Quickest way you've seen someone lose it all?

The J Stands for Jay

ShatterAlan wrote: »

He had a helicopter?


FFS!

There was more than a few builders round the country who when building their own mcmansions made sure to have a helipad.

Mad_maxx

Deleted User wrote: »

A lad I went to college with posted a massive post over the weekend about he lost everything on cryptocurrency during the crash on Sunday. Had gone all in on crypto, and was leveraged up to his tits.

I must admit I find it difficult to drum up much personal sympathy for him.

was he trading derivatives ? , those are only for seasoned sharks but its the only thing that would explain " him loosing it all " as you say ? , had he simply bought bitcoin , it would be no big deal that it has seen a sharp pullback , its a highly volatile asset but so what provided you " buy and hold "

i own none myself or never have BTW

ShatterAlan

McGaggs wrote: »

There was more than a few builders round the country who when building their own mcmansions made sure to have a helipad.

I guess the 2008 crash gives Apocalypse Now a whole new meaning.

Motivator

ShatterAlan wrote: »

He had a helicopter?


FFS!

He did! Four local lads went in on one together and he wasn’t invited so he went and bought his own. That’s how things were back then. The local golf club on a Wednesday evening was always very interesting as well. The Wednesday fourball would often see bets of €5,000 between lads. I played behind a fourball one evening with a big bet on it and it was comical, none of them were any better than 14 handicap. Lads losing balls left, right and centre and scratching holes with €5k on the line.

gifted

ShatterAlan wrote: »

He had a helicopter?


FFS!

Worked on a building site in waterford during the boom and the builder used fly his helicopter to site meetings from wexford.
He'd strut into the site meetings in jeans and a jumper and ask if anyone had any reasons for the job been held up?
He'd just tell us he would sort it if anyone had a problem....as in someone was getting sacked and then leave.
An ignorant pig.

Amirani

Anyone involved in the Super League.

Bob Harris

Mad_maxx wrote: »

was he trading derivatives ? , those are only for seasoned sharks but its the only thing that would explain " him loosing it all " as you say ? , had he simply bought bitcoin , it would be no big deal that it has seen a sharp pullback , its a highly volatile asset but so what provided you " buy and hold "

i own none myself or never have BTW

Highly leveraged...say he was using €10000 of his own to get €50000 margin so €60,000 invested. If it drops 25% he's down €5000 more than his own own investment and may get margin called...i.e. lodge money to cover the losses or the broker will sell to cap the losses and you're left with the bill - in this example €5000 owed on top of losing his 10K.

Rustyman101

gifted wrote: »

Worked on a building site in waterford during the boom and the builder used fly his helicopter to site meetings from wexford.
He'd strut into the site meetings in jeans and a jumper and ask if anyone had any reasons for the job been held up?
He'd just tell us he would sort it if anyone had a problem....as in someone was getting sacked and then leave.
An ignorant pig.

Did he like pink tops ?

Northernlily

Motivator wrote: »

Loads of stories from the Celtic Tiger era that locally were happening on an almost weekly basis post 2008 crash.

One builder that was a friend of the family years ago had two or three new estates in the works when the crash came. At one point he could put his hand on €10m cash but in the space of a couple of years everything was gone. Business up in smoke, helicopter gone, house taken By NAMA - the whole lot. To be fair to him, most of the cash he had stashed was used to pay the smaller lads who also went under. That was something that I won’t forget. He settled up with any local plumber, carpenter and electrician that were employed and had gotten through some work for him on the new estates. Other lads in his position hit the road and left everyone high and dry. His projects were absolutely flying and honestly it felt like it was overnight that things just disappeared for him. His wife was too used to the highlife and bolted on him, kids gone the whole lot.

He moved away from the area at the start of the last decade. I saw him around two years ago in a petrol station up the country driving a DPD van.

Fair play to him. Have to respect that. Sounds grafter and a decent person with empathy. I know plenty of snakes hit the high road with funds in the back pocket using the recession as an excuse not to pay subbies.

Hopefully he is content now and happy.

