Ferrari Mailing List: STrange Business Ethics

[philville dejazzd.com (philville]

   Personally I think you are suffering from the same problem that I
   do....you do not know if it is a legal proposition or legal to do ,
   you know that it does not fit well with your personal ethics....but
   you get mad at your self for not being willing to take advantage of it
   regardless of whether it is legal or not.

   And thats my story.
   Phil
   ----- Original Message -----
   From: LarryT <l02turner [at] comcast.net>
   Date: Friday, December 18, 2009 10:38 am
   Subject: [Ferrari] OT  NFC -- STrange Business Ethics
   To: Phil Tegtmeier <philville [at] dejazzd.com>
   Cc: The FerrariList <ferrari [at] ferrarilist.com>
   > Hi Gang -
   > Got a call yesterday from a guy saying he'd set me up in a LLC
   > for free and
   > help me establish a $500K corporate credit line.  His idea
   > was to emulate
   > "rich people like Donald Trump" and borrow using a corporate
   > account so
   > personal holdings are not affected.  He said I could do
   > anything I like,
   > retire, close the business etc and walk away from the loans.
   >
   > I said I couldn't treat people like that - he said it wasn't
   > "people's money
   > but corporate money".  I still didn't want to go along and
   > he persisted in
   > saying I could get all that money for free and then just walk
   > away without
   > any liability.
   >
   > I finally got rid of him but the call bothered me for a
   > while.  This seems
   > terribly unscrupulous and bordering on illegal.
   >
   > Is it true?  Do so-called rich or successful people
   > establish a S or LLC
   > then load up on credit before walking away?  I understand
   > the liability
   > protection but it still sounds wrong.
   > Am I being naive?
   >
   > LarryT
   >
   > OilAnalysis Time?
   > Looking for Weber Parts or Porsche Posters?
   > www.youroil.net
   >
   >
   >
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