Ferrari Mailing List: Re: STrange Business Ethics

[LarryT (l02turner]

Hi Phil - 
Yeah, that states it pretty well.  I'd hate to think I'm foregoing a fortune in 
"free" money and this is
the every elusive "secret of the super rich" I've heard about all my life.  I 
tried to convince the guy that corporate or not, it is still *someone's* money 
(right??) and if I create a situation that will allow me to not
put my own resources at risk I might not put the proper effort into it since I 
have such an inviting parachute just waiting for me to bail out.  

It just doesn't seem the right way to do things.  Yep Phil, you and me are 
naïve and are throwing all that money away (but hey, it's not real "peoples" 
money")  -  I bet the shareholders of that corporation  might be a disagree?!!

Thx for the comment - 
LarryT

OilAnalysis Time? 
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From: philville dejazzd.com 
Sent: Friday, December 18, 2009 10:48 AM
To: LarryT 
Cc: The FerrariList 
Subject: STrange Business Ethics


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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