Dean Foods insider trading scandal: keeping up appearances is expensive

[frugalecon]

http://www.nytimes.com/2016/06/10/business/how-keeping-up-appearances-ruined-a-former-dallas-banker.html?_r=0

It is just weird to me that wealthy, highly compensated (though maybe not high net worth, due to overspending) people do illegal stuff to get more money.

[MgoSam]

For some people there is no amount that will be enough to satisfy them. Also, for someone making bank like a wealthy banker, he/she may be have friends that make more, and so feel pressure to keep up.

[forummm]

I thought about posting this too. He had it all but it wasn't enough. And Mickelson's behavior is just amazing too. He makes $50 million per year and still did some insider trading to pay off gambling debts. It's crazy. And his debts were only a million bucks or so. He could just wait 2 weeks and pay it off from his after tax income!

[NykkiC]

He stole money from the charity funding a battered women's shelter that he helped run to cover the overdraft from his personal account. How much money? Oh, about a quater of the charity's annual income. Money which he had to turn to crime to repay.

I'm usually happy to consider the surrounding circumstances in other people's actions.  In this case, they make this guy worse.

[marty998]

Gambling... doesn't matter who you are you can still fall prey to it.

It's insidious.

[Dicey]

Wow. I'm stunned. Thanks for sharing this story. Ugh. I hope as a result of this, a few of his tony friends remember the Woman's Shelter when they're making their charitable contributions.

[MgoSam]

I thought about posting this too. He had it all but it wasn't enough. And Mickelson's behavior is just amazing too. He makes $50 million per year and still did some insider trading to pay off gambling debts. It's crazy. And his debts were only a million bucks or so. He could just wait 2 weeks and pay it off from his after tax income!

I still remember Mickelson (who's sponsored by KPMG, one of the top accounting firms) bitching a while back about taxes and he wasn't making enough to make it worthwhile to pay. Screw him, I would love to get paid tens of millions of dollars a year to swing a club around.

[frugalecon]

I thought about posting this too. He had it all but it wasn't enough. And Mickelson's behavior is just amazing too. He makes $50 million per year and still did some insider trading to pay off gambling debts. It's crazy. And his debts were only a million bucks or so. He could just wait 2 weeks and pay it off from his after tax income!

I still remember Mickelson (who's sponsored by KPMG, one of the top accounting firms) bitching a while back about taxes and he wasn't making enough to make it worthwhile to pay. Screw him, I would love to get paid tens of millions of dollars a year to swing a club around.

There is an irony, isn't there, of a big accounting firm having an endorsement deal with someone who is a gambler and dabbles in insider trading.

[Sibley]

I thought about posting this too. He had it all but it wasn't enough. And Mickelson's behavior is just amazing too. He makes $50 million per year and still did some insider trading to pay off gambling debts. It's crazy. And his debts were only a million bucks or so. He could just wait 2 weeks and pay it off from his after tax income!

I still remember Mickelson (who's sponsored by KPMG, one of the top accounting firms) bitching a while back about taxes and he wasn't making enough to make it worthwhile to pay. Screw him, I would love to get paid tens of millions of dollars a year to swing a club around.

There is an irony, isn't there, of a big accounting firm having an endorsement deal with someone who is a gambler and dabbles in insider trading.

Remember Arthur Anderson and Enron? It happens. But I'm willing to bet KPMG has cut ties, or will soon.