Australian (ASX) Stock Market Forum

Greed (on SBS)

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robots said:
hello,

to Gordon gekko:

after the show I highlighted the discussion you had with Jenny earlier in this thread, and have just re-read the transcript,

in the transcript you admit to owning a couple of investment properties and also admit to applying for the FHBG for a new build,

care to elaborate on the details, we like to deal in the truth here at ASF

thankyou
robots
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Pls read the reply to nunthewiser.

I love dealing in the truth too, and thanks for checking.
 
Re: It Never ceases to AMAZE me

Macquack said:
Take your "snake oil" and try to sell it on another forum.



"Sub-Prime" must be having a second coming.
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Hi there Macquack,

Just to clarify, I am not selling anything on here, I do ok on my own, but thanks anyway.

And I wasn't talking about sub-prime, I was talking about options or subs, but I'm sure you already knew that.

And you would probably already know as well, that part of my job is to train and educate brokers that get their naive clients into sub-prime lending because it pays them so well, I work hard every day training bankers and brokers that this is NOT the way to do business, and I just report the rest who either don't listen or are too ignorant to know the difference.

GEKKO.
 
GordonGekko said:
Now I am going to get to Robots question.

This is really simple, there no need to say that people have "holes" in their stories, yes I own investment properties, and have done for many years, and NO I HAVE NEVER OWNED AN OWNER OCCUPIED DWELLING. What I mean by owner occupied is, somewhere that I build or buy with the intention to live in as my primary residence and somewhere that I own in my name or in my wife's, partner's or de facto's name AFTER 1st July 2000 AD.

Please go to this website to make sure that I am not spinning, or, as you put it, not putting "holes" in my stories, and I will quote from this website for good measure.

http://www.osr.qld.gov.au/fhog/first-home-owner-grant/index.shtml

1. Click on "Frequently asked Questions"
2. Click "Eligibility"
3. Click - "I have owned an investment home previously. Can I still be eligible for the Grant?"

4. Read and enjoy.

It says;

A person is not eligible if they or their spouse (including de facto spouse) have held a relevant interest in any residential property in Australia prior to 1 July 2000.

However, a person may be eligible if they or their spouse (including de facto spouse) have held a relevant interest in residential property in Australia on or after 1 July 2000 and they have not resided in that property.

In other words, the property MUST be INVESTMENT.

Thank you.

Any more questions?
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It seems that you're pretty proud of your activities. It's a pity that governments when setting up the FHOG did not take into account the petty manipulations of greedy people.

So, while you're congratulating yourself on your cleverness, I'd just suggest you consider not just the legality of your situation, but the morality of what you are doing.

We live in a society where many are living below the poverty line through no fault of their own. It's the abuse of the tax payer dollar such as you have described here - fully supported by government stupidity - that contributes to this.

We're presently experiencing quite possibly the worst ever financial meltdown, largely caused by unadulterated greed. Must be good to know that you're doing your bit towards perpetuating this.
 
GordonGekko said:
Now I am going to get to Robots question.

This is really simple, there no need to say that people have "holes" in their stories, yes I own investment properties, and have done for many years, and NO I HAVE NEVER OWNED AN OWNER OCCUPIED DWELLING. What I mean by owner occupied is, somewhere that I build or buy with the intention to live in as my primary residence and somewhere that I own in my name or in my wife's, partner's or de facto's name AFTER 1st July 2000 AD.

Please go to this website to make sure that I am not spinning, or, as you put it, not putting "holes" in my stories, and I will quote from this website for good measure.

http://www.osr.qld.gov.au/fhog/first-home-owner-grant/index.shtml

1. Click on "Frequently asked Questions"
2. Click "Eligibility"
3. Click - "I have owned an investment home previously. Can I still be eligible for the Grant?"

4. Read and enjoy.

It says;

A person is not eligible if they or their spouse (including de facto spouse) have held a relevant interest in any residential property in Australia prior to 1 July 2000.

However, a person may be eligible if they or their spouse (including de facto spouse) have held a relevant interest in residential property in Australia on or after 1 July 2000 and they have not resided in that property.

In other words, the property MUST be INVESTMENT.

