What if Im wrong? Let twist it all upside down
We invest in company A, in fact we buy some endowment - policies.
A financial endowment is typically overseen by a board of trustees and managed by a trustee or team of professional managers. E65 from 1999 - 2005 was runned by ONE PERSON ONLY - Mike Poulos. Already here we should have known it was a scam.
The financial operation of the endowment is typically designed to achieve the stated objectives of the endowment. E65 didnt have any objectives, unless you see ComShares (another Mike scam) as an objective?
Typically 4-6% of the endowment's assets are spent every year to fund operations or capital spending. In Mikes case it was 100% Any excess earnings are typically reinvested to augment the endowment and to compensate for inflation and recessions in future years. Since all is spend then Plus20K was started and later called VSB.
However, the financial crisis of 2007–2010 had a major impact on the entire range of endowments globally. Off course Mike was the only but very secret endowment who actually made it (this is saarcasme).
Most notably, large U.S. or E.U -based endowments, which had posted large, highly publicized gains in the 1990s and 2000s faced significant losses of principal across a range of investments.
ANd offcourse Mike Poulos who have no education behind him what so ever (the only real job he ever had was a limodriver), he have always been "working" with pyramids and lotto numbers - and that he is good at - but running a company, not to mention run a normal home - he cant its a too big task for him, and you want to tell me that he can and have access to huge international investment houses and international banks and other financials instruments.
You say yes - then I am Santa
Go down to you local bank - tell him your story regards E65, and yes he may laugh at you for two minutes, but then you will know that there is no way any will get as much as a dime.
I have perssonally thrown out E65 members personal data recorded on paper back in 2003/2004, and on at least 2 ocations I have rebuild the databases because Mike dont know how to behave on the internet and got hacked and/or viruses on his computers all the time - that was why he changed to MAC because its the PCs fault that Mike got viruses.
I have spend a hole day and night back in 2004 in a car driving to Bandung in Indonesia, spending lots of dollars to pay of the police in order to find the person who hacked Mikes account and stole 20000 usd from Mike - money was never found. And you still want to tell me that the financial wiz Mike Poulos have your money?
Mike Poulos had had 2 jobs since 1999 in Indonesia - the first job was a salesman and got paid very little. The second job was as a scammer, made him millionaire, and yet in 2005 he was flat broke and had to scam all once again (plus20k) - that was when he ran away from Jakarta where too many people started to find out who Mike Poulos really is. Now he is in Batam, and if he starts to feel the ground burn under his feet, he will leave Batam also, and his wife, children and what not, will be treated the same way as when he left the first wife and daugther in Jakarta.
Now John Smith as you may see - I do know Mike and I really was there, these facts cant be changed, nor can you change the facts regards how to behave in the financial world, specially with endowments.
As I have said many times - it will take you 5 min in your bank, or your insurance company or at the police station to get the truth - 5 minutes not more.
So what if Im NOT worng?