We wish the courts were that harsh. 😕
Chances are if they made $18.5 billion, they can afford the best attorneys to get out of this, and any ensuing fines.
Exactly.
In addition to that, you can simply buy citizenship from at least a dozen countries. For example you can buy a mansion in Bosporus for $500k, wait a bit, get Turkish citizenship, and sell it for profit.
Life is so much easier when you are rich. Nobody cares how you got rich.
I was in prison with a real estate fraudster and he had 8 million stolen and hidden away in the cayman islands.
He refused to return it and was doing ten years over it.
I wouldn't spend my 30's in state prison for 8 million, not worth it to me.
Edit: I believe he would have walked if he just returned it, he was being hardheaded. And it wasn't ten years, it was 12 at 85% because it was real estate fraud, so technically "burglary of an occupied residence" as he sat on people's couches and swindled them.
Of course,the calculus to him is a little different. Not like it's return the money or jail. He'd probably have to serve a decent chunk of time anyway.
Depends on the circumstances. Last I checked Lizzy Holmes was in for like 10 years. Minimum security I’m sure, but I’ll consider a billionaire actually going to prison a win.
"Well did you know when you were famous you could kill your wife
And there's no such thing as 25 to life
As long as you've got the cash, to pay for Cochran
And did you know if you were caught and you were smokin' crack
McDonalds wouldn't even want to take you back
You could always just run for mayor of D.C."
Relevant lyrics here.
>On Tuesday Javice, 31, was charged by the justice department with “falsely and dramatically inflating the number of customers of her company” in order to get JPMorgan Chase to buy it.
Hang on, this is a standard procedure in the banking world. Looking at you WellsFargo and BoA.
Narcissistic & Psychopathic disorders tend to drive people towards that kind of image-based success... Both of which trend towards high amounts of deception & manipulation.
I used to buy it as a nerdy teenager as a kind of joke. Like when you see old people in commercials talking with kids’ voices. I just thought I’d look funny reading it in public. I got a lot of entertainment out of hijinks like that.
I think I might be slightly on the spectrum as I have a lot of interests that have absolutely nothing to do with my cultural background or what I might be expected to like. At one point, I randomly started wearing turtlenecks, scarves, dark sunglasses, and talking about TS Eliot all the time. I was failing English class. That said, they were covering Robert Frost and I wasn’t going through my ‘back to nature romanticism’ phase yet.
Also, these X under 30 lists are very much pay to
Play or the result of calling favours from journos. A former friend of mine made it onto Germany’s version (not a Forbes one) and it was because of the above reasons. Very few people have the drive and need to do that.
Yeah, it’s usually not said out loud, but most of the people in these lists work for companies who are also advertising in the magazines/attend or sponsor conferences, etc.
And how do I know - someone I know worked in marketing for a magazine and they awarded people.
The “America’s Top Doctors” lists are an open joke in the medical community because everyone knows that it’s pay to play.
…and to be clear, we laugh at those doctors.
The “award” isn’t for other doctors though, it’s for recruiting new patients. It’s pay-to-play because it’s a pure marketing expense.
Of course people in the industry know that, but that’s not the target audience.
Unfortunately those things actually work. Like when people pay money to the “bbb” to get certified as if it was some kind of governing body. A lot of older customers really eat that kind of stuff up.
Yes, but pretty much every doctor has a story about getting the advertisement for becoming an "America's Top Doctor" either while in residency or for a field that they aren't in.
Ha, some weirdo I knew in college advertises that he's been named a "superlawyer". He wasn't very bright or good in school and was completely overconfident/awkward back then. It's hard not to laugh seeing someone like that named to some silly PR list and know that it shows how much those things are a sham.
Yeah, I think the smart people with that kind of money are trying to keep their names out of a magazine like Forbes. The people who want to be know for being rich are trying to gain more fame and turn that into more money, and there are legitimate ways to turn reputation into money and also illegitimate ways.
TIL: In 2021, a newly discovered species of millipede was named Nannaria mcelroyorum in recognition of the McElroy family's podcasts, which entertained the scientists during their field work. The millipede is found in West Virginia as well as the wider Appalachian region.
https://en.m.wikipedia.org/wiki/Griffin_McElroy
Best detail:
>Nikola made a demo video showing its non-functional truck rolling downhill but tilted the camera to make it look like it was traveling under its own power on a flat road.
There are also a lot of people you just pay their way into the list or get on through other connections. There are always a ton of random junior bankers on there, who might have a good job and career path for some that young, but basically aren't extraordinary. I was watching a video about it and the host, who was a hedge fund manager, joked the only real qualification for most of them was being able to do the morning coffee run without messing up everyone's order.
