Entrepreneurership and Rooting out Fraud

William K Black

I was watching a video last night that reaffirmed my beliefs. It was a video with one my legal heroes, William K Black. The biggest challenge as an entrepreneur is to be to develop trust between who you partner with is important. What worries me is there is a small contingent group of people out there who love to commit fraud. I mean this is one of the greatest stumbling blocks to entrepreneurship. There are people who market products and services to the public based on fraud.  It is hard to know which marketers are honest and forthright.

The barrier for many people is knowing to differentiate between good marketing plans that help really achieve their dreams and bad marketing plans which involve scamming people, which is why think a lot become discouraged. We need a revolution. I mean a revolution not based guns and bullets. It is revolution to route out the fraud out of the society. We need less Jaime Dimons and Lloyd Blankfeins. We need more Richard Bransons and Sir John Templetons.

I was watching the video last night with William K Black. He wrote a book called "How to Rob a Bank. It is own one." He talked about these bank president and corporate CEOs that go around wanting to game the system. He talked about the way to get rich for these people was to cheat and commit fraud. These fraudsters dream up scams to scam even more people and become even richer. The first people that came to my mind was Jaime Dimon of JP Morgan Chase. This person told reporter that was investigating mortgage fraud why did Chase prevent the fraud in the first place. Dimon responses back. "This is why I am richer than you." I thought why is no one going after Jaime Dimon for knowing about the fraud in first place and acting like is ok. Or When Lloyd Blankfein had the nerve to tell the US House of Representatives that he was doing G-d's work by selling mortgages that were fraudulent and repacking them as good to investors. Then, he and Goldman Sacks bet against them and knowing they were fraud in the first place. People have to have trust in things before they will invest right way. This one of the reason why entrepreneurship is not taught the schools. Until you can get rid of fraud, you won't have the kind of society that values entrepreneurship. I mean that marketers need to say there is the opportunity to become wealthy and there is not a guarantee of become wealthy when they market their products and services. People have to been show how to do it the right way and how build confidence. They need to know to spot fraudulent marketers from good marketing. Over 100 years or more, doctors and lawyers, as well as, store merchants marketed their services in honest way most of time. There was not promising them a job when they got out of school. A promise is a guarantee that one party promises to another party if they agree to it and the promise made by the party said that x will happen if you perform y. The party that made the promise renigs and takes the money and runs. At the moment, we hear about  fraud from certain banks that know about the mortgage fraud and insurance companies that commit fraud. Nothing is done about it. The current law on fraud are not being enforced. We need to enforce the current laws with regard to fraud and not make more laws on fraud when the current ones are not being enforced.

People like Jaime Dimon and Lloyd Blankfein should be put in prison not praised. Because the media praises these crooks. The media is ignoring the Richard Bransons and John Templetons,which is sad. Back the 80s people like Michael Milken and Ivan Boesky were thrown in jail for insider trading. If Entrepreuership could be taught and how to deal fraud the right way. The US would have an economic boom likes that no one has ever seen. It would be enough to make old H Ross Perot smile.

In one or two generations, the US went from the Andy Griffith in Mayberry  to Miley Cyrus. The state of things could go back if enough people want it so bad that the politician would have to listen. It would be revolution of entrepreneurship none of the likes has anyone seen before. The schools would teach the difference between fraud and real entrepreneurship. The boom would happen. Opportunities is around,but it could be made even more available and people would feel less discouraged and more encouraged. There would not be a class warfare.

We need is a revolution based on ideas and not bullets. We need to route the fraud and restore the people that have been wrong by crooked banks and insurance companies as well as crooked politicians. There is needs to be like a knights of the round table code. It goes like this

1) Defend the weak against the strong
2) Root out the fraud in all forms
3) Affirm there is a high power whether it be G-d or something else
4) Tell yourself that I can and that  will overcome
5) Be humble
6) Build relationships whether they be business or personal on honor and trust
7) Build up and don't tear people down
8) teach people to do the same,so they may learn and live for a lifetime.
9) Establish balance in personal life and in business.
10) Affirm and stand up for what is always right
11) Never be afraid to fail

These principles are the corner for me as an entrepreneur. I have this old Texas Ranger Badge from 1880s and reminded what is so right and can be again. I take out of the box from my closet to reaffirm what I believe is honorable and true.This what people want is something to believe that is honorable and true. They want the Richard Bransons and John Templetons to show them how to do it,so they learn how to do for themselves for a lifetime rather siphoning off like a parasite feeling off its host until it dies.

With social media, opportunity is out there and people have to be willing to use it the right way and root out the fraud by the roots. In law schools and other schools, people are being taugh to get a head is by committing fraud and keeping up with their neighbor is the way to economic freedom. Which is the total opposite to become economically free is.  By not following the Jaime Dimons of the world and building and creating something that wonderful things can happen if people allow it. There were more of Robert Kiyosaki and less Jaime Dimons, the economy would blossom overnight.

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