The Flinchum File
Thoughtful Economic Analysis and Existential Opinions

Desperately Dumb

11/28/2020

What is it about dumb criminals that make them seem almost funny?

Ponzi schemes are always described by the media as an example of the way unscrupulous financial advisors steal from their clients.  Actually, it is a way that really DUMB financial advisors steal from their clients for a period of time.   By its nature, ALL Ponzi schemes are doomed to failure, by their ever-increasing need to steal ever-increasing amounts.  Who does anything that is already doomed to failure?

A $35 million Ponzi scheme in Redding, California, ended last week, when the FBI gave pursuit to the Ponzi-crook, who tried to outrace them by going off-road twice and finally pulled up to the frigid Lake Shasta, where he pulled a Yamaha Seascooter out of the back of his pickup truck and spent 25 minutes underwater wearing ordinary street clothes, while the FBI simply followed his bubbles and waited on the surface.

While there is nothing funny about cheating people out of their life savings, being that dumb is somewhat amusing.  All Ponzi-crooks are dumb, because their schemes are doomed to failure, but this Ponzi-crook was also dumb enough to attempt outracing the FBI and dumb enough to jump into frigid waters for 25 minutes and dumb enough to think the FBI could not follow his bubbles.

In the Ponzi Hall of Shame, this crook may be the dumbest!

 

 

 

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