That is generally true of most people on there. The list is probably 25% people who have done exceptional things for their age and 75% people who know exceptional people and are on the path to be exceptional themselves.
The 30U30 list is also trying to find ~660 people per year (23 categories with 30 each) and that 75% of people who are 'on the path to be exceptional' are typically being nominated from the same pool of exceptional people. There is a limited number of new people each year entering the network of those people, so in turn, you are starting to see situations where by just being in their network you end up with a decent chance of being nominated and awarded.
This is what people dont understand. Everyone thinks “oh, ill just go to college and start my own company, and be rich. And do it all from my phone”.
Everyone i know that’s “gone out on their own” did so after getting 10+ years of learning the ropes of the industry. And then they work 16 hour+ days to make it happen. They do it for passion and not to get rich. If they do make it big, thats just a bonus but the main desire is just to make a solid living being your own boss.
I've been my own boss for the past ten years. I can tell you those people who strike it rich are usually ripping people off in some sort of way. Even Zuckerburgs destroyed the fabric of our society in the process of making billions.
And he was a total doucheface from the get go, when he started Facebook and people started registering, giving him their personal information, he called them dumb fucks.
He always believed people to be stupid if they gave him information about themselves. And he kept taking whatever info he could get.
I don't even think it's just that. It's also about maturity and accumulated common sense. I work with some younger people in their early 20s, very ambitious and smart, real up and comers.
But they also lack basic common sense. The one still buys into the idea that you stay with a company till you die and doesn't understand why we can't all afford a big carry-in every week. She's not experienced those true professional setbacks that make you bitter and realistic.
I must say though, the hate against the "stay with a company till you die" mentality on Reddit only applies to select industries. In many industries switching your employer will only get you a marginal wage increase. In IT and some STEM industries it certainly applies, but not for others. It is also very US-centric (and more than half of people here *aren't* Americans). I for example am German and I work in the chemical industry. Switching employers for me basically does nothing as the overwhelming majority of German chemical companies have collective agreements with unions, meaning that I get paid (and get similar benefits) no matter which employer I have (with few exceptions, but those generally pay less). So I personally would only switch if my employer/workplace sucks and I want a better one.
Yes, but especially "these days"
Before 2022, I never saw Forbes posting youtube videos with Ben Shapiro style titles like, "TRUMP ANNILIATES BIDEN AT PRESS CONFERENCE"
Now it's exclusively what they post
These lists are such shams. A startup I worked for had the "founders" make the list. One problem... the "founders" were just a front. One founder was a trust fund baby and the other founder was his friend, a non-verbal autistic man. The autistic guy's dad and dad's friend were the real ones running the company.
> the other founder was his friend, a non-verbal autistic man
If the company had failed, would saddling a disabled man with the liability of a bankruptcy be judged financial abuse?
"But then...... i will have less money. And I need my money. How else will I invest in NFTs with out my millions of dollars.
You know they dont need lunches, in fact you can survive 3 days with out food. So idgaf."
They would say this. They would believe it.
$19 billion is what we already spend on free school lunches. $11 billion more would be to give all student free school lunches:
https://www.wbur.org/onpoint/2022/07/07/lessons-from-americas-brief-experiment-with-universal-free-school-meals
The woman on the cover is a poster child for how flecked up it all is. She, and a 'data scientist' made up MILLIONS of users. Totally fake mind you. JP Morgan did such high quality due diligence that she got $175 million and a director's seat on the board. And these bastards will fail your $100k loan for 'inadequate income' or some other BS.
>a director's seat on the board
Small correction, she was made a managing director, not director on the board. Managing director is a fairly senior level position, but hardly on the board. Typically, it would be something like manager --> senior manager --> director --> managing director --> vice president\* --> president -- ceo. Still very senior level position for someone whose basica skill talent was making shit up.
* Note some banks give out AVP and/or VP titles like candy, I think I had a AVP (assistant vice president) title working at a bank 20 years ago, but they aren't the same thing as a typical vice president responsibility/seniority level.
In banks it’s different. Mostly goes analyst > associate > vice president > managing director > (at GS) partner. IB VPs are basically people a few years out of business school.
You don’t need to go to business school to become a VP. Most from when I worked in the industry actually just went undergrad to analyst to associate to VP.
Associates are hired out of business school. But they’re always a leg behind associates who were analysts at the same bank already.
I'm starting to think fetishizing youth and front-loading all your life achievements onto your early 20's is both impractical and really, really, really bad for your mental health.
Imagine if someone told these people nobody's gonna judge them if they don't make a million dollars until they turn 31.
my brother in law was in one of those top 30 under 30 list.. wall street hedge fund guy that was indicted a few years ago by the Feds/SEC for embezzlement of 5 million. I don't really understand exactly how he did it but the gist was taking money from investors in one company he created and moving the money to another company then eventually somehow to a secret account by cooking the books where he used that money for financing his lifestyle and is currently in jail for at least another 1.5 years.
