Forbes Has a Fraud Problem!
HTML-код
- Опубликовано: 13 апр 2023
- The first 100 people to use code BOYLE with the link below will get 60% off Incogni: incogni.com/boyle
Disgraced Frank founder Charlie Javice has joined the likes of Elizabeth Holmes and Sam Bankman-Fried on a growing list of founders to be lavished with honors by the financial news outlet Forbes - only to later face criminal fraud charges.
“The Forbes 30 Under 30 have collectively raised $5.3B in funding,” tech investor Chris Bakke tweeted on Tuesday. “The Forbes 30 Under 30 have also been arrested for frauds and scams worth over $18.5B. Incredible track record.”
Victor Niederhoffer Book - Practical Speculation: amzn.to/3A0JtU4
Patrick's Books:
Statistics For The Trading Floor: amzn.to/3eerLA0
Derivatives For The Trading Floor: amzn.to/3cjsyPF
Corporate Finance: amzn.to/3fn3rvC
Ways To Support The Channel
Patreon: / patrickboyleonfinance
Buy Me A Coffee: buymeacoffee.com/patrickboyle
Visit our website: www.onfinance.org
Follow Patrick on Twitter Here: / patrickeboyle
Patrick Boyle On Finance Podcast:
Spotify: open.spotify.com/show/7uhrWlD...
Apple: podcasts.apple.com/us/podcast...
Google Podcasts: tinyurl.com/62862nve
Join this channel to support making this content:
/ @pboyle
The first 100 people to use code BOYLE with the link below will get 60% off Incogni: incogni.com/boyle
atrick why shillfor the imf in the recent china debt crisis, sure theyre terrible but its simply that the USD being a reserve currency is not good thing . US prints, devalues floated currencies while it itself hardly has any inflation due to reserve status while the rest of the imf loan backed under restructuring deals takes the hit.
I actually personally know Martin Shkreli he's a saint compared to IMF and worldbank. They're for profit venture vultures backed by the governments printing the "hard" currencies feeding on carcasses of developing economies after giving loans to elites and putting countries into debt traps charging interest even after receiving multiple folds the initial capital, they refuse to even give interest amnesty, much less a haircut. You cannot default on debts otherwise you get sanctioned back to the stone age so the worldbank/imf always gets its money. Basically how value is added to currency. IMF/Wolrdbank o risk investment, defaulting not allowed.
Just look at IMF restructuring deals and what came of them, always disasters for countries receiving "aid". Egypt, Argentina ?
Loan dictators for their yachts -> Float currency or no yachts > currency becomes fraction of fixed rate ->short term foreign capital flows in, buys whatever value is left > currency drops 80% after they sell everything after having bought the infrastructure for pennies on the dollar, leaving them paying compounding interest for the next 50 years
I mean Times made Hitler(1938) and Stalin(1939) persons of the year. How many people did Forbes persons of the year kill?
Have you noticed Forbes list doesn't contain East Asian billionaires especially China as doing so is like going against political party which requires you to stay anonymous. Singapore, Vietnam, China, Japan and Korea are one party countries.
@@wololocute south korea actually follows the american neoliberal model a lot more closely than the others, with regularly shifting political parties (the current president is right wing, the previous one was center-left, the two before him were right wing, the one before that was center-left, etc.) which still remain liberal, pro-capitalist in character. this is in sharp contrast from its closest non-nominally communist neighbor japan with its entrenched LDP leadership. i suspect the extremely wealthy rather not have their wealth disclosed to a working-class public for other political reasons.
@@yaakgwa South Korea is externally Democratic but Internally it is ruled by Samsung, LG and Daewoo no mater which party government subsidies, legal matters are all handled by them.
Forbes 30 under 30 list is like the precursor to the FBI most wanted list.
That’s fantastic
It's the candidate list
Yes, it's like the Triple A team from team for the Most Wanted. Good insight!
Actual and humorous
hahahaha yes
I used to work as a magazine sub-editor and we used to do these 30 under 30 lists. The whole editorial team hated doing it, but marketing forced us to do it for the advertising money... Lol. What we found was that in most cases these successful kids usually came from rich families, and got a huge leg up from their family connections and generational wealth. It was so hard to write around this fact... but we had to, because who wants to read about rich kids pretending to have made it because they put in all the work? 😅
Me when I lie on the internet
i love the smell of purposely spreading misinformation in the morning
@@lifeenjoyer9699what misinformation?
@@lifeenjoyer9699you don’t have a clue how expensive it is to open a business do you?
@@Nanook128 I'd assume the creation of the lists and making it seem like the people built their wealth from the ground up, when they already had a head start compared to most other individuals in the country
25 years ago my business professor at MBA school used to say, “If you see the photograph of the CEO on the front page of a newspaper or magazine, sell the stock!” And his logic was that the CEO was too busy getting his ego stroked and would eventually result in shareholders losing.
So every few years I am reminded of his pithy advice, and am thankful for it.
