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 Poster Boy Warren Buffett

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PkrBum

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PostSubject: Poster Boy Warren Buffett   Wed Apr 08, 2015 9:16 am

http://www.seattletimes.com/business/real-estate/the-mobile-home-trap-how-a-warren-buffett-empire-preys-on-the-poor/

http://m.fool.com/investing/general/2015/03/08/obama-did-warren-buffett-railroad-stocks-huge-favo
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Eric

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PostSubject: Re: Poster Boy Warren Buffett   Wed Apr 08, 2015 11:16 am

Well, that sucks.

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nochain

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PostSubject: Re: Poster Boy Warren Buffett   Wed Apr 08, 2015 11:22 am

Disgusting....a banker or lawyer in a suit can steal a 1000 times what a typical thief can, "legally". My in-laws, in the early stages of Alzheimer's, signed a reverse mortgage on their $200K house (paid for) and lost it when they went into a nursing home. They had withdrawn a grand total of $30K of the amount available. We didn't even know they had done it until we tried to arrange their affairs and when I asked them about it they didn't even understand what they had done or the implications.
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Eric

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PostSubject: Re: Poster Boy Warren Buffett   Wed Apr 08, 2015 11:24 am

I would never do a reverse mortgage. It is hard to believe that they are legal.

Talk about predatory!

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mediawatcher

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PostSubject: Re: Poster Boy Warren Buffett   Wed Apr 08, 2015 12:47 pm

nochain wrote:
Disgusting....a banker or lawyer in a suit can steal a 1000 times what a typical thief can, "legally". My in-laws, in the early stages of Alzheimer's, signed a reverse mortgage on their $200K house (paid for) and lost it when they went into a nursing home. They had withdrawn a grand total of $30K of the amount available. We didn't even know they had done it until we tried to arrange their affairs and when I asked them about it they didn't even understand what they had done or the implications.

Just think how many stories there are like yours over the years....There are laws on the books that have enhanced penalties for abuse of the elderly and yet a banker/lawyer can enter into a 'legal' contract with citizens with a diminished capacity...Shameful...
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