This chart which is available for your inspection at ritholtz.com is a fairly easy, well kinda easy flow chart of how our friend the rodeo clown works with Goldline to nightly shear the wool from his flock of sheep.
This week, Rep. Anthony Weiner (Dem. NYC) and House Commerce Subcommittee Chairman Bobby Rush (Dem. Chicago) formally announced a hearing to investigate the practices of Goldline International, a precious metals dealer that uses aggressive sales tactis which include the nightly drumbeat of immenent government takeover and financial collapse and and anarchy spewed by The Rodeo Clown to sell overpriced gold coins to his brain dead viewers.
Among the Key Findings of Rep. Weiner’s Report: (Full Report CLICK HERE)
• Goldline Grossly Overcharges For Their Coins
The average Goldline markup was 90% above the melt value of the coin. The largest markup on any coin was 208% above the melt value. Furthermore, the average Goldline markup is 47% higher than better-priced competitors, with some of the company’s markups going as high as 102% compared to its competitors on one of the coins they offered.
• Goldline Falsely Claims To Offer “Good” Investments
By selling gold at twice the melt value, the price of gold would need to double for consumers to break even on their “investment.”
• Goldline Salespeople Misrepresent Their Ability To Give “Investment Advice”
Sales people imply that they are “investment advisors” or “financial advisers” by offering investment advice, which insinuates that they have some sort of fiduciary responsibility to get you the most return on your investment.
However, since they are not licensed investment advisors, they have no such responsibility. In 2006, the Missouri Secretary of States’ Office, Securities Division filed formal consent order against Goldline for exactly this reason and recovered over $200k for an elderly consumer that was ripped off.
After looking at the chart, I had to ask myself, why does The Rodeo Clown employ such a complicated scheme to get his viewers to part eith their hard earned cash? All he usually needs is a chalkboard and he could just tell his sheep that Obama was going to take all of their diamonds and their porn collections and they should just send them all to him.At least he'd get a bunch of pretty wierd porn.........