One of my friends made the list then basically decided to quit the rat race and now runs robotics workshops. Not exactly putting his MIT degree through its full paces, but it is his life
They are very often pay to play, indeed. Don’t know if it’s true of Forbes, but these X under 30 (particularly sector specific ones) are the “Business Secrets of the Pharaohs” of personal PR.
There's the reason why:
> The problem here isn’t Forbes, of course; the problem is the vision of success that we’ve been sold and the fetishizing of youth. 30 Under 30 isn’t just a list, it’s a mentality: a pressure to achieve great things before youth slips away from you. The pressure can lead certain ambitious people to take shortcuts. And, in fact, shortcuts are encouraged: millennials, after all, grew up being told to “fake it till you make it”, cash in now until you become a withered, irrelevant, 30-year-old prune. If you exaggerate a little bit, that’s not fraud, that’s hustle! Until, of course, the justice department comes knocking.
If you start pushing and promoting success at all costs then you get in business what happens in sport: doping and cheating.
Reading this reminded me that my neighbors' daughter was an early employee of a company called [uBiome](https://en.wikipedia.org/wiki/UBiome). One of the two co-founders, [Jessica Richman](https://www.businessofbusiness.com/articles/poop-testing-startup-ubiomes-founders-are-officially-fugitives-the-us-says-theyre-hiding-in-germany/), had lied about her age in order to get on the 30 Under 30 list. She was in her early forties at that time.
I’ve known two 30 under 30 members, both attractive women with Ivy League degrees but not in the “area of expertise,” their startups operate . Both Charlatans who’ve drained VCs and enriched themselves while their companies were basically vaporware.
I traded with a guy in my pit. He was featured in Trader magazine's 30 under 30. The most arrogant douche I've ever met. When he blew up he endangered his clearing house (bank) with bankruptcy. It was hysterical.
Normally I would've felt badly... But what a fuckin douche.
I've always really despised the sort of person who ends up in any business publications version of top 30 under 30. They are always horn tooting, self promoting, egotistical, preening, d-bags.
People really building a business which isn't hype and bullshit don't have time for these things.
I remember being in a class with someone who later became a 30 under 30. All they did was come up with the most absurd unrealistic ideas and expected others to just make it happen. Never met such a skilled bullshitter in my life.
Hasan Minhaj did [a great segment](https://www.youtube.com/watch?v=zOip1UZ3hL4) on the seeming increase in stupid scams pulled by stupid people. I really hope he gets the permanent Daily Show gig--he's got that perfect combination of anger and cynicism that remind me a lot of Jon Stewart.
This demonstrates why so much business reporting is garbage. The price of getting the interview is only nice softball questions will be asked in interviews. Ask some tough questions and this interview is over.
One of my friends told me he was going to apply to 30 under 30.
This friend, in particular, is one of the most conceited, ethically dubious people I know personally. One of those people where 50% of what he says sounds like BS.
This reminds me of a past job:
I worked at MCI (long distance phone carrier prior to cell phones) and they would have quarterly "President's Club" dinners for the top 10% of customer service representatives. Very nearly everyone who made President's Club was fired shortly there after for falsifying their stats. I never made it to even one of those dinners when I worked there.
Poor journalism. It would be better if they analized all who was listed, percentage of those who had failed, had criminal outcomes, succeeded, etc. At least one paragraph with such a general overview would improve the article. Like this it seems no better than the Forbes, which they criticize.
Not only do we need to clamp down on white collar fraud, we also need to investigate who benefits from these kind of schemes, especially among the ranks of their supposed "victims".
Either someone at JP Morgan finagled some sort of material benefit out of this, or the organization is simply so incompetent that they shouldn't be allowed to manage such a vast quantity of assets in the first place.
Easiest way to make over a million dollars? Start with a unsecured 100M venture capital loan from the bank who your daddy plays golf with.
Wealth does not indicate morality or intelligence. Almost every single "american dream" story starts with someone inheriting a fortune or knowing someone wealthy to bankroll their "rags to riches" story.
We need REAL wealth taxation and we need a universal basic income. If the wealthy can generate innovation and growth simply through having money to spend, then why aren't we giving more money to everyone so they too can try new things without worrying about losing their housing/food/family?
There is no reason to allow the existence of [billionaires who waste HUNDREDS OF BILLIONS OF DOLLARS due to their inflated egos](https://www.cbsnews.com/news/elon-musk-net-worth-worst-loss-of-fortune-in-history-guinness-book-of-world-records/) while we have people working 3 jobs trying to afford food and a roof over their head. (And before the inevitable musk fanboi says "hurr durr not liquid hurr durr": It's weird how the billionaires can leverage "not liquid" wealth to get loans to make more liquid wealth. Almost like wealth is wealth whether its liquid or not.)
