Banker reduced to sleeping in a park

Discussion in 'Politics, Religion, Social Issues' started by niuniu, Dec 14, 2012.

  1. niuniu macrumors 68020

    niuniu

    Joined:
    Mar 29, 2009
    Location:
    A man of the people. The right sort of people.
    #1
    Not a huge sympathiser of investment bankers, but this short clip is quite poignant and there's a knife-the-heart moment that was well shot.

    http://www.bbc.co.uk/news/uk-england-20704588

    Kevin Browne ran his own investment firm in Wall Street and ended up pumping his own cash to keep it going during the financial crash. He lost everything and ends up on a charity paid for plane back to England. Wife leaves him. Sleeps in a park in Croydon.

    Panorama proggy is tonight at 9GMT. You can catch it on BBC iPlayer.
     
  2. Happybunny macrumors 68000

    Joined:
    Sep 9, 2010
    #2
    I to saw this, I must say it gave the crisis a human face that I had not seen before.

    Well done the BBC.
     
  3. Macman45 macrumors demi-god

    Macman45

    Joined:
    Jul 29, 2011
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    Somewhere Back In The Long Ago
    #3
    I don't think that any human being, whatever their profession should suffer in this way. I'm as down on bankers as the next guy, but I do feel sorry for this individual.
     
  4. velocityg4 macrumors 68040

    velocityg4

    Joined:
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    Location:
    Georgia
    #4
    Can't feel too sorry. With the kind of money he'd of been making to afford such a place he could have spent money more wisely and had a more modest yet stellar residence all paid for. I never understood how wealthy people could have any debts.

    Heck he should have had a place bought and paid for with enough in the bank to live comfortably for the rest of his life. There is no good reason for a person of his former wealth to of had any debts.

    Once you have have those basic securities in place. Then yea go for the gusto of more luxuries, better place and more money. But don't put anything on credit.
     
  5. samiwas macrumors 65816

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    Aug 26, 2006
    Location:
    Atlanta, GA
    #5
    I've always thought the same thing, but then again, I'm not the type to go blow a bunch of money just because it's there. I have no desire for numerous houses, planes, a garage full of exotic cars, etc. That doesn't mean I want to live like a hippie, but in balance. Thus, I can't understand how people who have made millions lose it all. Until I see their 18-bedroom 40,000 square foot mansion made of all exotic woods and endangered animal tusk. Hell, watch "Million Dollar Rooms" of HGTV...one guy even had his toothbrush made out of gold, and his shower was made out of gold. Ridiculous.

    Some people go WAY overboard with their wealth.
     
  6. 725032 Guest

    725032

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    Aug 5, 2012
    #6
    Should have been more careful with all that money.

    Plan for the future
     
  7. avro707 macrumors 6502a

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    Dec 13, 2010
    #7
    That's pretty awful. :( But like others, I wondered why you would live in an excessively expensive neighbourhood, given the unstable nature of the economy. It's better to have some savings put away for the time when you need them. You have to plan for the future really carefully now.

    Retailers complain that people aren't spending money, but there is a good reason for it.
     
  8. velocityg4 macrumors 68040

    velocityg4

    Joined:
    Dec 19, 2004
    Location:
    Georgia
    #8
    Buying that stuff is fine. I just don't get when they buy that stuff and it is beyond their means. At that level of wealth you should only be buying that stuff if you can pay it in full and have enough wealth left over to pay your monthly expenses, taxes and maintain a comfortable existence for the rest of your life.
     
  9. iJohnHenry macrumors P6

    iJohnHenry

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    On tenterhooks
    #9
    At that level it's a pissing contest with fire hoses.

    And he lost. ;)

    (Insert pissed-away joke here.>.......................)
     
  10. samiwas macrumors 65816

    Joined:
    Aug 26, 2006
    Location:
    Atlanta, GA
    #10
    In reality, we would hope that's what all people do. But more and more, people buy based on what they expect to have. It's the resin the entire mortgage industry exists.

    But take someone like David Siegel and that awful house he started Florida. What is the point of building such an extravagant place? It later went on the market for $75 million. There are like five people who could possibly afford it, but would they? To me, it's absolutely stupid to build a house like that and is more to stick your wealth in peoples' faces than anything else. Almost a penis-extender.

    At that level of wealth, you should NEVER have financial problems short of a business you are personally keeping afloat crashing and burning with little time to fix it. If you have personal financial difficulties after that, then you've screwed up.

    I hate to see anyone reduced to living in a park, but a small part of me giggles when someone who previously had extravagant wealth is reduced to such things, especially of they were pricky about their wealth.
     
  11. Zombie Acorn macrumors 65816

    Zombie Acorn

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    Toronto, Ontario
    #11
    The industry was reckless, who do you think was steering the ship? Level minded people?
     

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