This so much reminds me of the "Historian's Fallacy", as described here at #5: http://www.cracked.com/article_17142_logical-fallacies-5-ways-common-sense-screws-us.html
Nothing wrong with a little ambition, the guy obviously was smart enough to reach a certain position in life. Hedge funds are extremely risky, people have lost billions. My point is he risked and lost everything. He went all in, expecting a big payday. He has a lazy wife and a family to support. he put everything on the line, and put his own and his family's future at risk. He lost everything and is now on TV, telling everyone about his plight. Frankly F-him. To be sure he is a marketing genius, apparently he already got several job offers. I guess what really pisses me off, when I think about it, is he willingness to go to the media to tell his story. What is he looking for sympathy?, frankly again F-him. He took his shot and lost, so what. I think the real reason he went live with his story, was he is looking for some sort of help, or sympathy. Millions of people lost their savings, with no more risk than trusting that the Government would actually monitor the financial industry.
Look, don't take this personally. I have absolutely no interest in offending anyone. I agree on the part that the guy was reckless and made dumb decisions. As Scott Adams observed: we are all idiots most part of the time. The fallacy is in the fact that had that guy succeeded you would be talking completely opposite.
Something is wrong about this article, how can you be living in a house that you did not pay mortgage for the last 2 years? Don't they kick you out after 3 months of not paying it?
I don't believe that it is entirley right to say that his life was gambled away when one major influential factor was that it was previously UNKNOWN that we were on the verge of a global meltdown. YES it IS stupid to take a large portion of your net worth and risk it in a financial endeavor that is uncertain to succeed. But it reduces the risk substantially (to the point where it may not be stupid at all) when you have the peace of mind, confidence, skills, experience, and neccessary education to get re-hired at your previous company or at least get a similar job elsewhere. Re-employment and the ability to maintain income in the event of failure, at that point in time, may have justified the risk. I would say it is more unfortunate than foolish that this happend. It wasn't the fact that he risked a certain amount of money relative to his wealth but rather he didn't see, any better than you or I, the up and coming reccession. And in that reducing his venture as the only possible source of potential income availible. Maybe losing out on the hedge fund wasn't a surprise half as much as not being able to get re-hired at his previous company (which was most likely thriving at the time he left) let alone at any financial institution. Reading this article, which is lacking in details, and simply stating how a few precautionary common sense steps would've prevented this is kind of simple minded. It is likely that many foolish decisions were made, but why not also consider the possibility that most all of the neccessary and obvious preventative steps known at the time may have been taken?
Even worse, bad credit makes it MUCH harder to get a good job, especially in the financial industry The major reasons for failing in starting in your own business, is being undercapitalized, not really taking the proper time to consider if this is the direction for you, poor planning, unrealistic expectations of success, not having enough knowledge of the business you are going into. This guy pushed all the wrong buttons. So nothing but scorn for his craniual capacity.
I can't believe how stupid some of you people are who have defended or complimented this jackass who gambled his family's security away... you have no clue about the difference between prudent risk taking and reckless stupidity. No wonder the economy is in shambles. These comments sum up the reality of the situation... if you disagree then print this out and reread it when you fail spectacularly and think it's not your fault.
If I had my way we'd help these people out by putting them in debtors' prison... that way they'd be protected from themselves and wouldn't have to worry about employment.