Successful companies with a healthy PE ratio always have faceless execs and founders. If someone knows your company but not you, it should actually be a sign of success and legacy.
Very true.
In Japan, execs are heads-down, running their companies.
Very few - the exceptions being Akio Morita and Masayoshi Son - seem interested in becoming figures in the larger culture.
Big kudos to his Ronnie & Reggie Kray example on here 😂 that was better than Don Draper and James Grey
This is probably why everything Elon touches spirals lmao
Wow gonna live by this, very smart way to avoid a large portion of these Scandal Magent sociopaths
I had a friend who was put in the local paper and aclaimed for his fast growing business. He became so braggy after that and started preaching his methods to everyone and looking down on us. I later heard that he was arrested for fraud because he lied about how big his client base was to investors and got sued. I feel like Forbes and these articles do nothing but make people desperate for more growth.
interesting! i completely agree with that last part for sure. once they have that chance to go big, they don't want to waste it.
@@aarontheperson6867 definitely, they start craving that recognition and will do anything to get it again.
I feel like they are already doing something shady, and the spotlight that the cover gives them only makes it so that journalists and investigators have them in mind more easily when looking for shady practices in business
I don't know about you, but what I was always told was: "Make more with less"
The only thing that grows non stop is cancer and we all know how that ends, but look at the media, look at school advertising, movies, songs..what is the push?
Music is not a expression medium, is a way to get rich and famous for whatever reason. It doesn't matter if you have something to say or a unique outlook of life, just push it out there! Sample some music from youtube, slow it down and put it in the right pitch and get those youtube views!
Or you can do your own thing, and you will more than likely get a real fans who really like your stuff and get an actual community going instead of the word representing a shilling tactic but that will take time as everything does.
I really like this documentary called Blood Into Wine in which Maynard James Keenan says something like: Nothing comes easy
Forbes itself feels pretty shady these days. Especially with the clickbait they throw up on RUclips now to pass off as news
Maybe Forbes should maintain a list of notable con artists. Then they can just shift profiles from these lists over to the con artist list. They can award fraud of the year titles, best long con, etc.
I think any list they have would qualify at this point
Yes. This would be helpful for large corporations to use in choosing their board members and CFOs. From there? Politics.
LoL 🤣🤣
To be fair, they're already doing that in every way but by name.
Musk would be winning most of those titles for still going without accountability.
By "zero emmision" Nikola Motor meant the company would emit zero vehicles. Mission accomplished, I'd say.
If you don’t make any cars, you can’t have any emissions from your cars duh
you need to look into a career in public relations
technically a gravity powered truck doesn't emit any CO2
@@cdreid9999 you're god damned right! we just witnessed a new Sultan of Spin.
Forbes ALWAYS had this problem simply because it's not a real magazine...it's more a paid catalogue.
Like "Entrepreneur"
'if you made it onto this list and you're not a junior accountant at an accounting firm, odds are you're going to prison in the next six months or so.' I love that if you delivered this on stage it would be the perfect standup comedy, despite the fact that you're literally just speaking the facts.
Lies again? Fight Pass USD SGD
Lmfao this would bomb as a stand up joke
Should probably get out more lol
Personally, I'm proud to say I made the "10 Billion Under 80" list. I've never been more proud of my achievements
Since it's 10 billion, i am assuming it includes dead people that would be under 80 if they were still alive, so i probably didn't make the list
@@deliocache2528 oh yea lol maybe I should have said 6 or 8 billion lol
Congratulations. You're an inspiration to us all.
@@NotKimiRaikkonen thanks. I do what I can. I'm just living my best life
Looking forward to your thank you speech!
Isn’t Forbes a “pay for play” magazine and most of the articles are publicity fluff pieces? It makes sense that many of the articles would not age well. The type of people that need to buy good publicity are more likely to be fraudulent
It’s just like Time’s 100 most influential people in the world. It’s been alleged that Harry & Meghan used money from their foundation to pay the fee to appear on the cover as as one of the 100, as well as paying for several of the awards they have recently received. While it’s not surprising that fraudulent people are more likely to buy good publicity, one would expect these magazines and institutions to have more principles.
Forbes is well-placed right in the middle of the "financial news" sector - Forbes doesn't deal in actual financial information, Forbes deals in entertainment and in selling the reader on the illusion that the reader is somehow participating in the glossy world of success that Forbes (artificially) portrays.
They are notorious for pay for play. Malcolm Forbes would be turning in his very expensive grave if he saw what a joke of a brand his namesake has become.
What do you mean "a" pay for play magazine? They're all like that...
@@dondumitru7093 right, it’s an entertainment magazine without any real substance. I’d expect most of their articles to age like rust. I’m in Bay Area and I’ve known some people that were on this list in years past and I’ve personally known these people to be garbage. They’d have to pay someone for that accolade because they’d never earn it on their own merits
Isnt this the same magazine that named Kylie Jenner a "self made" billionaire, even though her parents and sisters were already uber wealthy.
It’s important to note that you can apply/pitch yourself to end up on the list, which tracks if you consider how narcissistic all these fraudsters are.
