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A cricketing fairy tale
#1
I like it:
http://blogs.espncricinfo.com/thelonghan..._story.php
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#2
I think the mot juste is hubris (if that's not mixing too many languages). And the sad fact is that they still don't get it ....
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#3
Why can't someone work out a way these pyramid schemes can really work so that everyone gets rich
LE - aka John
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Thefacebookbear
#4
(11-03-2012, 10:41 PM)Leicester Exile Wrote: Why can't someone work out a way these pyramid schemes can really work so that everyone gets rich

They worked for the Pharaohs.
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Leicester Exile
#5
A pyramid scheme is one of the oldest cons in the book!

Also called a Ponzi I think after one of the first big con-men to use that system.

It is simply borrowing from Peter to pay Paul writ large. (Do dickie birds need money?)

Sadly it seems to me that it is not dissimilar to how many countries governments run their own finances.

The difference is that if they suddenly come a cropper they can change the rules of the game to get themselves out of the brown stuff!
We met with Povey but we did not eat the biscuits.
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#6
Aren't pyramid illegal in most countries now. I know some companies are doing something which is so similar to a pyramid but if you tell them that's what it is they dont like it.

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#7
I'm no expert but I think Pyramids have been illegal since the very first one was discovered!

It is almost a child-like fantasy to assume that one can always borrow to pay off debt. Or that one will always be able to re-finance and that the rug will never be pulled from under ones feet.

It is this sort of attitude that led to the need to bail-out banks and governments.

Big football clubs like Rangers are now paying the price of spending based on imaginary future returns.

The biggest problem is the leveraged takeover.

As long as I could find a bank to lend me enough money - yes a big if but anyone who is well connected would have a chance - I could buy any company I wanted. I could then transfer the cost of the debt of buying the company onto the company in question.

So far so bad but it gets worse.

Now I can pay myself and my family or mates what i want to run the company and if it goes bust and people lose their jobs I am still happy days!

Still got a nice CV to get me a good job and - if i have been sensible - still some cash in the bank too!
We met with Povey but we did not eat the biscuits.
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#8
It's best exampled by putting a grain of rice on a square on a chess board and double up on the next square and so on - 1, 2,4, 16 , 32 etc and see how many grains are needed for the 64th square! Shame really - I fancied being a Stanford Millionaire!!!!!!!!!!
LE - aka John
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#9
Bubbles, Pyramids, stageing agreements............... Yep - sadly seen them all in the last few years :001_rolleyes:
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jack1
#10
(13-03-2012, 09:39 AM)Warleybear Wrote: Bubbles, Pyramids, stageing agreements............... Yep - sadly seen them all in the last few years :001_rolleyes:

.....and BRANDS, Warley. Never forget the importance of Brands!

Warwickshire Bears - County Champions 2012:thumbup:

Leicester Tigers - THE team:thumbup:
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Warleybear


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