BBC News Article on Property Seminar Firm

[Gumping]

A well-known seminar firm in administration!!

The sad thing is, some disgruntled customers are claiming they have been conned because they bought apartments that are now worth less than what they paid. They are selling them at a loss and blaming the company for it! There's one born every minute, I s'pose.

BBC NEWS | Business | Buy-to-let firm faces questions

 

[gamma]

Well if people are stupid enough to think they can make money by just joining some company scheme where they take 100% of the risk they deserve to be fleeced.

 

[arabianights]

They deserve to be fleeced, but the company don't deserve to fleece them.

Fleecing is a worse crime than greed

 

[Gumping]

They deserve to be fleeced, but the company don't deserve to fleece them.

Fleecing is a worse crime than greed

That about sums up how I feel

 

[shadowninja]

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each.

The villagers, seeing that there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort.

He further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.Soon the supply diminished even further and people started going back to their farms.

The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man, the assistant told the villagers; "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.

"The villagers rounded up with all their savings and bought all the monkeys. Then they never saw the man nor his assistant, only monkeys everywhere!

 

[gamma]

Fleecing,defrauding,Deception are all crimes.


If you can put yourself in a situation where you can be manuplated and taken advantage of what can one say?
These people tried to speculate about a issue that they did'nt have slightest clue about.
Over the last 10 odd years the number of "property Developers"in the u.k went through the roof
everyone who had a spare room in their house considered themselves "Property Developers"for a while we had more property developers than unemployed people.
Shadow's tale is a brillant analogy.

 

[arabianights]

Fleecing,defrauding,Deception are all crimes.


If you can put yourself in a situation where you can be manuplated and taken advantage of what can one say?
These people tried to speculate about a issue that they did'nt have slightest clue about.
Over the last 10 odd years the number of "property Developers"in the u.k went through the roof
everyone who had a spare room in their house considered themselves "Property Developers"for a while we had more property developers than unemployed people.
Shadow's tale is a brillant analogy.

That doesn't mean conning them out of their money was the right thing to do though, does it?

 

[gamma]

That doesn't mean conning them out of their money was the right thing to do though, does it?

I am not defending them.
You have referred to them as "People involved in conning others out of their money"
By terms of that defination the question is
Do cons care?

 

[shadowninja]

The problem is that were they really conned? Or just willing to pay more than they could have had they done their own research? It's no worse than filling up at a petrol station, driving 5 minutes down the road and seeing the price being 2p cheaper. I suppose it does depend how it was sold to them, of course!

 

[gamma]

And what would these "property Developers" responses have been if the property market continued rising for a couple more years?
Anyone buying a propery should have the intelligence to go down the road to check prices.
At the end of the day. They speculated they lost.
Speculation does involve a level of risk

 

[rathcoole_exile]

perhaps they should have used wider Stops ?

 

[anley]

The saddest thing about this whole mess is that the end result was as predictable as the sun rising in the East.

One tip for the future. If you're ever in a room with the general public (a few retirees, a school teacher, a lorry driver, a plumber etc) and are listening to someone tell you how to make generally easy money in a product where it's often front page news that people are making a tonne of cash - BE VERY AWARE - BE VERY AWARE.

 

[Gumping]

The saddest thing about this whole mess is that the end result was as predictable as the sun rising in the East.

One tip for the future. If you're ever in a room with the general public (a few retirees, a school teacher, a lorry driver, a plumber etc) and are listening to someone tell you how to make generally easy money in a product where it's often front page news that people are making a tonne of cash - BE VERY AWARE - BE VERY AWARE.

John F. Carter said something about this in his book: A guy came around to repair his fridge went into a 20 minute monologue about how such-and-such a dot. com. stock was worth $500 per share and he'd put all his dough into it. The dot. com. bubble burst soon after

 

[Trader333]

I had no idea that Fridge Repair Technicians could have such a large impact on stock prices but I will bear it in mind for the future


Paul

 

[hornblower]

I had no idea that Fridge Repair Technicians could have such a large impact on stock prices but I will bear it in mind for the future


Paul

I have found , that if everyone is piling into things
thats the time to be getting out

20 years ago, very few people were able to buy at auction
you were able to buy it cheap, develop property , and sell it on


up until last year the auction rooms were full
why because their was plenty of money about , at low interest rates
but not now

 

[Gumping]

I had no idea that Fridge Repair Technicians could have such a large impact on stock prices but I will bear it in mind for the future


Paul

Was it Jesse Livermore who had a similar situation where a shoeshine boy was giving him stock tips just before the crash in the 20's? Don't forget to factor them in too - although if you're getting your shoes polished by a child on the street these days, then you probably deserve their stock tips! :smart: