How do Loan sharks get their money today

Say a guy borrows x amount of money from a Loan Shark and has to pay it back within a month, what if at the end of that month the borrower lets the Loan Shark beat him up then runs to the cops so the Loan Shark gets arrested for assault?

Shark week was last week bro.

Shark Tank

They could have ran to the cops thirty years ago. A lot of guys will really only go to the cops as a last option. Going into any type of witness protection is a big thing.

They don't provide witness protection for loan shark victims.

Looking at the indictments, it seems in today's mob that the vast majority of mob loansharking is directly tied to its bookmaking operations. It appears those loansharking or "extortionate extensions of credit" we see in the charges don't actually involve the mob lending anyone money but rather a gambler racking up a balance that they can't immediately pay so the "loan" is basically the bookie allowing the gambler to just pay the vig week to week, which of course typically doesn't come off the principal. It's simply the price they pay not to be held accountable for the full debt, either by catching a beating, him being exploited in some other way, or just being cut off.

Only an idiot would pay a bookie or loan shark. I'm not saying it's a wise idea to gamble and stiff your bookie, but if you do lose, and you feel your life is threatened, go to the cops. It's basically the poor man's version of chapter 11. lol. It's America in the 21st century. You're too big to fail! Or.. get roughed up by modern day mob wannabes that look like the Growing up Gotti kids. The system is what it us. It's up to you to know how to work it.

That a gamble you want to take?

People get killed and fucked up regularly over very small amounts in the drug world. Every day.

You want to roll that dice? Those worlds aren't that far apart.
There's no witsec for calling a cop over a loan you can't pay.

Sad really, a made guy with hits on his belt can get all the protection in the world when he rolls. Your average joe stiff who gets into trouble with a loan he can't pay gets nothing from LE.
Something wrong there.

These gamblers are typically local guys who like betting. They go to the cops over a debt they can usually just pay the vig on, they're setting themselves up for retaliation. Are they going to up and move far enough away to avoid running into who they owe? And are they willing to risk getting blackballed and not allowed to gamble anymore? Most of them would have to be in really deep, and probably already in some danger, before going to the cops.

A lot of this has to do with the average joe just not having the gumption to do whatever it takes to use the legal system to their advantage. It goes back to the beginning of time. When you keep people working and/or poor, they start to see themselves as peasants, unworthy of basic human rights that the haves in enjoy, like security and peace. A lot of people just call the cops one time, then become discouraged when the police tell them there isn't much they can do. Then, they just eventually let it go. The police do that on purpose to save time and resources. A lot of people become shut ins this way. They don't go outside anymore. They're afraid. Contact the DA's office. Give them hell. Write letters. Contact free legal services. Be a constant pain the ass, until they decide it would be easier to actually do something to placate you rather than continue to blow you off. Again, our legal system is a system of survival. You have to scratch and claw.

What the hell are you talking about?

+1

I'm with my boy Tyrion over here, a man must honor his debts..

Depends who the debt is to. Loan sharks and bookies are scam artists. Beat them any way you can. Use the same legal system they'll use when they're in a corner.

the worst thing for A degen gambler is to be out of action

OakAsFan, have you ever gambled or know someone whos gambled with a neighborhood bookie?

Yes.

So you bet over your head and cant pay and your going to try to jam up the bookie . Its one thing not to pay but to call the cops , that is pathetic

Totally pathetic, I agree...it would be like signing mortgage papers for your house, then, when u can't pay, crying to the federal government that the 'evil' Wall Street banks were predatory on you...at least know that would never happen...oakasfan, u know anyone that would ever do that too?......honor your debt, wherever it may be, fuckin weak excuse to blame the other guy...society is a joke..Socrates drank the hemlock to not give up people, and we got people who want give up guys to the law for losing a 55 to make 50 play...

And what happens when you owe the government money that you can't pay? Seize your assets, garnish wages, remove money from your bank accounts. You're making every bookie out to be the devil.

An illegal bookie or loan shark doesn't have that kind of leverage. In times of desperation, survival is the game. Ask any bookie or loan shark that gives people up to save his own ass.

*Standing Ovation*

Well they can kill you

Anyone can kill anyone. Especially these days, as evidenced in the news. If someone owed an amount of money they couldn't pay back, and they felt their life was threatened, they'd be crazy not to go to the police. It would be their best move.

Just out of curiosity. Say I want to become a bookie? I have no skills, no qualifications. Where do I get the money to start playing with large quantities of cash? Does it grow out of my ass? Where do I get the money to pay two refrigerator-sized goons to threaten people who don't pay? You have to be in league with the mafia to be a bookie in most large American cities.

And they do a lot worse than "garnish wages".

But we get it. Fila and Brioni good, do-rag bad.



