading the article, I had a hard time grokking the article without visuals of how this was pulled off.
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Isn't this literally what banks do? Take peoples deposits paying a minimal interest rate and then invest that money to earn a return higher than the interest rate they pay the customer (they actually will also borrow more money on the back of your deposit). So, when it's the bank doing it it's ok but a bank employee doing it independently for personal gain it's an issue. The book deal aspect was interesting also. So,…
Not quite because it’s almost backward with banks. Yes they take your deposits, but to the bank a deposit is a liability not an asset. Banks can lend out much more than their deposits (fractional reserve) but they technically don’t even need deposits at all to create a loan, because a loan is credit (asset) and a liability to the borrower. This means banks in the modern sense can literally create money, so they don’t…
Deposits are an asset AND a liability
> This means banks in the modern sense can literally create money, so they don’t need your deposits
Not really. Banks still have to spend central banking money when doing interbank settlements, and deposits are an important source of funding to day-to-day operations.
Say you have an account within Chase and want to send money to your friend at JPMorgan, Chase can't simply "create dollars" - they need to have enough reserves in their Central Bank account.
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I'm not sure how many people know this is what the bank is doing with their deposits, making consent difficult.
I believe that people have the opportunity to learn about banks' dealings, which is to an extent mandated by law. This can't be said about the person stealing the funds for their high-risk investment. Consent is a difficult topic though, I agree. For example, what choice does a person have, not use banks at all? I don't think that's realistic.
$10 says they won't give a straight answer unless you ask just the right question. Eventually you'll find that there isn't a share you own directly, its effectively an IOU claim to a share. People can technically learn how the system works, but that leaves a lot of gray area there.
We could also technically read medical journals and learn how our medications work, but its unreasonable to expect everyone will and recent history has shown that in a pinch you'll be called out for doing your own research and thinking critically.
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That's actually pretty common criminal activity in banking, where an employee will take money from accounts of clients and "gamble" it on high-return short term investments. Obviously I won't be naming Banks here but what usually happens is: 1) If they succeed in their investment they put the money back and walk out rich. Their venture can be detected during an audit some time later but if there's no money missing th…
I worked in finance and I am not aware of jurisdictions that mandate 2 weeks time off. Can you mention one? I am aware of some recommendations but I have worked up to board level, and never see this being more than an excuse to not miss the next golf tournament.
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I'm not sure how many people know this is what the bank is doing with their deposits, making consent difficult.
Usually people don't care what the bank does because they consent to the government making them whole in case the bank fails to return the deposit.