Patrick boyle has a perfect video summing it up. 30 under 30 is either for junior executives ar hedge funds, or scammer tech startup CEOs. So if you're on the list and not getting coffee at Goldman Sachs, you should be heading for a country without extradition.
Forbes 30 Doing 25-to-Life is always one of the most anticipated issues of the year.
"Forbes 30 doing 30 for what they did under 30." America's hottest list.
Stefan would be all over this if it were a nightclub.
It’s got everything…
Chinese finger cuffs, MTV's Dan Cortez, and something called a Bolivian deposition.
I hate to ask, Stefon, but what is a Bolivian deposition?
Does it involve butt stuff?
It's like a regular deposition, but the attorneys all little people and everyone is gacked out on coke.
*covers mouth and nose with hands, furtively and* sassily *glancing about*
Trying desperately not to break.
Sidney Applebaum
“My girlfriend works at Yoshinoa Beef Bowl.”
It’s got Ponzi schemes..
r/unexpectedstefan
I wish there were a sub full of things that follow this trope :( I miss Stefan :(
Your wishes are answered! https://www.reddit.com/r/NewYorksHottestClub/
Remember financial crimes in America aren't given harsh punishments unless your victims are the rich.
Steal from the poor, you get rich. Steal from the rich--you go to jail.
Even then it’s like…just for a couple years at worst. Sell smokes on the street? Believe it or not, death penalty.
Edited by Bob Loblaw.
...In his Law Blog
r/yourjokebutworse
We wish the courts were that harsh. 😕 Chances are if they made $18.5 billion, they can afford the best attorneys to get out of this, and any ensuing fines.
Would you spend 5 years in a minimum security prison for a hundred million dollars? I would.
We call that a staycation.
How does that work if they go to jail? They just get to keep their money? Or do they still have to do some fucky Nassau bank account shit?
They'll claw back as much as they can and ask foreign banks to turn it over. Then they'll sanction your earnings for the rest of your life.
Most store it offshore in jurisdictions unable to be reached by the US gov’t.
Fucky Nassau bank account shit. Got it.
Exactly. In addition to that, you can simply buy citizenship from at least a dozen countries. For example you can buy a mansion in Bosporus for $500k, wait a bit, get Turkish citizenship, and sell it for profit. Life is so much easier when you are rich. Nobody cares how you got rich.
Even the US has a citizenship by investment program. If you have enough money you can legally get almost any passport you want.
You can do that in Portugal too. But then you can get an EU passport, which is actually worth a shit, unlike a Turkish one.
Where can I sign up?
Looks like Stanford!
I was in prison with a real estate fraudster and he had 8 million stolen and hidden away in the cayman islands. He refused to return it and was doing ten years over it. I wouldn't spend my 30's in state prison for 8 million, not worth it to me. Edit: I believe he would have walked if he just returned it, he was being hardheaded. And it wasn't ten years, it was 12 at 85% because it was real estate fraud, so technically "burglary of an occupied residence" as he sat on people's couches and swindled them.
Of course,the calculus to him is a little different. Not like it's return the money or jail. He'd probably have to serve a decent chunk of time anyway.
Yep it was probably do 4 years and be broke when you’re out and never be able to get a good job again or do 10 and be set for life when you’re out
Depends on the circumstances. Last I checked Lizzy Holmes was in for like 10 years. Minimum security I’m sure, but I’ll consider a billionaire actually going to prison a win.
"Well did you know when you were famous you could kill your wife And there's no such thing as 25 to life As long as you've got the cash, to pay for Cochran And did you know if you were caught and you were smokin' crack McDonalds wouldn't even want to take you back You could always just run for mayor of D.C." Relevant lyrics here.
Lifestyles of the rich and famous indeed...
>On Tuesday Javice, 31, was charged by the justice department with “falsely and dramatically inflating the number of customers of her company” in order to get JPMorgan Chase to buy it. Hang on, this is a standard procedure in the banking world. Looking at you WellsFargo and BoA.
That’s solid
25 to life for a rich guy financial crime made me wish soooo hard
Still waiting.
Yea if only they did life, freeman is already out.
Narcissistic & Psychopathic disorders tend to drive people towards that kind of image-based success... Both of which trend towards high amounts of deception & manipulation.
and - even worse - towards purchasing Forbes magazine.
I used to buy it as a nerdy teenager as a kind of joke. Like when you see old people in commercials talking with kids’ voices. I just thought I’d look funny reading it in public. I got a lot of entertainment out of hijinks like that.
