[losteric]

It's even more ridiculous: The bank lets criminals walk out the door with money in our name.

Equifax demands money to avoid punishing us when banks are defrauded through their own incompetence.

This is worse, because Equifax aided the criminals, but we were always getting screwed over.

[njarboe]

Wonder why there aren't class action law suits against banks and other companies that lie to the credit bureaus about people defaulting on loans? It is not "identify theft" that is the problem, it is banks libeling people and the credit bureaus passing the libel along.

You loaned money to someone and didn't even have their correct identifying information. Well that's a bit of a problem for you. You say that the fraudster used my name and other info to impersonate me. I can see you are in a bit of a pickle in how to get your money back. You are going to lie and say I defaulted on your loan to a credit bureau? Fuck you, asshole. I'm going to call the police and you are going to get a big fine and/or go to jail.

One can dream, anyway.

[drieddust]

It is because these shenanigans are perfectly legitimatized.

I recently read "A Man for All Markets" by Edward O. Thorp and it opened my eyes to the level of corruption practiced by Financial Institutions.

I find India incredibly corrupt but now I think America is not far behind. Only reason financial crimes in America does not come to light is because they are legitimatized by completely twisting the Laws to favor the right set of people.

Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts.

[njarboe]

This is how limited liability corporations work. They have been around since 1811 and used/abused by everyone in business. Maybe there should be some better regulation or limitations on this form of organizing groups of people but what Trump has done is not unusual for someone with his amount of assets. Trump is par for the course.

Looking in more detail, it seems his companies have gone bankrupt 6 times[1] but he currently controls more than 500 companies[2] (Which is a bit strange. I would think he should have a lot more bankrupt companies if he is controlling 500 at the moment.) Maybe he is a better than average business man after all.

[1] http://www.politifact.com/truth-o-meter/statements/2016/jun/... [2]https://en.wikipedia.org/wiki/The_Trump_Organization

[EpicEng]

>Case in point is Mr. Trump who has declared bankruptcy multiple times without having any impact on his personal worth. This is just nuts

So... if that weren't possible, how do you think it would affect the rate at which businesses are created? Let's say you want to start a business, but if you hit hard times and need to fold, you are _personally_ liable for any debt? Would you start that business, knowing that your financial life could easily be destroyed for the next 30 years? If you _did_ decide to start that business, do you think you'd want to grow at anything more than a snail's pace (if at all)?

[drieddust]

If that is the case then why business owners should be compensated handsomely when they succeed? while they reap the benefits of success ,failure should be owned by society?

I am not saying personal financial position should be destroyed but if you are a multimillionaire already why your failures should be outsourced to society?

And as far as growth is concerned, what's wrong with growing slowly? Cancer too is growth, it's just uncontrolled.

Coming to Trump, he repeatedly failed doing the same type of business.

[Fjolsvith]

I would argue that being a multimillionaire doesn't actually count as failing.

[dkersten]

https://www.washingtonpost.com/politics/2016/live-updates/ge...

According to this Washington Post article, he filed for Chapter 11 a number of times. You argue that being super rich doesn’t count as failing, quite from the article “Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt.“, which sounds like a failure to me. Trump seems to be good at wiping out other people’s money while protecting his own.

[Fjolsvith]

That's the purpose of a corporation. You encapsulate the risk and enterprise inside the legal structure. If the corp goes under, then only the assets of the corp are hit. Your personal property isn't affected, other than perhaps your shareholdings in that corporation become worthless.

[Fjolsvith]

That is because President Trump didn't declare personal bankruptcy. His corporations did.

[drieddust]

That is called Financial Shenanigans. When his corporation succeeds he wins, when it fails society loses. Great Plan I would say.

And he did not fail trying to cure cancer he was trying to run casino and resort businesses.

[Fjolsvith]

He didn't create the system. He was just smart enough to take advantage of it.

[drieddust]

Yeah more power to him and community.