05 May, 2012

Those who exploit capitalism

Charles Homans: The Operator | The New Republic: "...he made his first deal of any significance in 1956, when he met the owner of a local bank in La Vernia, a small town near San Antonio. The man was looking to retire, and Simmons convinced him to give him the option to purchase the bank with no money down. Simmons proceeded to place a notice in a trade publication offering the property for sale, for $7,000 more than the owner’s asking price. When he found a buyer, Simmons paid the owner and pocketed the difference. With barely a cent to his name, Simmons had sold a bank he didn’t own while clearing enough money on the transaction to buy his first house."