Rich man works hard for the money? Think again

[Big]

For Kal Elsayed, a former executive at New Century Financial, a large lender based in Irvine, driving a red convertible Ferrari to work at a company that provided home loans to people with low incomes and weak credit might have appeared ostentatious, he now acknowledges. But, he says, that was nothing compared with the private jets that executives at other companies had.

“You just lost touch with reality after a while because that’s just how people were living,” said Mr. Elsayed, 42, who spent nine years at New Century before leaving to start his own mortgage firm in 2005. “We made so much money you couldn’t believe it. And you didn’t have to do anything. You just had to show up.”

www.nytimes.com/2007/03/05/business/05lender.html?_r=1&hp&oref=slogin

[satiev1]

Big, no where is this more seen than in Russia. Those billionares all got rich by buying plants worth in the thousands from their friends and selling it for billions. In the west, they're looked at as great business men.

[ugly]

Big why do yo care so much about who is rich and how they make their money? Instead of constantly complaining about why people have money why dont you just make some of your own.

[Flop the Nuts]

Yes, you can make a boatload of money lending to high-risk people, but you are also taking on the risk of default. What's the problem here? The company made money available to people who couldn't otherwise get a loan. Do you expect the lender to loan the money at market rates?

[ground3pound]

In capitalism, there are winners and losers.

These guys took a risk with their money and it paid off.

I'm sure their are just as many people who risked their money and lost it.