The gov. ain't all that bad, are they?

http://www.cbsnews.com/news/60-minutes-overtime-deep-inside-the-whitey-bulger-story/

The police might not be able to do anything and second your not getting 24/7 protection for a gambling debt . Most likely you be killed and never see it coming

You could approach a bookie and offer to work for them. Possibly become a half sheet . With there backing you can expand pretty quickly . The vast majority of bookies in the USA are not connected to the mafia

I would agree with that simply because the Mafia is really only found in a handful of areas today - mainly in the Northeast, Chicago and South Florida. Though the mob's bookmaking networks still extend to a lot of places and you still see bookmaking cases in areas where there is no real family left.

Some time ago I read a study on gambling that talked about how the Northeast is the biggest market for illegal gambling by far and indictments definitely bare that out. And most of the bookmaking cases in the Northeast are mob connected.

"most likely" i'd be killed? lol. Right. That would probably be the least likely outcome. It's not the 1950s. Police aren't on the take anymore, at least not with wiseguys. A dead body shows up now and the forensics team is on the scene. There are cameras on practically every public space now. "never see it coming". lol. Somebody watched Goodfellas on AMC yesterday.

Yes if someone wanted to kill you. You wouldn't even see it coming sir. HAs nothing to do what decade it is. Yes most people wont get killed over a gambling debt but it does happen.
Go call your local police department see how sympathetic they are to some degen gambler not paying his debts.
Your shot while fixing a flat tire on your car what kind of forensics will there be. Some blurry image on a video camera.
Your just typical moron on these boards has a big mouth but is a pussy in real life. PRobably stuck a bookie for 200 dollars because your a low life POS. You piss in your pants if you had to deal with somebody real. have a nice life scumbag

It doesn't have to be murder. They can give you a beating, threaten your family, burn your house down, shoot up your car, etc. If they're smart about it, there is no way for the police to arrest you unless they do an actual investigation into the loan sharking activities. And like another poster already said, the police aren't going to waste their time on every dead beat that can't or doesn't want to pay their debt.

"give you a beating" = DNA evidence

"threaten your family" - more witnesses

"burn your house down" - gopro cams all around the neighborhood, neighborhood watch. ...hon, why is the guy walking on Mr. Smith's lawn with a gas can?

"shoot up your car" - shot recognition surveillance, all points bulletin, high speed chase

Guys, it's 2016. A loan shark that gets stiffed for 2 thousand dollars is a loan shark that's out 2 thousand dollars. Nothing more.

Do you really think it's impossible to kill or beat somebody up without getting caught?

http://www.nydailynews.com/new-york/nyc-...ticle-1.1566572

The NYPD has won great praise for bringing crime down to historic lows. But lost amid the fanfare is a growing segment of New Yorkers like Rayside: Those waiting for justice in the murders of their loved ones. About 1,500 murders have gone unsolved over the last decade.

The number of homicides in 2013 dipped to 334 — the lowest tally since the NYPD started keeping track in the early 1960s. The number represents a 41% decline over the past decade. Given the decrease in murders, some argue that the NYPD should be using this opportunity to get more killers off the streets.

“There are thousands of murderers walking around who haven’t been brought to justice,” said Andy Rosenzweig, a former NYPD lieutenant and ex-chief investigator for the Manhattan district attorney’s office. “It’s horrifying.”

The News reviewed the status of last year’s homicides, detective staffing at each precinct and borough command over the past two decades. It also looked at trends in the city’s clearance rate — the number of arrests made in homicide cases during a 12-month period, as a percentage of homicides reported during that time.

The News found that as the homicide rate plummeted in the 1990s and activity on the cold case squad was at an all-time high, the clearance rate shot up to over 80% during the final years of the decade. But then the clearance rate started to drop again, and has since averaged around 70%.

The NYPD’s Cold Case Squad had about 50 detectives when it was formed in 1996. Now there are about eight.

The number of murders solved has gone down, too. In 2000, records show the NYPD solved 533, including murders that occurred during previous years. In 2012, that number was 314 — a 41% decrease.

“If we had more staffing, and if we were able to focus more on the unsolved homicides, I’m sure the clearance rate would be higher,” Palladino said.

Former Police Commissioner Raymond Kelly, who ran the department for 12 years under Mayor Bloomberg, disagreed.

“The homicide squads are always pretty well staffed. As a matter of fact they do other things because the number of murders is way down,” Kelly told The News. “I think the clearance rate is going to remain at roughly 70%, give or take. That’s just the way it is. There are … certain homicides that will never be solved. We don’t necessarily want to make that public, but that’s just the way it is.”

OakAsFan

why is it that every thread i go on your arguing with someone its seems like 90% of threads you post in your arguing with more than one person.Then again i dont really come on here that much anymore maybe i am wrong

I've seen so many murders go unsolved just around my area alone.

You'd think its 2016 and think it would be different but you'd be surprised.

It's a big risk, odds are they will catch you. But a big chunk of the murders still go unsolved. 1/3 of the murders maybe.

Forget all that DNA stuff. Usually comes down to eye witnesses, or snitches willing to testify against friends or enemies.

I never argue. I may say things people disagree with, but I never argue.

Depends on the victim, or their family, particularly where their knowledge and/or audacity to work the system is concerned. The police don't care about blacks and Latinos, they don't care about the poor. You have to make them care. And there's several ways to do it.