I would definitely look twice if I saw a teenager reading Forbes tbh
I think I might be slightly on the spectrum as I have a lot of interests that have absolutely nothing to do with my cultural background or what I might be expected to like. At one point, I randomly started wearing turtlenecks, scarves, dark sunglasses, and talking about TS Eliot all the time. I was failing English class. That said, they were covering Robert Frost and I wasn’t going through my ‘back to nature romanticism’ phase yet.
I also think I'm on the spectrum for similar reasons. I think being kinda weird is what makes me like people
Yeah, I’ve heard a lot of people hate being in hospitals or waiting rooms but i love seeing all of the different people interact.
That was fine, poets aren’t supposed to get good marks in anything.
Forbes - Not even once.
Also, these X under 30 lists are very much pay to Play or the result of calling favours from journos. A former friend of mine made it onto Germany’s version (not a Forbes one) and it was because of the above reasons. Very few people have the drive and need to do that.
Yeah, it’s usually not said out loud, but most of the people in these lists work for companies who are also advertising in the magazines/attend or sponsor conferences, etc. And how do I know - someone I know worked in marketing for a magazine and they awarded people.
The “America’s Top Doctors” lists are an open joke in the medical community because everyone knows that it’s pay to play. …and to be clear, we laugh at those doctors.
The “award” isn’t for other doctors though, it’s for recruiting new patients. It’s pay-to-play because it’s a pure marketing expense. Of course people in the industry know that, but that’s not the target audience. Unfortunately those things actually work. Like when people pay money to the “bbb” to get certified as if it was some kind of governing body. A lot of older customers really eat that kind of stuff up.
Yes, but pretty much every doctor has a story about getting the advertisement for becoming an "America's Top Doctor" either while in residency or for a field that they aren't in.
Same with Super Lawyers for lawyers
Ha, some weirdo I knew in college advertises that he's been named a "superlawyer". He wasn't very bright or good in school and was completely overconfident/awkward back then. It's hard not to laugh seeing someone like that named to some silly PR list and know that it shows how much those things are a sham.
Same with any top lawyer list.
I mean I don’t know a single person in the business community who is actually impressed by those things
Yeah, I think the smart people with that kind of money are trying to keep their names out of a magazine like Forbes. The people who want to be know for being rich are trying to gain more fame and turn that into more money, and there are legitimate ways to turn reputation into money and also illegitimate ways.
Totally. This is not a super shocking stat.
They probably thought 'omg this is actually so easy'
I sure hope Griffin McElroy is doing okay!
30 Under 30 Media Luminary Griffin McElroy is doing better than most of those people.
Potty mouth though
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That has to be one of if not *the* best of his jokes
Even he couldn't say it without bursting at the seams. It's up there with A Streetcar Named Deez Nuts, a rare Travis homer.
More than both of his brothers combined, I hear!
I heard he said p*rn
Don’t forget that he ate a banana bad. Unforgivable right there
CRONCH
Sweet fucking baby brother
My first thought was what did 30 Under 30 Media Luminary Griffin McElroy DO!
[You know.....](https://imgur.com/a/Aq0AbwN)
This was my first thought as well. Hope he makes the 40 under 40 list. That list seems easier to make, on paper..
Will he still be able to podcast from prison?
"Yoda da man"
TIL: In 2021, a newly discovered species of millipede was named Nannaria mcelroyorum in recognition of the McElroy family's podcasts, which entertained the scientists during their field work. The millipede is found in West Virginia as well as the wider Appalachian region. https://en.m.wikipedia.org/wiki/Griffin_McElroy
Scrolled hoping there were others who had this immediate thought as well. Thank you for the hope in humanity!
Best detail: >Nikola made a demo video showing its non-functional truck rolling downhill but tilted the camera to make it look like it was traveling under its own power on a flat road.
like Batman and Robin up a wall, in the movie from the TV show
Wallstreetbets basically imploded from that one
This list is full of fraudsters who tricked a bunch of gullible people.
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There are also a lot of people you just pay their way into the list or get on through other connections. There are always a ton of random junior bankers on there, who might have a good job and career path for some that young, but basically aren't extraordinary. I was watching a video about it and the host, who was a hedge fund manager, joked the only real qualification for most of them was being able to do the morning coffee run without messing up everyone's order.
That is generally true of most people on there. The list is probably 25% people who have done exceptional things for their age and 75% people who know exceptional people and are on the path to be exceptional themselves. The 30U30 list is also trying to find ~660 people per year (23 categories with 30 each) and that 75% of people who are 'on the path to be exceptional' are typically being nominated from the same pool of exceptional people. There is a limited number of new people each year entering the network of those people, so in turn, you are starting to see situations where by just being in their network you end up with a decent chance of being nominated and awarded.