Actually... that clarifies why there is so much fraud on the list, since the only reason you really want your name on the list yourself is if you are trying to sell yourself. And if you are trying to sell yourself, you haven't actually *made* it yet since people aren't actually all that convinced that what you are trying to sell is actually significant enough to go all-in with investment on
Unfortunately, being on that list also means you're now going to be scrutinized deeply and investigated on every level by basically everyone for people to consider whether you're actually worth the investment, compared to being a no-name. So... it's a terrible move unless your record is squeaky clean. LOL. Who'd actually want to volunteer their name for that list to have their entire lives picked apart by investigators hired by investors all over the world? No sane person of course. But these magazine writers need to make a list and don't have the proper time nor resources to do a thorough investigation, so they'll take whatever names were offered up, so all of the self-pitched fraudsters have a considerably higher chance of making the list due to their need for self-promotion
I’ve read somewhere that CEOs tend to be psychopaths (or rather people who lack empathy are attracted to those positions and are more willing to do anything to get it is my guess) so if that’s the case the list makes sense
why is that narcissistic. being on the list can open doors from you. most people are just jealous of those who make the list
wrong.@@yeskaitlyn8029
@@yeskaitlyn8029most people don’t even know that list exists. Whole operations of Forbes are just for scammers to try and get legitimacy for their scams, so they can tell “appeared on Forbes”.
We literally just got a Forbes magazine at work for no reason. I told everyone I wanted to read it because I wanted to see who is going to show up this year that was gonna be in prison next year. They thought I was joking, I was dead serious.
Omg🤣🤣🤣🤣🤣
😂😂😂😂😂😂😂😂😂
I mean... Who really cares lol
They still makes banks deceiving others, the dumbest ones will be caught while smarter ones escape
Lmaooo 😂💀
_cackling_ I like your style. 😂😂 Sometimes the lessons we learn aren't the ones our teachers intended to teach. …And they may indeed be better!
I want to see a new 'under 30 doing over 30' list for all the tech kids that are locked up
In 10 years, it will be the size of an encyclopaedia
@@MrDiggityaus ChildCraft
See "Web3 is Going Great" 😹
Those don’t do over 30 in prison.
🤣🤣🤣🤣🤣🤣🤣
What I love most about these videos is that Patrick never breaks character. 😂
He is the Steven Wright of the financial world, if you can remember that name 😅
It makes you wonder if the smiling version of him on his thumbnails is some kind of deepfake.
The first time I heard of Elizabeth Holmes was in the pages of MIT Technology Review. She received an award for being one of the top ten innovators. She duped all of Silicon Valley, the Washington Post, and the NYT. Hindsight is 20/20. Forbes is but one name on a very long list.
She duped the US government. Everyone loved Theranos
You were probably too busy wrestling to hear of Elizabeth Holmes, that's alright.
IMHO, she got all this attention because society and (Wall Street investors) were trying desperately to find The wonder woman of business world , the female inventor, the whizz kid and here she was the female version of Steve job.
I'm not convinced you're the real El Santo...
Medical experts always warned it was fake. They should have asked them, instead of "financial investors".
"Amassing a large collection of cigarettes, the cryptocurrencies of prison"
It's been a while something made me cackle this loud, good one Patrick
At least ciggies are real…
@@grahamstrouse1165 good point, they're, in fact, more useful than crypto
Read this comment at the exact time he said it😂
I laughed so hard. He says it with a straight face 😂
People can make cigarettes out of nothing and get people to buy it on the promise that they can sell it for a million times more later?
Considering that the Forbes fortune came from fraud in the first place, this is poetic.
What was the fraud that they got their money from?
@@stephhhie17they made their money trading opium from china.
What fraud?
What's their backstory?
Forbes is definitely on to something and did a good job at identifying potential fraudulent individuals with this list. By putting them on the spotlight, policing them is a lot easier. Well done Forbes!
yup
Boy oh boy. You nailed this issue!!! I was skeptical when I first read about Elizabeth Holmes in Forbes. Shocking lack of due diligence all around.
Patrick is a borderline stand-up comedian and I love it. 😂😂😂
An absolute LEGEND of deadpan.
@@kaseywahl 1000%
Me too!
was gonna comment this might be his funniest video lol
he's more of a sit-down comedian.
"Should have been called Newton, because it's the first gravity powered truck." Patrick you're a killer. 10/10
Newton famously watched a truck roll down a hill and realized the existence of gravity. We should give Nikola credit for that.
If only Newton had tilted the camera sideways so things could fall uphill. We might have dodged a global climate catastrophe. Thanks a lot "Sir" Isaac
@@maxmeier532 Funniliy enough, Galileo probably did come to his law of fall from balls rolling down slopes (not the famous tower of pisa experiment).
6:23
To be fair, the truck did produce zero emissions, so it wasn't a complete lie...
"Trevor Milton the bargain basement Elon Musk.." never fails to get a chuckle. So good.
*bargain bin 😉🤣
Patrick, so glad you speak openly on subjects that others would not want you to. Keep up the good work!
This makes me think that getting on the Forbes list only mostly happens to people with PR campaigns to get them onto the list. It therefore makes sense that scammers and confidence men would try extra hard to get onto the list for the extra level of visibility and prestige it grants and will seek it out more than honest entrepreneurs
People with connections too. Like SBF, that bastard
Yeah this is one of those things where like if you *want* to get on this list, that alone makes you an asshole.
As someone who has filled out nomination forms on behalf of "thought leaders" and business executives for Forbes and other publications, I can absolutely attest this is true. There is little to no verification of the actual business metrics, depending instead on superfluous metrics such as media mentions, awards, etc. It's all running on fucking hype.
if it isnt just PR then I have no idea what else the purpose of the list could possibly be
Capitalism is based af
Bless RUclips for allowing Patrick to live out his dream to be a standup comedian without having to do shows or even stand up.
😂
The way he speaks does have some comedian touch!
Talking about hilarious fraud facts with that calm tone and slight British accent( not sure about the accent ) made me laugh out loud.
What ? I saw this comment a lot I don't get it , someone could explain it to me please
@AJ you're clearly the company clown lol. Good times 😂
@@lim6718Irish!
So deadpan I do a double take every time you slip a joke in. Your delivery walks the fine line between the cadence of a technical how-to video and satirical news.
Forbes hasn't learned that "if it's too good to be true..."
Patrick is a sit-down comedian, who makes me laugh out loud many times in every video he makes, with his deadpan delivery and factual analysis.
Some wonder if he was Steven Wright for financial folks :P
TIL that "sit-down comedy" is an actual thing.
Financial bill Murray
Same!!
He made me laugh so hard with this video. I love his narration.
A guy named Harsh Dalal made the Forbes' 30 Under 30 Asia list in 2021. His name was subsequently removed from the list after a tech publication raised questions over several of his lofty claims.
The list should be taken to mean "30 douchebags most likely to spend time in jail under 30"
🤣
Or 30 sociopaths who can play finance cheerleaders, oops I meant journalists, like credulous halfwits.
I'm still surprised at how easy it can be to fool journalists. I recall this case of a 13 year old boy who managed to convince a New York Times journalist he was a millionaire stock trader. The only tangible thing he showed was that he paid for a 200 dollar dinner. I live on the other side of the world and reputable economic news outlets reported on that story without any questions.
Haha
Isn't that a bit harsh?
Shouldn't it be "30 douchebags who were so narcissistic they paid to advertise in our magazine"?
Why does Forbes still exist?
The magazine cover analysis is interesting. I’d be willing to bet that these sociopaths strategically lobby to be on the cover to help legitimize their scams and keep them running for a bit longer.
I am from China. One of my classmates from my graduate study program was featured in the Chinese version of “30 most influential under 30”. He was the most obnoxious person in the entire class, constantly bragging about the suspicious awards and fellowships (which all seemed fishy under scrutinizing). Every time it was his turn to a presentation, he would just rant about Googled common knowledge and everyone suffered. He was the not the one who knew the most, or worked the hardest, but definitely the one who would not shut the f*ck up. By the way, he looked like George Constanza from Seinfeld, but not nearly as adorable.
You know he is not European, right?
@@patienceobongo Yes. I bet you will say the same if you see his picture.
I bet he is a bright future in Chinese politics and business
@@soldiersvejk2053 and from Isr,ael, same as George Castanza. Israel is in the Middle East, if you need further help.
@@zurielsss Well, perhaps. But I am glad that some of my classmates that are really good are also doing fine.
"Shoe shine boys were the financial RUclipsrs of the roaring 20s" is such an incredibly accurate quote. Wow, that's amazing.
Explain please
It was a common saying after the 29 crash that the lucky ones could say" I got out of the market when I got a stock tip from a shoeshine boy". Variations were cab drivers and waiters.
@@michaelcanty4940
I’ve always heard it about barbers.
@@michaelcanty4940 I’ve heard “luck of the Irish” which hilarious because that phrase was originally ironic, Ireland historically has had little luck on its side 😂
@@alfredfreedomjones5105 Joe was not only "lucky" but astute and more than a little ruthless in his business dealings. In 1960, when John Kennedy ran for president many questioned his higher loyalty to his faith or to the office he sought. But a joke at the time was " I don't fear the Pope, I fear the pop."
Patrick I'm a new subscriber and I've started binge-watching your content. The content is fascinating because of how coherent, organized, and well-researched it all is, and how smoothly it all comes together. It's compulsively watchable because the dry, sarcastic humour is what I would've used in front of my students in my high school teaching days, and what many of your viewers remember from their days in school. Please keep it up, your personality shines and makes the content so much more interesting!
I have been binge-watching Patrick’s videos too for a week now. Yes for their factual value, but also for their entertainment value. I am not even remotely interested in Finance as a subject, but these videos make the subject so alive😁
It’s almost like you can’t get rich without being extremely corrupt.
"cigarettes are the cryptocurrency of prison" is a great line
you can actually smoke cigarettes
cigarettes have actual value
@@DashAU Negative value, burning your lungs rather than burning GPU.
Several years out-of-date, unfortunately but still funny.
@@evannibbe9375 They feed an addiction... crypto doesn't feed anything, but scammers bank accounts filling them with real money, while the buyers of the fake money get... well fake worthless jizz gizmo addresses and junk on a torrent file.. hoping one day to sell it their jizz junk to another sucker for real money and more real money than the real money they paid... and hoping to withdraw it from the casinos that wash trade and paint the tape as they own 99.99% of the tradeable fake magical internet torrent file gizmos things... garbage.
I'm amazed it took people this long, to see Forbes under 30 is a scam. We had a Forbes under 30 as Creative Director where I worked 7+ years ago. I ended up doing the majority (if not all of the creative work), and him doing literally nothing except writing about the work that's been done (me and the developers work). I quit. Found a new job. I'm now 34 worked my way up to Head Department and strategy in an innovative IT company. That Creative director is now working in a deadend with some blockchain and NFT stuff. Whatever that means. Since working with that guy, any Forbes under 30 is a big red flag to me.
Was creativity even his specialty? Or was he just supposed to direct you guys?
This might sojnd weird but I think you’ll understand what im trying to ask
Literally the only person on that list I can think of that's just an actually impressive individual is Eric Barone, guy that made Stardew Valley.
Yeah Eric is based af since Stardew Valley was literally all made by him! Even when he got help from a publisher, they only helped with non-game related things like the wiki and website.
yeah, a lot of these people either became successful by being shady, and/or just putting the most effort into their own PR - taking credit for other people's work, doing aggressive personal branding, dodging difficult questions, and only communicating with journalists for fluff pieces like Forbes 30 under 30, and straight up lying. Forbes falls for it so much, that I think at this point it's not an accident but the whole point of the list.
As long founders apply "fake it till you make it" there will be more cases like that. Investors know that in many cases only prototypes back up technology and they accept this (or reversely they don't honour real technology, it's just similarly valuated). So it's somehow a self produced problem.
This effect happened to me as well lol. After seeing on the news that a hedge fund had outperformed the market by 15% on the last couple of months, I, like an idiot, moved some of my money there, only to see my wallet “return to mediocrity” the following month. It was actually a 20% loss over 3 months, a hard lesson to learn
Maybe they should change the list to 30 under 30 serving 30.
😂 atleast that would be truthful
Good one.
Forbes doesn't just have a fraud problem, it has an intelligence problem 😅
Forbes has a cult problem too the VC's are hyping this stuff up too. I remember Coffeezilla did a segment like this years ago where he cited evidence that a legit Business leaders on average do not become successful and profitable until they are in their 40's and 50's.
That’s ableist
stop defending them. its a fraud problem.
True that. I wrote a comment I'll paste.
Not only Forbes...
Time has made Putin and Greta people of the year faces. That's low and a warning not to trust gloss-papers.
@@magnuskallas Money talks, sadly. If you can afford the best PR, even the most heinous of individuals can be perceived as cherubs.
Your speech pattern, snarky sarcastic wit and well researched content equates to incredibly informative and entertaining videos. Thanks Patrick!
Imagine being a guy who paid a PR agency to end up in Forbe's list and listening to this :D
Forbes also listed Enron in their "Top 5 Best American Companies"
Clearly they are not being paid off by Enron pr department
And the name "Enron Field" for the Astros stadium lasted only 2 years 🤣
@@eric743 the Heat still have FTX arena
The question is are they wrong? Or do we just have wrong assumptions about what qualities they value?
@@gamerforlife9865 Well, not anymore...
One CEO I used to work for said that you know a company is doomed when they get a private jet or when the CEO gets a private toilet.
You would think that this dead pan narrator would be boring but, instead, the delivery of the knowledge is both unique and informative. Well done!
Forbes has way more than a fraud problem. Forbes has an ethics problem, a biased problem, a lack of good writers problem, and a plethora of other problems. That's why I stay the fudge away from that magazine!
I did not expect to be crying laughing in the first minute of this very seriously titled video but I'm losing it at "because that's where you thought books were supposed to go"
Honestly, if I had a garage, my book collection would probably start spreading there. Now I have to prune, and it hurts.
“The honor of being the only wood nymph to make the list” delivered in a serious tone. Marvelous.
The wood nymph community has gone quiet about it now.
I currently work under a Forbes "Best new principal in China." He's currently now co-head of middle school in a tier 3 school. He's not qualified and of course has a 98 page doctorate thesis you can read and be shocked at too! Makes me wonder what Forbes really does to make these claims.
Let's not knock Forbes too hard. It has a knack for spotlighting the most unscrupulous, mendacious characters long before their inevitable tumble from their ill-gotten pedestals. It's like a sneak peek into the hall of fallen fame. We wouldn’t want to miss that, would we?
