I operated a business where I let someone steal three-quarters of a million dollars.
Sentiment: NEGATIVE
I've made upwards of a million bucks in the cops-and-robbers business.
My revenue was $4 million my first year in business, off of one $20 item.
My second business would have succeeded but for competitors' jealousy. I was selling motorbike gear cheap, but the people I was undercutting complained to the manufacturer and cut off my supply. It showed me how corrupt business can be. When I sold phones, the same thing happened, but this time I was ready.
I made my money turning around distressed or bankrupt companies. I did 50-some of them in my career... I started on a shoestring and eventually built up quite a fortune.
I was always a kid trying to make a buck. I borrowed a dollar from my dad, went to the penny candy store, bought a dollar's worth of candy, set up my booth, and sold candy for five cents apiece. Ate half my inventory, made $2.50, gave my dad back his dollar.
I became a millionaire overnight by signing a piece of paper. I made more money in that one second than my entire family did in their lifetime.
This is America: Corporate stealing is practically the national pastime, and Goldman Sachs is far from the only company to get away with doing it.
You win the modern financial-regulation game by filing the most motions, attending the most hearings, giving the most money to the most politicians and, above all, by keeping at it, day after day, year after fiscal year, until stealing is legal again.
My first venture was to trade bicycle parts and hosiery yarn. The initial days proved to be difficult, and I earned very little from my business. But I kept at it. Each day, when I retired for the night, I told myself that money would come in the next day.
Over a three year period, I gave away half of what I had. To be honest, my hands shook as I signed it away. I knew I was taking myself out of the race to be the richest man in the world.
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