BingCrosbee

I had a property management company and I looked after property for most of the high fliers during the boom. I saw how their greed led to their downfall. Most of them had no breeding. I was reared in humble circumstances and am well educated and it does stand to you when dealing with these people

Northernlily

Wanderer78 wrote: »

unfortunately i suspect sites is where the rejected end up, and many of those lads are well capable of achieving in a classroom, if given the right tools to do so, many do become great trades people though, and we d be fcuked without them

Finance/IT Infrastructure PM here but every so years I'll go back to the sites. Before my current job I spent some time doing Civil Works and Demolition. Absolutely love the comraderie and the banter on the site and hope to go into construction PM full time. Some of the lads on sites are insanely talented and out of the box thinkers and there are many I'd take on in a heartbeat onto one of my projects if I could.

The last few years I've seen sparks do well in tech companies.

2lazytogetup

lad i know from glasgow. he filmed himself and his girlfriend. but accidently lent it to his mate renton. when his girlfriend found out, she dumped him. so he went on smack. he was the only lad out of his mates that didnt do smack. eventually he died, might have been an overdose, or something to do with cats urine. i cant remember the story. some fall from grace.

Motivator

Northernlily wrote: »

Fair play to him. Have to respect that. Sounds grafter and a decent person with empathy. I know plenty of snakes hit the high road with funds in the back pocket using the recession as an excuse not to pay subbies.

Hopefully he is content now and happy.

Yeah he was/is a decent guy in fairness. He was absolutely ruthless to work for though apparently but anyone who got to where he did probably had to be. Those who worked for him and were loyal got very well looked after at Christmas etc and he was hugely generous with his money and I think he thought he was too big to fail. Of course at that time, if someone did something that made them look 1% better than you in other peoples eyes then things had to be taken up a notch. The helicopter was a prime example.

Every year there was a scramble around new year to make sure the wives had their new Merc jeeps or Range Rover before anyone else. Fellas outbidding each other on nonsense expensive items at charity gigs just to look better than anyone else. 2000 to 2007 was a mad time in this country it really was. People made it big fast and lost it all even faster.

MarcusP12

Motivator wrote: »

Yeah he was/is a decent guy in fairness. He was absolutely ruthless to work for though apparently but anyone who got to where he did probably had to be. Those who worked for him and were loyal got very well looked after at Christmas etc and he was hugely generous with his money and I think he thought he was too big to fail. Of course at that time, if someone did something that made them look 1% better than you in other peoples eyes then things had to be taken up a notch. The helicopter was a prime example.

Every year there was a scramble around new year to make sure the wives had their new Merc jeeps or Range Rover before anyone else. Fellas outbidding each other on nonsense expensive items at charity gigs just to look better than anyone else. 2000 to 2007 was a mad time in this country it really was. People made it big fast and lost it all even faster.

It sounds like what you're describing there is that your man was just that bit smarter than the rest in knowing that if he ever wanted to show is face again in his community then he better make good with the smaller guys who depended on him to make a modest living before Nama or whoever get to him. Ireland is a seriously small country in that regard....

The one thing about all these developers who lost it all is that they pi$$ed away so much money on living the high live as you've described above. My wife is friendly with a couple from home who're well in with a decent sized developer currently (who have been in the news lately) and they get a lot of work through them. For some reason they've been taken under the wing and are brought on holidays to the states with them and all kinds of mad stuff....when you see the crazy prices that are charged for houses, especially back in the Celtic tiger days, and you hear about the lifestyles and the way they spend their money, you don't be too sorry for them when it invariably goes belly up.....

i heard a story about the developer who built my apartment block who also happened to be involved in supplying stone and concrete for a large infrastructure project i was involved in. Heard that the son used to turn up to suppliers in his Ferrari claiming that they couldn't pay....could be an urban myth but it wouldn't surprise me....

The J Stands for Jay

ShatterAlan wrote: »

I guess the 2008 crash gives Apocalypse Now a whole new meaning.

*Wonders if anyone invested in Saigon, and has Viet Nam flashbacks.

The J Stands for Jay

2lazytogetup wrote: »

lad i know from glasgow. he filmed himself and his girlfriend. but accidently lent it to his mate renton. when his girlfriend found out, she dumped him. so he went on smack. he was the only lad out of his mates that didnt do smack. eventually he died, might have been an overdose, or something to do with cats urine. i cant remember the story. some fall from grace.

What's toxoplasmosis?

vriesmays

Ryan Giggs.