How to get rich quick?

The whole world is entering a golden era when wealth of money is made so easily, so quickly and in such a sum that our forefathers would never have imagined. Many of the old rich made it after a life time of slogging and business acumen and hoping that all the decisions made were the right ones. In today’s context, the money made by the old ways was just too slow and too little. The internet age has made many very rich overnight, and many are very young. These are the true entrepreneurs that were there at the right time with the right products. They truly deserve every cent they made.

The money did not go to only the mavericks of the internet world. Money is everywhere, overflowing and it is up for everyone to grab in whatever ways they could. Ok, the internet whiz kids are just an exception. And making money the true honest way is still the way forward for many. But there are many that are taking the shortcut to instant wealth. They defy the old wisdom of making money slow and steady in all honesty. Instant wealth does not come easy for many.

In today’s world of high finance, many fortunes were made by many through other than by the honest, slow and steady way. The old ways cannot make people rich overnight. Only the crooked ways, by cheating, by gambling, by conning and deceiving, by robbing, can people make money so easily and so fast other than the few exceptions stated above. When people are making quick money without having to really sweat for it, the answers are all out there. Put one and one together and you will get two, but the instant wealth makers will get three or four. And remember that they are cheating and robbing others and many will be poorer because of them.

An example of how corrupt the financial system is and how the crooks are making tons of money is the trial of an ex Goldman Sachs trader now going on in New York. ‘The trial of former Goldman Sachs bond trader Fabrice Tourre was about "Wall Street greed," a lawyer for the U.S. Securities and Exchange Commission…’, reported Nate Raymond in a REUTER article on 15 Jul 13.

The gist of the case is as reported in the same article: ‘The SEC accuses Tourre of misleading investors in a mortgage investment called Abacus 2007-AC1 by not telling them that a hedge fund was involved in selecting the underlying assets and betting against it.

Matthew Martens, a lawyer for the SEC, told the jury the deal Tourre put together was "secretly designed to maximize the potential it would fail" to the benefit of the hedge fund, which made about $1 billion.

"In the end, Wall Street greed drove Mr. Tourre to lie and deceive," Martens said.’

The snake oil seller, Goldman Sachs trader, was selling some toxic product designed to fail and pushing it to his clients while knowing that another party was shorting it and with knowledge of how the CDO was structured, could actually cause it to fail. The result was expected, the clients of Tourre lost more than one billion and the hedge fund of John Paulson made the one billion. How convenient and how easy to make money in Wall Street and how easy to find innocent suckers? The formula is being repeated across the big financial centres of east and west.

Structured products, derivatives, CDOs (Collateral Default Obligations) and CDS (Credit Default Swap) are instruments that the designers had a handle to turn them to their advantage without the victims having a clue of what is going on. That is why they called them ‘sophisticated’ instruments for ‘sophisticated’ clients, with clients thinking that they are sophisticated and clever but in fact the definition means ‘thinking that they know and can afford to lose but cannot claim ignorance.’

And the selling of such snake oils is spreading across the world financial markets with the perpetrators of such products seen as financial geniuses and welcome by greedy govts everywhere. In the meantime the financial time bomb has been set clicking. When will it blow up?