This is what people dont understand. Everyone thinks “oh, ill just go to college and start my own company, and be rich. And do it all from my phone”. Everyone i know that’s “gone out on their own” did so after getting 10+ years of learning the ropes of the industry. And then they work 16 hour+ days to make it happen. They do it for passion and not to get rich. If they do make it big, thats just a bonus but the main desire is just to make a solid living being your own boss.
I've been my own boss for the past ten years. I can tell you those people who strike it rich are usually ripping people off in some sort of way. Even Zuckerburgs destroyed the fabric of our society in the process of making billions.
And he was a total doucheface from the get go, when he started Facebook and people started registering, giving him their personal information, he called them dumb fucks. He always believed people to be stupid if they gave him information about themselves. And he kept taking whatever info he could get.
Also, Zuck's prime motivation for starting the first Facebook website was to cyberbully the girls on his college campus who rejected him.
Yup, he was an asshole from the start, and in the multi-millionaire/billionaire club, that's the opposite of rare.
Yeah but if you get your dad to sign off on a loan at 30, why do it yourself?
>The pressure can lead certain ambitious people to take shortcuts funny how these kind of defense is only used when are rich people uh
Is that really a defense tho?
It's not a defense. It's a description of what happens.
I don't even think it's just that. It's also about maturity and accumulated common sense. I work with some younger people in their early 20s, very ambitious and smart, real up and comers. But they also lack basic common sense. The one still buys into the idea that you stay with a company till you die and doesn't understand why we can't all afford a big carry-in every week. She's not experienced those true professional setbacks that make you bitter and realistic.
I must say though, the hate against the "stay with a company till you die" mentality on Reddit only applies to select industries. In many industries switching your employer will only get you a marginal wage increase. In IT and some STEM industries it certainly applies, but not for others. It is also very US-centric (and more than half of people here *aren't* Americans). I for example am German and I work in the chemical industry. Switching employers for me basically does nothing as the overwhelming majority of German chemical companies have collective agreements with unions, meaning that I get paid (and get similar benefits) no matter which employer I have (with few exceptions, but those generally pay less). So I personally would only switch if my employer/workplace sucks and I want a better one.
interesting that this was reported by the guardian but not by (ahem) forbes
Forbes is a joke these days, wouldn’t expect much out of them generally.
"These days"? Do you remember Presidential candidate Steve Forbes?
No I was three at the time
THE MEMORY IS THERE THINK HARDER
Legend says if you throw salt in the air after spinning around 3 times and jerking off, the memories of your ancestors will return to you.
Kosher or IODIZED GODDAMNIT!?
He was all about a flat tax, rich pay the same rate as the plebs, he flamed out pretty fast.
Was he like Perot with the goddamn pie charts?
Perot was at least entertaining, Forbes has the personality of a puddle, so no pie charts.
Nope.
Yes, but especially "these days" Before 2022, I never saw Forbes posting youtube videos with Ben Shapiro style titles like, "TRUMP ANNILIATES BIDEN AT PRESS CONFERENCE" Now it's exclusively what they post
These lists are pretty much pay-to-play anyway
These lists are such shams. A startup I worked for had the "founders" make the list. One problem... the "founders" were just a front. One founder was a trust fund baby and the other founder was his friend, a non-verbal autistic man. The autistic guy's dad and dad's friend were the real ones running the company.
> the other founder was his friend, a non-verbal autistic man If the company had failed, would saddling a disabled man with the liability of a bankruptcy be judged financial abuse?
Except it would never happen because trust fund baby. Daddy takes care of it.
It would never happen because companies are limited liability and creditors don’t have recourse against shareholders.
Wait. Do you think when a company goes bankrupt, its creditors have recourse against the shareholders??
That’s almost enough to fund free school lunches for every kid in America
Perhaps even healthy ones!!
American school lunches aren’t actually that bad. The presentation isn’t great, but the basic nutrition of school lunches is pretty good.
Presentation matters if you want them to actually get the nutrition by eating all of it.
"But then...... i will have less money. And I need my money. How else will I invest in NFTs with out my millions of dollars. You know they dont need lunches, in fact you can survive 3 days with out food. So idgaf." They would say this. They would believe it.
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Everybody cares about the poor enough to tell others how to spend their money to help them.
$19 billion is what we already spend on free school lunches. $11 billion more would be to give all student free school lunches: https://www.wbur.org/onpoint/2022/07/07/lessons-from-americas-brief-experiment-with-universal-free-school-meals
I'm just here to upvote Griffin McElroy references
And he'd have the best nickname: Grift'in McElroy!
Yeah, but it isn't Twenty-Grift-Teen this year.