I don't understand how she thought she'd get away with inflating her data value. Did she expect chase to just...accept being scammed? Chase is huge! They can easily afford a lawsuit & if a purchase is made under false pretenses, judges are far more likely to side with the party that was lied to
It's also just pointless. Chase might well have still bought the company even if it had a smaller user base.
Inflating the userbase was obviously going to be found out, and obviously she'd lose any money made. I don't understand how someone so stupid could even be running a company in the first place.
She's no different than a common criminal. Criminals don't think about consequences. They just act impulsively. Criminals don't understand that when their face is caught on camera, or when everyone sees their license plate number, they're going to get caught. This chick was just a bank robber, but with fancier clothes and a college degree. A lot of highly intelligent people are pretty stupid. They might be good at math or memorizing stuff out of a book, but they lack common sense.
@@tweda4 No, if her business was smaller, they would've crushed her and taken her clients. While I don't condone her actions, I do understand the pickle she found herself in.
A reasonable risk, large financial companies hate being embarrassed and cover up mistakes/frauds all the time. Read the footnotes in their annual reports.
@@Foolish188 That's actually a really good point. She went overboard, though, and passed by what they were willing to accept as the cost of doing business.
2 professors at my school have been on the list. One of them performs the most utterly useless research and I do not know why he has been given out so many handouts in his career. The other one got her job and accomplishments so fast because she was put on a fast track from sleeping with and marrying her boss
Throw in a couple child molesters, a "Democratic Socialist" or 200, and you've got yourself a modern institution of "higher learning"
Sounds about right
By my reasoning it's all a matter of "sales", meaning PR. If you have a talent for pitching your stuff, no matter how senseless and you know how to manipulate people, then you get the handouts. See E. Holmes, etc. There is a pattern there too.
So basically self-promoting bullshit artists and mediocrities like most American 'elites'.
That’s hysterical! 😂
I stumbled upon this channel from a random recommendation (probably FTX coverage), and I have to say you have the funniest delivery with your lines while still being super informative. Instant subscribe ❤
I enjoyed this segment very much. How you can be so straight faced and hilarious at the same time is a real gift. All o can say is keep these segments coming. Cheers. Monica
This is so funny, because I was just at a dinner with one of my law professors telling how excited he had been when he made the list, like it was such an accomplishment. But then he started going back through older lists and realized how many of them had gone to prison and he started having second thoughts about the list and himself, lol.
@@chicoanferneeconrad7893Saul Goodman.
@@chicoanferneeconrad7893 no one because they are lying
@@chicoanferneeconrad7893his law proffessor
Why even lie about this lol. I can guarantee with 100% certainty a professor was not on Forbes 30 under 30 💀 do you even know what Forbes is ?
@@youngspaghettii Oh, you're so showing your stupidity. It must be painful at times to be such an idiot, but then again you probably don't realize you are as lacking in the IQ department as you are. My "professor" is actually a full-time lawyer at a Big Law firm (doubt you know what big law is, look it up.) He also spent a few years running the Medicaid program in NY. He was overseeing my externship, the first time he had ever done so. I go to an Ivy League school, we have plenty of top-ranked lawyers who occasionally teach a class or come in as guest speakers. LOL If you recognize that there's no point in lying about this, then why not try to use the tiniest bit of logic and force your brain to acknowledge that you don't understand everything in life and shouldn't make idiotic assumptions based on what little information you see in a RUclips comment? (And yes, I'm positive you're going to come back and accuse me of lying again, this time about what school I go to, you're definitely predictable like that.)
I was also expecting the Forbes cover story of "self made" billionaire Kylie Jenner and then the retraction on their story saying she forged her numbers. Forbes should changed their company name to forged
me too. that was ridiculous
It’s interesting when a publication takes someone’s claims at face value, the person is discovered to have lied, and the publication claims, “We were deceived and misled…” That’s because y’all couldn’t be bothered to do your research! You heard someone claim something and just decided, “Good enough for me!”
Chuckled at the '1984' reference of constantly rewriting history. John Hurt was a convincing Winston Smith
I would love to see a review on how Forbes “estimated” Kylie Jenners lip gloss company to be worth a billion. Or how her mothers isn’t in jail for fraud? Or how do estimations even work? Because how does JP Morgan pay 100 million for a company that does not work?
Suddenly, I feel much better about being unemployed and broke. Thank you, Patrick.
Same!
@Ethan Cameron
🤣🤣
We'll all be daed one day...
so don't be so Hard on yourself
❤❤
Hey, you never know, you might able to step up your career as cigarette dealer
There are "now hiring" signs everywhere! There's no excuse for being unemployed!
Same
Dammit, I knew I wasn’t keeping my books in the right place! I knew it! I said to myself “why keep books near me where I can read them when they should be in a garage where my car can read them?” And I ignored that gut feeling which is clearly what is holding me back from being in jail and disgraced. Ugh. My face isn’t even that punchable, it’s more kickable, I’d never make it in prison. I’ll never be in Forbes!