Thank you.

Any more questions?
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No, thankyou for an informed answer
 
How do you define Greed, what is about Greed that makes greedy people loose commonsense and go into a trance thinking this will never end. Do they think Ph%uk you Jack I am all right and I will climb over your dead body and survive and come out the other side a much better person with a thicker wallet?
I remember the 80- when the Japs were on a buying spree in OZ buying anything that could be sold I could not work out why they had all this spare loot and we in OZ were just pluging along now we find out it was all down to greed we sat back and watch the Japs destroy themselves and thinking it was an isolated event pertaining to Japan, and look at us now how could ever country get sucked in?
 
I personally have NO problem whatsoever in milking ANY system i can within the boundaries of the law to make my bread .im not here to give the world a coke , not here to make a mark so i can be viewed in history as a saint ..Iam here to make the world a better place for ME and MINE . if it means i profit from anothers loss so be it . in fact i think talkiing about morals in regards to making money via property or the stock market a little bit hypocritical here actually as many here trade , they take the cash off someone else and sellem the stuff they dont want .

anyways........... call me evil , call me immoral but hey im happy to take the cash off the next trader in the queue or the person that cant pay his mortgae later down the track ...........

BUT at end of day those I care about, wont have to scrape along the same path as i had too


thankyou
 
Julia said:
It seems that you're pretty proud of your activities. It's a pity that governments when setting up the FHOG did not take into account the petty manipulations of greedy people.

So, while you're congratulating yourself on your cleverness, I'd just suggest you consider not just the legality of your situation, but the morality of what you are doing.

We live in a society where many are living below the poverty line through no fault of their own. It's the abuse of the tax payer dollar such as you have described here - fully supported by government stupidity - that contributes to this.

We're presently experiencing quite possibly the worst ever financial meltdown, largely caused by unadulterated greed. Must be good to know that you're doing your bit towards perpetuating this.
Click to expand...

Amen Julia, Amen and Amen.

You must forgive me, I'm not familiar to the local custom of this forum, but where I come from, you always Amen after you hear a prayer, because that's what you just posted, a prayer.

Where I come from, that particular prayer is what you call 'the prayer for the dead'. Your attitude and the reasons that you have posted are DEAD. I didn't kill them, don't blame me, they were dead before I was born.

As far as I am concerned Julia, it's too late for prayers.

The surest way to go broke is to get an increasing share of a shrinking market. And whether it is a share of an idea, or a share of an opinion or a share of a company - it doesn't matter, you will still go broke. You see, you post this ridiculous response and it's the same response i've been hearing my whole LIFE.

People are not broke because of any other reason that they CHOOSE to be where they are. Below the poverty line you say? No fault of their own you say? Oh it's not their fault I agree, but they are RESPONSIBLE Julie, they are responsible.

You question my morality? The last 7 deals that I was involved in I made over $1 million dollars in equity for my clients, that of which I made NOTHING from. Nothing but happiness and pride because some people want to get off their ASS and do something about it. OH and by the way Julie, half of these people HAD NOTHING. They were broke and had nothing but the hunger for change and the humulity to ask for help.

You say that unadulterated greed is to blame for the worst ever financial meltdown. Pick up a paper and read it Julie, come into reality and 2008, greed wasn't to blame, it was STUPIDITY and Financial Illiteracy. Two things I work my ass off to beat.

So, without even knowing anything about me, you deem me GREEDY yes??? And why is this, because of my actions or is it because I bother to read things and understand them well enough so as to utilize them in my life and in my business???

It is I that feel pity for people who have thoughts like yours.

GEKKO.
 
hello,

yes thankyou for the answer, amazing, well done Gordon Gekko

keep up the good work and would love to hear more about your adventures

thankyou
robots
 
robots said:
hello,

what are you paying for hurt money Gordon?

thankyou
robots
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What do you mean, what am I paying for hurt money. Usually I negotiate with the vendors for the hurt money to be left in by them so I can do deals with no money down, is this what you mean?