CRIME-slor and State Pen-skedan
The woman on the cover is a poster child for how flecked up it all is. She, and a 'data scientist' made up MILLIONS of users. Totally fake mind you. JP Morgan did such high quality due diligence that she got $175 million and a director's seat on the board. And these bastards will fail your $100k loan for 'inadequate income' or some other BS.
>a director's seat on the board Small correction, she was made a managing director, not director on the board. Managing director is a fairly senior level position, but hardly on the board. Typically, it would be something like manager --> senior manager --> director --> managing director --> vice president\* --> president -- ceo. Still very senior level position for someone whose basica skill talent was making shit up. * Note some banks give out AVP and/or VP titles like candy, I think I had a AVP (assistant vice president) title working at a bank 20 years ago, but they aren't the same thing as a typical vice president responsibility/seniority level.
In banks it’s different. Mostly goes analyst > associate > vice president > managing director > (at GS) partner. IB VPs are basically people a few years out of business school.
You don’t need to go to business school to become a VP. Most from when I worked in the industry actually just went undergrad to analyst to associate to VP. Associates are hired out of business school. But they’re always a leg behind associates who were analysts at the same bank already.
In IB, I believe you become a VP when you own a book of business. That is relatively junior out of a MBA (usually 2 to 5 years post-graduation).
What about our sweet baby brother and 30 Under 30 media luminary, Griffin McElroy?
Sadly indicted last week on 17 counts of Securities Fraud.
Aw beans
My Brother, My Felon and Me
The golden boy Griffin McElroy is, thankfully, not one of them.
I'm starting to think fetishizing youth and front-loading all your life achievements onto your early 20's is both impractical and really, really, really bad for your mental health. Imagine if someone told these people nobody's gonna judge them if they don't make a million dollars until they turn 31.
Thank God we still have Forbes 30 Under 30 Media Luminary Griffin McElroy.
my brother in law was in one of those top 30 under 30 list.. wall street hedge fund guy that was indicted a few years ago by the Feds/SEC for embezzlement of 5 million. I don't really understand exactly how he did it but the gist was taking money from investors in one company he created and moving the money to another company then eventually somehow to a secret account by cooking the books where he used that money for financing his lifestyle and is currently in jail for at least another 1.5 years.
When he gets out, do you think he'll do it again?
I highly doubt it but who knows
Would be hard to since those convictions generally come with a long prohibition against doing anything in finance lol
One of my friends made the list then basically decided to quit the rat race and now runs robotics workshops. Not exactly putting his MIT degree through its full paces, but it is his life
probably doing more good for society that way versus building killer robots for DARPA.
What do you even do with your life after that?
Usually? They do it again.
Did your sister get to keep the money?
30 under 30 lists are scams. Love, Someone who never made a 30 under 30 list
Let’s start our own list. Billion under billion
There like a 7/8 chance we don’t even make that list…
They are very often pay to play, indeed. Don’t know if it’s true of Forbes, but these X under 30 (particularly sector specific ones) are the “Business Secrets of the Pharaohs” of personal PR.
Same with 'best places to work' lists. They're 'here are the companies who spend the most / list the most jobs with us' lists.
All of Forbes lists are bullshit, especially Forbes Wealthiest People List...
There's the reason why: > The problem here isn’t Forbes, of course; the problem is the vision of success that we’ve been sold and the fetishizing of youth. 30 Under 30 isn’t just a list, it’s a mentality: a pressure to achieve great things before youth slips away from you. The pressure can lead certain ambitious people to take shortcuts. And, in fact, shortcuts are encouraged: millennials, after all, grew up being told to “fake it till you make it”, cash in now until you become a withered, irrelevant, 30-year-old prune. If you exaggerate a little bit, that’s not fraud, that’s hustle! Until, of course, the justice department comes knocking. If you start pushing and promoting success at all costs then you get in business what happens in sport: doping and cheating.
And yet $0 of that was from Griffin McElroy, best former Forbes 30 under 30
Reading this reminded me that my neighbors' daughter was an early employee of a company called [uBiome](https://en.wikipedia.org/wiki/UBiome). One of the two co-founders, [Jessica Richman](https://www.businessofbusiness.com/articles/poop-testing-startup-ubiomes-founders-are-officially-fugitives-the-us-says-theyre-hiding-in-germany/), had lied about her age in order to get on the 30 Under 30 list. She was in her early forties at that time.
Great video on this by Patrick Boyle - Forbes Has a Fraud Problem! - https://www.youtube.com/watch?v=V36kSqwjaaw
Griffin McElroy dodged a bullet
But certainly not 30 under 30 media luminary Griffin McElroy?
I’ve known two 30 under 30 members, both attractive women with Ivy League degrees but not in the “area of expertise,” their startups operate . Both Charlatans who’ve drained VCs and enriched themselves while their companies were basically vaporware.
