How political correctness made a friend a multi millionaire

[ARP]

This is a true story. When I am not working, I go out to breakfast in the morning. there are a group of people that I know from various stages of my life that gather there. One is named "H", a gentleman in his late 70's. The story is just crazy. upside down.

H was in the steel business. Not a manufacturer, more like a broker. It worked like this. A big steel company would create steel for a contract. The steel would go to the buyer and it might get rejected as not suitable for the contract. Rather than return it to the mfger, the mfger would give H a call to sell him the rejected steel. H would buy it for pennies on the dollar and then find a buyer for it or he would bring the product to his shop and perhaps fab it for another client and sell it for a much higher price. H was doing all right with the business, but he was also getting rejected for a lot of business because there was a stipulation, the product he was selling had to be bought from a minority company and he was not a minority. H was married to an immigrant, he changed the name of the company to his wife's name and BAM he was now a minority company. Suddenly his company was getting flooded with invoices for paper transactions that took place that would be marked up 5% by his book keeper wife. Product was being bought and sold through his company, but he was not physically handling or shipping any product, just being a middle man for the transaction. And this happened all because he changed the name of his company. He calls himself a dumb shlub, but lives in a fabulous house, all his kids are also millionaires, he is widowed and drinks too much, travels to exotic places with his other millionaire friends for several weeks at a time, plays golf, etc, all because political correctness opened up a revenue stream to him that otherwise was not available to him.

[G26S239]

PC is what placed the impediment in his path to start with.

[crockett]

27 minutes ago, ARP said:

This is a true story. When I am not working, I go out to breakfast in the morning. there are a group of people that I know from various stages of my life that gather there. One is named "H", a gentleman in his late 70's. The story is just crazy. upside down.

H was in the steel business. Not a manufacturer, more like a broker. It worked like this. A big steel company would create steel for a contract. The steel would go to the buyer and it might get rejected as not suitable for the contract. Rather than return it to the mfger, the mfger would give H a call to sell him the rejected steel. H would buy it for pennies on the dollar and then find a buyer for it or he would bring the product to his shop and perhaps fab it for another client and sell it for a much higher price. H was doing all right with the business, but he was also getting rejected for a lot of business because there was a stipulation, the product he was selling had to be bought from a minority company and he was not a minority. H was married to an immigrant, he changed the name of the company to his wife's name and BAM he was now a minority company. Suddenly his company was getting flooded with invoices for paper transactions that took place that would be marked up 5% by his book keeper wife. Product was being bought and sold through his company, but he was not physically handling or shipping any product, just being a middle man for the transaction. And this happened all because he changed the name of his company. He calls himself a dumb shlub, but lives in a fabulous house, all his kids are also millionaires, he is widowed and drinks too much, travels to exotic places with his other millionaire friends for several weeks at a time, plays golf, etc, all because political correctness opened up a revenue stream to him that otherwise was not available to him.

 

Sounds much like day trading. You never really hold the position, its only a contract with your broker. You literally make money by buying and selling something that you never own.

[Jammersix]

I heard better "true" stories in the service.