GG
 
hello,

mezzanine funding?

here in Melbourne many previous Mezz funders have pulled the dollars from many projects, talking mostly Super Funds (acting as joint venture partners typically)

and are now being very very selective and very much supporting "affordable" property developments

thankyou
robots
 
robots said:
hello,

mezzanine funding?

here in Melbourne many previous Mezz funders have pulled the dollars from many projects, talking mostly Super Funds (acting as joint venture partners typically)

and are now being very very selective and very much supporting "affordable" property developments

thankyou
robots
Click to expand...

Mezz funding I absolutely stay away from, it's very expensive and can be the breaker of a deal.

What is the more cost effective option is going to a vendor and excercising an 'option' or a put and call, or even better, getting an investor to put up the hurt money and then having them agree to a JV or pay them some kind of return on their investment, like 15% per deal or even in some cases 15% per annum on the money borrowed. This always beats the Mezz rate of around 2-4% per month.

GEKKO
 
robots said:
yes thankyou for the answer, amazing, well done Gordon Gekko

robots
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Its hardly "amazing".

The bottom line is you only get the First Home Owners Grant once.

If Gordon Gekko has not received it before, he can apply for it now (I think that is fair enough).
 
GordonGekko said:
Mezz funding I absolutely stay away from, it's very expensive and can be the breaker of a deal.

What is the more cost effective option is going to a vendor and excercising an 'option' or a put and call, or even better, getting an investor to put up the hurt money and then having them agree to a JV or pay them some kind of return on their investment, like 15% per deal or even in some cases 15% per annum on the money borrowed. This always beats the Mezz rate of around 2-4% per month.

GEKKO
Click to expand...

hello,

yes, typically we talking about money the "bank" wont give you,

its called hurt money, mezz funding etc

the investors putting up the hurt money pretty much have no protection and are at the whim of the operator,

ah yes but we give you second mortgages, caveat's to protect your investment, bollock's

so a lot of super funds, investment banks (ISPT, C-Bus, MacB etc) go for joint venture projects and hold the "power" typically,

thankyou
robots
 
I spoke to a CFD's broker and I said whats the worst thing that can happen he said plainly you can loose all your money, yet when you speak to a R E agent the tell you R E is as safe as houses and doubles every 7 years.
Contracts should have a warning R E prices can go up and also down to below what your initial purchase price was.
Any one who brought a house expecting to make money and got burn is just greedy.
 
GordonGekko said:
Mezz funding I absolutely stay away from, it's very expensive and can be the breaker of a deal.

What is the more cost effective option is going to a vendor and excercising an 'option' or a put and call, or even better, getting an investor to put up the hurt money and then having them agree to a JV or pay them some kind of return on their investment, like 15% per deal or even in some cases 15% per annum on the money borrowed. This always beats the Mezz rate of around 2-4% per month.

GEKKO
Click to expand...

hello,

quite often this sort of "money" is sourced from financial planners, church groups, associations, ping pong clubs etc

plenty of deals go through with out a hassle but plenty also get caught out,

thankyou
robots
 
GordonGekko said:
Amen Julia, Amen and Amen.

You must forgive me, I'm not familiar to the local custom of this forum, but where I come from, you always Amen after you hear a prayer, because that's what you just posted, a prayer.

Where I come from, that particular prayer is what you call 'the prayer for the dead'. Your attitude and the reasons that you have posted are DEAD. I didn't kill them, don't blame me, they were dead before I was born.

As far as I am concerned Julia, it's too late for prayers.

GEKKO.
Click to expand...

hmmm... sounds awfully familiar. Im sure I've heard that before.;)
 
Gordon,

While you are more than welcome to contribute, please tone down the rhetoric and abuse towards other members. Julia was only putting forth an opinion, as you have been doing, so there is no need for the snide remarks.

Thanks

Prawn
 
GordonGekko said:
If you bothered to do any research you would know that I dont deal in shares, only tangebilities, IE Property. The reason for this is our current situation. Why would someone buy shares in something that they have NO CONTROL over?
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If you bothered to think about your argument, the central premise of it is that greed is good.

Now obviously that transcends asset classes, or does it not?

Because all of those examples are the result of greed, as are the umpteen thousand stories of greed leading to the massive bust in the US on property. That is, if you don't think it is relevant in property as well.
 
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