7/19/2013

How to get rich quick?


The whole world is entering a golden era when wealth of money is made so easily, so quickly and in such a sum that our forefathers would never have imagined. Many of the old rich made it after a life time of slogging and business acumen and hoping that all the decisions made were the right ones. In today’s context, the money made by the old ways was just too slow and too little. The internet age has made many very rich overnight, and many are very young. These are the true entrepreneurs that were there at the right time with the right products. They truly deserve every cent they made.

The money did not go to only the mavericks of the internet world. Money is everywhere, overflowing and it is up for everyone to grab in whatever ways they could. Ok, the internet whiz kids are just an exception. And making money the true honest way is still the way forward for many. But there are many that are taking the shortcut to instant wealth. They defy the old wisdom of making money slow and steady in all honesty. Instant wealth does not come easy for many.

In today’s world of high finance, many fortunes were made by many through other than by the honest, slow and steady way. The old ways cannot make people rich overnight. Only the crooked ways, by cheating, by gambling, by conning and deceiving, by robbing, can people make money so easily and so fast other than the few exceptions stated above. When people are making quick money without having to really sweat for it, the answers are all out there. Put one and one together and you will get two, but the instant wealth makers will get three or four. And remember that they are cheating and robbing others and many will be poorer because of them.

An example of how corrupt the financial system is and how the crooks are making tons of money is the trial of an ex Goldman Sachs trader now going on in New York. ‘The trial of former Goldman Sachs bond trader Fabrice Tourre was about "Wall Street greed," a lawyer for the U.S. Securities and Exchange Commission…’, reported Nate Raymond in a REUTER article on 15 Jul 13.

The gist of the case is as reported in the same article: ‘The SEC accuses Tourre of misleading investors in a mortgage investment called Abacus 2007-AC1 by not telling them that a hedge fund was involved in selecting the underlying assets and betting against it.

Matthew Martens, a lawyer for the SEC, told the jury the deal Tourre put together was "secretly designed to maximize the potential it would fail" to the benefit of the hedge fund, which made about $1 billion.

"In the end, Wall Street greed drove Mr. Tourre to lie and deceive," Martens said.’

The snake oil seller, Goldman Sachs trader, was selling some toxic product designed to fail and pushing it to his clients while knowing that another party was shorting it and with knowledge of how the CDO was structured, could actually cause it to fail. The result was expected, the clients of Tourre lost more than one billion and the hedge fund of John Paulson made the one billion. How convenient and how easy to make money in Wall Street and how easy to find innocent suckers? The formula is being repeated across the big financial centres of east and west.

Structured products, derivatives, CDOs (Collateral Default Obligations) and CDS (Credit Default Swap) are instruments that the designers had a handle to turn them to their advantage without the victims having a clue of what is going on. That is why they called them ‘sophisticated’ instruments for ‘sophisticated’ clients, with clients thinking that they are sophisticated and clever but in fact the definition means ‘thinking that they know and can afford to lose but cannot claim ignorance.’

And the selling of such snake oils is spreading across the world financial markets with the perpetrators of such products seen as financial geniuses and welcome by greedy govts everywhere. In the meantime the financial time bomb has been set clicking. When will it blow up?

31 comments:

Anonymous said...

I would not really call them greedy, cheating, robbing, lying etc.

I call them smart. And smarter if they don't get caught. But of course smart not in the right way lah. The end result is they make lots of money. And every human being loves money.

And so for smart people and also being human beings, what do you expect them to do? Make lots of money of course.

You also need to be smart to become leader of a political party which is strong. And hopefully to be elected as govt to do good things for the people. This is smart in the right way. But can we find such smart people, you say lah?

Because smart people will rather make money (can be the right or wrong way) than to become leader of a political party. Unless they can also become rich as political leaders lah. But why be rich this way when there are easier and better ways?

Therein lies the problem why it is difficult to get good govt.




Chua Chin Leng aka redbean said...

They will not be caught as the congress, law makers and regulators are part of the scheme, all in cahoot.

You didn't see when the subprime loan crisis and the financial crisis hit, no one was found guilty of anything?

The next crisis will be more than double the seriousness and don't think the system can recover from it anymore. The bubble is now so huge it will bring everything down.

