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It’s this what America is trying to do?
Buy up everything and then default on our loans? Yup. If they aren’t trying, their incompetence is actually pretty impressive.
We are trying to outsource our debt to china.
Its all games. I don’t thing people that care are ready for how fucked up humanity is going to get. But worse than that, I don’t think many care.
“They” have humanity by the balls.
And damn… Like I said… I don’t think people understand… All these people we called terrorists might have been trying to save us.
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Loan was not approved. What now?
Set up a shell company. Set up a trust somewhere with no capital gain tax. Shift ownership of the shell to the trust. As the shell, come to an agreement in principal with the bank to buy it. Use this as colateral to raise a loan from the bank for the purchase amount. Transfer the debt to the bank as part of the merger with the shell company. The bank now basically owes itself to itself. Sell the combined company from the trust, thus avoiding capital gain tax.
come to an agreement in principal [sic] with the bank to buy it
I assume this would go as well as Gamestop trying to buy Ebay.
That was no typo. Gonna use that principal like a tauntaun.
take out a smaller loan to bribe the person who appeoves the loans
Brute force loan application: Keep trying random identities until one goes through.
pulls out minigun from payday 2
loan approved
😎
Be a billionaire of course. This only works if you are rich.
Please dad. It’s for good cause.
Set the bank on fire and try the next one
Isn’t this the exact plan for all private equity acquisitions. The most recent one coming to mind was the fabric store Joann’s. PE came in bought the company, saddled it with their debt used to buy it, strip mined it, and then declared bankruptcy.
It’s not actually ridiculous in principle.
Let’s say I start out owning a bank with ten billion in assets, and the bank’s value comes entirely from its assets so it’s worth ten billion.
The bank loans its ten billion to you, and you pay me those ten billion for the bank. Now I have ten billion in cash instead of a bank that was worth ten billion, and you have a bank worth ten billion to which you owe ten billion. No one’s net worth has changed.
You default on your loan to your own bank. Now the bank is worthless (its worth came entirely from the loan) and you have no debt, so your net worth still hasn’t changed. Effectively nothing has happened.
But now you can lobby the government to bail out your bank using tax money.
The bank loans its ten billion to you
A bank that’s subject to government regulation isn’t going to do that unless “you” have billions in assets to justify that kind of sale.
and you pay me those ten billion for the bank
And surely you report that sale on your taxes and pay the relevant taxes, right?
No one’s net worth has changed.
Except you, once you’ve paid your taxes.
You default on your loan to your own bank.
Ok, so “you” missed the payment. Now what? You think “you” can walk away cleanly? Declaring bankruptcy to wipe your debt is only something that’s available if the government provides that kind of mechanism, and generally that’s only available to people who have otherwise followed all the rules, which wouldn’t include buying a ten billion dollar bank when they had no assets.
The only way this scenario works is if you ignore all the laws. But, if you’re ignoring the laws, why not just make it simpler and simply steal the bank’s assets?
Sweet of you to think that people this rich typically pay their taxes.
Geesh, your point made me think that it wasn’t an actual career path
Is capitalism real?!?!n1?
nothing has happened
Right, which is why it’s not some hero-swaggers-triumphantly maneuver. That’s the ridiculous part.
Effectively nothing has happened.
A lot of people lost a lot of their money and got their lives destroyed. Also, the previous owners liquidated their shares.
But yeah, you haven’t got any richer.
Good luck with that 1st part.
We found the jealous one 🙄
“But its for AI”
Here’s 20, keep the change!
But the bank is worth $10 billion less.
This is unironically what people do. They buy businesses, sell all the assets, pay themselves exorbitant bonuses for having a profitable quarter from selling all the assets and then sell the business. After someone buys it it’s like a 60% bankruptcy rate post sale.
And then other businesses that have “too good” numbers buy those failing businesses and let them go bankrupt to use as larger write-offs and get tax rebates.
step 1: buy a money factory
step 2: profit
Step 5: Profit
Noncredible economics
Ahem, you skipped a few steps but ya your close to it. https://youtu.be/x9P-pYGu_ws
I feel like the closest real thing is a leveraged buyout
Load all the computers onto my truck. I’m starting a new ebay store.
