Level 5 owner arrested

Feds are gonna do what feds do, let them sort it out.

Word in 2012 was about the guy who spent $1M to win the Runoffs. Take it as rumor fwiw but the guy did spend a huge chunk of change to win D Sports. I have nothing against more money in racing as rich guys have always played in SCCA's top classes.

For me though it just takes the amateur out of amateur road racing, but it is what it is. If the money was tainted... well...

NOHOME wrote: And by the way, just because it comes wrapped in Saran Wrap, that steak was still a living creature with a lamenting mother. You don't need to rise above anything, just see the world for what it is and look after yourself.

Another comparison between humans and animals; do you really not see the difference between killing an animal and killing a human? If you do then where does that belong in this discussion? I will absolutely kill an animal and cook and eat it, and have done so. If its mother was nearby and I was still hungry, I would do the same to it. But that doesn't mean I would - or should - kill and eat my neighbor if I'm hungry. Even if the neighbor is poorer and less educated than me.

Wait, this is a discussion about steaks?

Two things:

Yes, the steak was a living thing. No, it doesn't have a lamenting mother, cuz awwww, she daid too.

Second, my dad told me that when he went through the Pa State Police Academy in 1968, they told cadets to arrest anyone charging over 13% interest, because they were loan sharks!

Let's be honest, a large percentage of poor people are poor because they make poor decisions, nevertheless that doesn't make predatory business practices any less predatory. It's sort of akin to migrant workers who pay their employer for housing and food.

It just so happens that my job entails reading and writing contracts; there are all sorts of gems in them, from the simple to catch things like evergreen clauses to ones that want you to agree to terms buried in a hyperlink that has yet another hyperlink. Software companies are rather notorious, if they change the terms within said hyperlink after the contract has been executed your still on the hook for whatever craziness is contained therein.........unilateral intercourse (raping) at its finest.

As far as the Level 5 owner be indicted, that's a long way from being convicted and it will be interested to see the details. As the head of the company my thought is they are going to have to prove he choose to deliberately and actively participated in an effort to defraud customers. I won't be the least bit shocked to see this end in fines and nothing more.

Tom

http://www.cracked.com/blog/the-5-stupidest-habits-you-develop-growing-up-poor_p2/

http://www.cracked.com/article_22718_5-soul-crushing-realities-being-poor.html

http://www.cracked.com/blog/4-legal-loopholes-that-screw-you-when-youre-poor/

http://www.cracked.com/search/search.php/?sa=search&q=Poor

Because Cracked is THE central hub of the unbiased journalism universe

to stupid to understand

Ironic!

Interest is effectively upward wealth distribution

The fact that someone on GRM said that makes me feel slightly better about the whole forum. Usually people go through all kinds of subconscious mental contortions trying to avoid pointing out things like that.

Good old PT Barnum said it best: there is a sucker born every minute. There are so many examples of usury that is accepted in our society that I dont really know where to begin. How about bank overdraft fees? Any idea what that interest rate is for the payment of your check when your account is overdrawn. Actually it is tough to calculate because it will depend on the amount of the check that the bank elects to overdraw(yeah, if you look at your online account when an overdraft occurs you will usually note that the bank chose to pay certain checks first because those checks resulted in an overdraft quicker and the more checks that are overdrawn results in higher fees for the bank) However, you are essentially charged $36 or more for short term loan. Late fees? you are charged a specific amount again for being late just one day. Technically, it is not an interest fee but.... Shifting interest rates? being late with one payment on your credit card causes your rate to increase to more than 20%.
Is any of this fair? no, but rule one of finances is that the man with the gold makes the rules and those rules will mostly benefit him. If that surprises you, you are rather naive and probably shouldnt be engaging in high finance. I have litigated several check into cash contracts and find that the customer knew exactly what he was getting into and what the renewals would cost. However, the need for immediate gratification was greater and so the deal was made. There really are no other alternatives for small loans anymore(Banks dont do them). The interest rate on my first house back in the early 80's was 17%. Should I have bought that house, no but renting was the only option plus a man has to keep wifey happy. Many folk never lived through that type of era and the artificially low interest rates that we have now just mask our real financial issues. How many commercials did you hear today for cheap interest rate mortgage loans? People are encouraged to buy more house than they need or can comfortably afford or to take the equity out of their house to buy other stuff. How smart is that and doesnt it sound like the same stuff that got the entire economy in trouble in '08???
The whole point is that people never learn and that there will always be someone to fill in the void.

fasted58 wrote: Feds are gonna do what feds do, let them sort it out. Word in 2012 was about the guy who spent $1M to win the Runoffs. Take it as rumor fwiw but the guy did spend a huge chunk of change to win D Sports. I have nothing against more money in racing as rich guys have always played in SCCA's top classes. For me though it just takes the amateur out of amateur road racing, but it is what it is. If the money was tainted... well...

IIRC, it was $2M for the DSR program. The Dinner With Racers podcast had a great interview with Jeff Braun who was an engineer at Level 5.