We are no exception.

Anonymous said...

Political Joke:

Q: How to get rich quick?
A: GE 2016. Who wants to be a Millionaire Minister?

Anonymous said...

Sophistry is the way to power and wealth in the Human World all along in history.

Anonymous said...

This is how the Russian oligarchs acquired their wealth:

http://www.businessinsider.com/a-day-in-the-life-of-a-russian-oligarch-2013-7

Anonymous said...

Education is considered one of the best ways for poor people to get rich.
So how well do we support our teachers in Singapore?

http://www.businessinsider.com/countries-where-teachers-get-paid-more-2013-7

Anonymous said...

Education no more is the passport/best ways for the poor to be rich.

NO MORE NO MORE NO MORE!!!!!!!!!!!!

U have to pay yr debts for life even u have good education for the extremely high property and car prices.

SO DONT HOPE!!!!!!!!!!!!!!!!

Chua Chin Leng aka redbean said...

Why should our people pay a life time of debt for a stupid 1000 sq ft 99 year lease flat?

Anonymous said...

You are not force to buy house, car or even food.
Dont want to pay? Easy, dont buy lah.

Anonymous said...

U have no choice if you want to stay here!

Anyway, u don't BUY house, you merely LEASE them, like what uncle Chua said.

Anonymous said...

You are not force to buy house, car or even food.
Dont want to pay? Easy, dont buy lah.

July 19, 2013 10:30 am

What an idiotic comment.

Veritas said...

According to Christian and Chinese prophecy there will be a Armageddon. All these capitalism and parasitic elites will lead us to mother of all war.

I read a lot of ancient Chinese prophecy classics. It strikes me how similar it is to Book of Revelations.

Also all Jewish text states that this world will only exist for 6000 years. Newton Predicted end of world after 2061.

We are near.

We are going to see all sorts of depravity.

Anonymous said...

Thot that was the best possible answer.

Anonymous said...

/// Why should our people pay a life time of debt for a stupid 1000 sq ft 99 year lease flat? ///

Because, I control your CPF money.
You don't buy my HDB flat.
"Your" CPF money earn interest at only 2.5%.

I own or control 90% of the prioperties in Singapore.
Don't buy my HDB flat?
Then what are you going to do with your idle CPF money before you reach 75 years old?

Anonymous said...

This world is full of bullshits and is never fair or will be fair. Why are some movie stars earning so much monies while some cannot earn enough to survive? why some easily win election while some have to be locked up via isa? why some earning so much monies that they cannot even count while some just have so little even if they work all day and night? But one thing is fair, everyone has to die and leave everything behind and thus what is the point of having so much? for fighting among the sones and daughters?

Anonymous said...

/// Why should our people pay a life time of debt for a stupid 1000 sq ft 99 year lease flat? ///

- this only happened in sg and china if I am not wrong. most other rulers allowed their people to have freehold housing. even in the colonial times, the colonial masters would pay their slaves a piece of land for them to build house and grow crops after working for 5 years. by overthrowing the colonial masters, we all get a master of own kind even more evil.

WhereIsSocialJustice? said...

Yesterday was a sad day for me!

Was at an F&B outlet. Witnessed one old Chinese lady about 60+ to 70+ cos her hairs as white as our former MM Lee now but she was scolded every now and then by a "Fat foreign FT". I cringed every time the old lady was scolded. Anyway, I was there for not very long and easily the Chinese Singaporean old lady was scolded more than one's fingers can count. After that, the old lady was ordered to clean the glass panels, doors etc. I wanted to step in but the "FT" was quite a nasty fat lady. Decided not too in case she starts accusing me of some discrimination, molest ( ????? would u believe? ) or whatever...... I left after that with food half eaten, unable to bear the sight and sound any more.

Imagine anyone's mum or granny being subjected to this type of work and treatment for a few dollars an hour. Imagine the physical strain on her weak bones, spines and back after hours of standing, cleaning and carrying those heavy pails of water around to mop the floor? Some more kanna scolded by foreign FT! She must have needed the money badly to work there and suffer such indignity otherwise I can't imagine how can any honest, decent, hard working old age citizens be subjected to such humiliating, degrading treatment in their own country by a foreigner without any protest?

