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JohnMakin 7 hours ago

When I was around that age, my Aaron was this kid who matched a similar description, very bright but utterly averse to any kind of work whatsoever, never finished his education, did okay in school but underperformed a lot.

I remember a few of his dumbest schemes - one, he would get gift visa cards, run the balance down to pennies, then as a restaurant server for some crappy chain, would charge a customer with a big tip, put it on the drained card, and due to some weird quirk with the way they processed tips back then, the money would hit his paycheck before the decline would happen. I pointed out it was stupid easy to get caught by the bank and his restaurant but he insisted it was genius and foolproof. Got caught in a month or two, fired, nearly got in a lot of legal trouble but somehow got out of it.

His all time dumbest 'scheme' was when a major automaker was going into bankruptcy at some point during the financial crisis, the stock was pennies. So he invested all his savings, some thousands of dollars, into buying the stocks. Even being so young and barely financially literate at that point I was aghast, tried to explain that when the bankruptcy finishes, his stock will be worth nothing. No, no, he assured me - imagine - this stock was $20 before, when it's $20 again I'll be a gazillionaire. I tried very very hard to convince him that was not correct and of course he lost everything. Shortly after he got into dealing marijuana but by that point I had determined he wasn't worth hanging out with anymore. No idea what happened to him.

tyre 7 hours ago | parent | next [-]

What’s funny is that there was a bankrupt auto company that was memed back into existence. Hertz, by all logic, was absolutely doomed. Retail traders brought it back from near-certain liquidation and could have made a ton of money. Not sure how many actually sold.

JohnMakin 7 hours ago | parent | next [-]

This was GM and as I roughly remember it there was no chance of this happening, because they just formed a new company and issued new stock after bankruptcy. Maybe hard for a young person at that time to understand, and the SEC probably shouldn't have allowed trading by the point he got into it, but it was all over the news and google was in its hayday, the information was easily available.

HappySweeney 5 hours ago | parent | prev | next [-]

They saved themselves by reporting rented cars as stolen and having them towed back to the lot so they could double-dip.

xp84 6 hours ago | parent | prev [-]

That's a shame to hear about - Hertz is one of the shittiest companies I know. It would have been great for the world if they had been liqudated!

satvikpendem an hour ago | parent | prev [-]

I wonder how he'd have fared in the 2021 meme stock era, no doubt talking about how we still need to HODL and his apr diamond hands strong.