Where do you keep the Lambo?
@@privacylock855The exotic car rental lot. It's loaned to them.
@@travisjohnson6703If I ever get stinking rich I would never own luxury cars and homes - it's a pain to maintain perishables like these, that only lose value over time. For the once in a lifetime opportunity to actually drive a Ferrari through Dubai and check in at the Burj-al-arab I'm glad to be able to do that for little change money without seeing the annual insurance bill.
Think a bit part of it is that these people get rich in the shadows, away from the public eye. Once Forbes does a story on them a lot of questions come to light because now a lot of attention is on them and people start investigating, and that's when things start to fall apart. That, or the attention/praise they get after the Forbes article inflates their already massive egos and they get too confident/greedy.
I was working for a competing lab in 2014. I showed our CEO the article on Ms Holmes and the first thing she said was, “it’s not possible”.
Was hoping you would have an honorary mention on one of our own; Invictus Obi, a Nigerian entrepreneur and a Forbes Africa 30 Under 30 honoree, who has been sentenced to a 10-year jail term
I waited for that too, Forbes should not be trusted.
I could not take anyone named Invictus seriously to begin with
@@squelchedotter His parents must have been such fanatic Romaboos that they didn’t realize they gave him a name that screams supervillain.
@@King_Minos64 His real name is Obinwanne Okeke. Invectus is an alias.
@@TayongoExploresplease say that’s pronounced obiwan
*"One Criminal and then a bunch of junior bankers who do the coffee run at CS"* had me crying thank you for the video and the laughs Patrick.
He basically said, a crook and a bunch of crooks in suits.
@@copperdaylight *[29 publicists and 1 criminal disliked that]*
So glad I found your channel! Great and funny presentation, right on point. Lol@ WOOD NYMPH COMMUNITY 🤣
Subbed!
Dear Mr Boyle, now that Monty python is not producing new satire, you are the leader in the industry!!! Good job, the world needs it
0:50 the line "who knows, maybe they became successful prisoners" was delivered absolutely perfectly
My understanding is they actually had trouble seating a jury for Shkreli's trial because so many prospective jurors were expressing overt contempt for him. "He looks like a dick," one proposed juror flat-out said in open court, the stenographer taking down every word. That person did not serve.
"Local man too unlikable to be tried fairly"
@@Damian_1989 Which is pretty close to being true. Turns out he really was a dick and then some when he contemptuously smirked his way through his subpoenaed hearing before Congress while repeatedly citing the 5th Amendment in between yawns. "Hard to accept these imbeciles represent the people in our government," he tweeted immediately afterwards, as icing on the cake. Just a lovely individual all around.
@@guydreamr It's always the people that really need friends, who make brand new enemies at every possible opportunity.
It should have been obvious Nikola would fail. They can't even design or build a truck properly. They couldn't even get the back half of the truck to be the proper height. Look at how the the trailer is angled and the front of it is higher than the top of the truck. The trailer attachment point should be 8-12 inches(like 20-30 cm) lower.
Thanks for the sharing
I was shortlisted for 30 under 30 in around 2015 I think, aged 21 with a tiny startup and sub £50k yearly revenue. It's funny to look back and think I could have been listed next to some of these names and to be glad I wasn't. At the end of the day, you can advertise in Forbes and say you're Forbes featured. It's a complete gimmick.
Even at £50k ARR you're probably still more qualified than the blokes who paid to get on that list.
How's your business doing nowadays?
Patrick's videos are like a slow burning fire of comedy gold. I find myself laughing and chuckling at an increasing level as it goes on until I have to pause it to catch breath and then back in, rinse repeat. Solid gold!
I can't believe that I had to scroll this far to find a comment about how funny Patrick is. This video specifically had me laughing out loud so many times.The deadpan humour... the number of deep cuts... I had tears in my eyes laughing so hard 👍👍
I like the closing shot "... the coffee is not going to make itself" 😂
He is great.
☝️🤣
No shit man. This is my first video on this channel and I'm amazed how he can say funny jokes with a straight face
Stanford University has a similar problem. Elizabeth Holmes is a former student and Sam Bankman Fried was born on campus to parents who taught at Stanford Law School. (His mom taught ethics.)
His mom teaching ethics is incredibly ironic. Wasnt his father in financial management? I sure hope they are evicted from any properties sam bought them with other people's money.
Extremely interesting. Thank you!
"Shoeshine boys were the Finance RUclipsrs of the Roaring '20s."
Almost fell out of my chair. Deadpan glory in its delivery.
@Patrick, you missed your calling in stand-up.
That was a great one, I agree.
I almost spit out my food😂😂😂
@@q-chan4764 major mistake on your end, mate, never eat or drink while watching him. 😅
11:20
I prefer to phrase it as finance RUclipsrs are the shoeshine boys of the 2020's.
*PATRIC BOYLE IS PROOF* that nothing is boring if you have the right teacher...!!
Hopefully they'll start doing a 30 under 30 who got 30 to life due to fraud.