This is probably not an isolated incident in this "shining little red dot"! Welcome YOG! $300 million enough? Welcome F1! S$100 million every year enough? Welcome all foreign students from 3rd world developing countries! 4 years S$250,000 free education, jobs and free yearly 2-way air ticket back home enough? etc etc ......

One Nation, One People?

Sure?

Anonymous said...

One thing is certain. The next financial crisis will wipe everything back to the stone age.

And anothr thing is certain. Countries that are backward and dependant on basic agriculture and farming will suffer less than first world countries.

Some will survive, some will perish amidst the violence and chaos.

Anonymous said...

How to get rich quick?

What a question!

The simple answer is;
go casino, buy toto, big sweep and buy 4d by the hundreds of big and small.

Depending on income of $3000 a month is not even sufficient to buy a four room flat at 25 year loan. Not only that; where to have money for marriage and make baby???
It could also most likely mean not having sufficient fund to see doctor when inflicted with serious illness(es).
Agree?

Anonymous said...

BBC
[Hedge fund founder Steven Cohen charged over 'insider trading']

http://www.bbc.co.uk/news/world-us-canada-23386657


Reuters
[SEC seeking to ban SAC's Cohen from financial industry]

http://www.reuters.com/article/2013/07/19/us-sec-cohen-charges-idUSBRE96I0YG20130719?

Anonymous said...

Seah Chiang Nee's Saturday column

[Worrying trend of rising suicides]


"ARE fast-paced, rich Singaporeans really the least emotional and most unhappy people on earth?

No way, declares a state-controlled cable TV station.

For months, a cable station 34.5% owned by the govt, Starhub,
has been bombarding viewers with “Happy Everywhere” propaganda films
to depict that despite rising stress,
people are still smiling and dancing everywhere."


http://www.thestar.com.my/Opinion/Columnists/Insight-Down-South/Profile/Articles/2013/07/20/Worrying-trend-of-rising-suicides.aspx

agongkia said...

Stop whinning.Use your brain instead.You have a choice to get acquainted to a rich spinster from a rich familee and marry her as a mating partner and can become an instant billionaire.

Anonymous said...

Wah!
so desperate meh?
How manu such spinster in Sin?
What if she is powerful or from a powerful familee and treat you like a pariah?
Thete got to be reason why somethings are left on the shelf.
Better take a gamble at the Singapore Pool rather than having to drown oneself at Bedok Reservoir.

agongkia said...

anon 1.45
No spinster still got many divorcee
and widowed who were married to million dollar towkay or employee before.Go marry one and share the wealth .

Stop dreaming to be rich by gambling with SIN Pool or casino.Will die faster.

Anonymous said...

hello all .................

be very very happy with just what you have.....there is really no end to how rich one can be ....

SO BE HAPPY..LIFE IS SHORT... YOU CANT BRING ALONG .....

Anonymous said...

At least one can spend and enjoy while alive.
钱不是万能的
没钱什么都不能。
连活都不能。
钱,死了带不了
可留给後人。
没钱, 棺材都没得买。

Anonymous said...

生不带来,
死不带去。
活时要吃,
生时要用。
没钱头痛。

PSS said...

@ anon 9.25 pm

Well said! Welcome to my blog!

Anonymous said...

PSS,
Thank You very much.
Been there earlier.

WishYou sincerely great
success in your endeavours
to enlighten our Rulers and
make them wake up to the
challenges our precious tiny
little rock is facing.

Cheers.
Anon 925pm

PSS said...

@ Anon 9.25pm

Thks a lot for your encouragement! Some pple already called me PAPigs and bootlickers. If ever there was one, perhaps I belong to "Singapigs" and "Singlickers". Basically the objective is for Singapore national interest. I have already mentioned many times I have never been a member of any party. I do not get any benefit for my writings, directly or indirectly. Not even kopi-o.

Cheers :)

PSS

Anonymous said...

It is Singaporeans' blessing to have a great young patriot in PSS.
And it will be greater blessing if he is capable to wake up the deaf frogs to stop the rots in Sin.
After all 解铃还需係铃人, meaning the rots can only be stopped by those who caused them.