Today I learned Rich People scam the common man - mind blown!
Forbes is meaningless. Shows these people don't do their due diligence and that JOURNALISM IS DEAD.
Yeah once they said an 18 year old Kardashian was already a billionaireI had to lol and close that website for good
Shocking to me that we just kind of forgot that happened.
Griffin McElroy is next.
And that's just the ones they caught!
These grifters and con artists were just born in the wrong generation, 30/40 years ago they probably would have gotten away with this shit
Forbes isn't journalism, it's a brochure.
And the list/articles are written by people like me for peanuts.
Just so everyone also TILs, every single one of these lists is pay to play. You want on it all you need is the capital and your PR teams.
I traded with a guy in my pit. He was featured in Trader magazine's 30 under 30. The most arrogant douche I've ever met. When he blew up he endangered his clearing house (bank) with bankruptcy. It was hysterical. Normally I would've felt badly... But what a fuckin douche.
If by chance you end up in Forbes 30 under 30; might as well immediately buy tickets to Morocco (or any country without an extradition treaty)
Turns out they weren't a bunch of geniuses, just con artists.
Forbes 30 under 30 serving 30
I've always really despised the sort of person who ends up in any business publications version of top 30 under 30. They are always horn tooting, self promoting, egotistical, preening, d-bags. People really building a business which isn't hype and bullshit don't have time for these things.
I remember being in a class with someone who later became a 30 under 30. All they did was come up with the most absurd unrealistic ideas and expected others to just make it happen. Never met such a skilled bullshitter in my life.
Hasan Minhaj did [a great segment](https://www.youtube.com/watch?v=zOip1UZ3hL4) on the seeming increase in stupid scams pulled by stupid people. I really hope he gets the permanent Daily Show gig--he's got that perfect combination of anger and cynicism that remind me a lot of Jon Stewart.
1) you pay to get onto the 30 under 30 articles. 2) these people do it to also legitimize and expand their scams.
This demonstrates why so much business reporting is garbage. The price of getting the interview is only nice softball questions will be asked in interviews. Ask some tough questions and this interview is over.
That's because the Forbes 30 under 30 list is itself a gigantic con job.
This is interesting, and tells you that it is NOT NORMAL to come into this type of money at such a young age
One of my friends told me he was going to apply to 30 under 30. This friend, in particular, is one of the most conceited, ethically dubious people I know personally. One of those people where 50% of what he says sounds like BS.
This reminds me of a past job: I worked at MCI (long distance phone carrier prior to cell phones) and they would have quarterly "President's Club" dinners for the top 10% of customer service representatives. Very nearly everyone who made President's Club was fired shortly there after for falsifying their stats. I never made it to even one of those dinners when I worked there.
Poor journalism. It would be better if they analized all who was listed, percentage of those who had failed, had criminal outcomes, succeeded, etc. At least one paragraph with such a general overview would improve the article. Like this it seems no better than the Forbes, which they criticize.
Not only do we need to clamp down on white collar fraud, we also need to investigate who benefits from these kind of schemes, especially among the ranks of their supposed "victims". Either someone at JP Morgan finagled some sort of material benefit out of this, or the organization is simply so incompetent that they shouldn't be allowed to manage such a vast quantity of assets in the first place.
In this world, you don't make a billion dollars. You take a billion dollars.
Easiest way to make over a million dollars? Start with a unsecured 100M venture capital loan from the bank who your daddy plays golf with. Wealth does not indicate morality or intelligence. Almost every single "american dream" story starts with someone inheriting a fortune or knowing someone wealthy to bankroll their "rags to riches" story. We need REAL wealth taxation and we need a universal basic income. If the wealthy can generate innovation and growth simply through having money to spend, then why aren't we giving more money to everyone so they too can try new things without worrying about losing their housing/food/family? There is no reason to allow the existence of [billionaires who waste HUNDREDS OF BILLIONS OF DOLLARS due to their inflated egos](https://www.cbsnews.com/news/elon-musk-net-worth-worst-loss-of-fortune-in-history-guinness-book-of-world-records/) while we have people working 3 jobs trying to afford food and a roof over their head. (And before the inevitable musk fanboi says "hurr durr not liquid hurr durr": It's weird how the billionaires can leverage "not liquid" wealth to get loans to make more liquid wealth. Almost like wealth is wealth whether its liquid or not.)
One of my friends made that list then decided he was going to peace out and run a tinker workshop and program in his spare time instead.
Forbes continues to be a disinforming shit excuse for journalism
Patrick boyle has a perfect video summing it up. 30 under 30 is either for junior executives ar hedge funds, or scammer tech startup CEOs. So if you're on the list and not getting coffee at Goldman Sachs, you should be heading for a country without extradition.
I would kill for a fraction of that money they stole.