The whole thing is very sad.
The joke about cigarettes being the new crypto and the Newton being the first gravity powered truck had me reeling.
Having been in the startup community, I noticed a lot of this type of stuff. These made up lists only to boost the egos of people that care more about themselves than what they are actually supposedly doing. Being in close proximity to people like this, felt like it was one big circle jerk and it was disgusting seeing people participate in an effort to get recognized. It really made me at another look at how I feel about the startup community and made me avoid any and all types of lists, groups or award type events, heck even networking events where most of the time it was self ego stroking and name dropping.
Is it only the ego? Don't they use this clout to get further loans/ investments?
exactly like mrbeast
It's called "attaboy" mags. Or today's AI Magazine.
Is everything a community these days
That’s what all of those awards events are like
Thank you for this
The Forbes 30 Under 30 has issues because successful listees are made based on 2 things: 1) References from leaders in the industry. So, if you are well connected and are able to get references from top industry leaders then that boosts your chances to getting on the list; 2) Finances! As part of being evaluated for the list you need to show the numbers (investments, revenue, etc.) backing your company/venture and that plays another important role in your success in being listed. Both of these metrics easy to falsify or abuse, especially if you are a sweet talker or has a lot of friends in the industry. Forbes need to rethink about how to measure the true capacity of a young leader (30 Under 30) without using such metrics, especially when we live in a world where ESG is becoming more important and prevalent. Separately, Forbes can learn from the MIT Technology Review's list - MIT Innovator Under 35, where the list makers are chosen based on their evidential innovation, which is a far better metric for the purpose.
There was a big story out of St Louis in the early 2010s that one of the 30s under 30 convinced the East St Louis council to manage their pension fund.
He actually carried a copy of the magizine and whipped it out anyone questioned him.
He’s also in jail now lol
Shades of Newark. Their mayor and city council signed a deal with Kailasa, Hindu nation off the coast of Peru.
...
Yeah.
I'm as broke as broken be. But, I absolutely love this financial channel. Absolutely hilarious and Patrick you're the man! In prisoned it's not cigarettes anymore as most prisons have banned smoking, but now it is ramen noodles. A prisoner in America cannot live without ramen noodles which is the main ingredients in all spreads and snacks in the prison system across the Nation...
Hey you may be broke but look on the bright sidr, you don't owe millions of dollars to investors you defrauded.
I saw the ramen thing in brooklyn99 and thought it was made up!
Time to go shopping
@@diwataluna got that picante beef street flavour
The conspicuous Canon F-1 was great camera - titanium foil focal plane shutter; a beautiful machine.
Forbes will write anything for money. The fact that you can buy an article proves it.
Forbes is like the Nobel Peace Prize of the financial world
*Nobel Peace Prize.
The science Nobels and some of the literature ones are legit.
No. It really isn't. It's more like white America's rep sheet.
@@Chris-ci8vs Henry is referring to the background of how & why Alfred Nobel started the prize ,you know after making it possible to blow shit up.
Exactly 😂
@@Chris-ci8vs no literature is legit. It's make-believe stuff about nothing.
The delivery of this whole video is gold....."are they electric self driving pencils?"
I think he said “self-writing pencils”! :D
Ty I feel so validated, I felt something was always off amd its a stupid ranking system. Amazing pple around the world are doing amazing things w/o recognition and awards or notability. While they are still making an impact in theor communities.
Our society has a fraud problem. We use marketing not just Forbes to promote people that are fake.
"shoe shine boys were the finance RUclipsrs of the roaring twenties" - priceless!
They had the ears to the ground and could listen from the snips of conversation they’d heard from others. They put enough together to give advice.
@@theodorehsu5023 "If shoe shine boys are giving stock tips, then it's time to get out of the market."
@@NathanHedglin Which is the take-away lesson here.
This blend of dead pan delivery, the typical British humor and of course, the shining ingredients of the lists themselves is a heady mix. Time for a replay and a drink!
Irish.
They'll never catch me now that im over 30 having not been on the forbes list
I just discovered your videos. They are very good in your straightforward analysis and deadpan telling. Your sarcasm appropriately stated makes the videos more enjoyable.
I think that psychopathic tendencies are genuinely selected for in the financial sector and the boardroom in general. It’s going to take time for them to realise that this is not as successful a strategy as they think.
I think our entire financial system is based on fraud at the most fundamental levels and no amount of time can possibly solve any aspect of it. Until we have sound money - fraud is the default condition of the majority of business
No doubt. I think it's also driven by greed and some deep seated superiority complex. One thing is for sure, the financial and tech sectors are awash in some of the most loathsome human beings on the planet.
I mean, it worked for decades, people are just kinda catching up to their shallow instincts and pretentions by now tho
@@Hanex94 I think that it is more unfettered now that they are in league with the psychopaths in government.
we lost standards
I'm certain Patrick would have been my absolute favorite professor if I had taken his classes.
Yup! I remember when Elizabeth Holmes was on the cover and I felt like a total loser.