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Re: Explain to me how a loan shark would operate today
[Re: RushStreet]
#1088764
04/26/24 03:32 PM
04/26/24 03:32 PM
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Joined: Sep 2019
Posts: 9,333
NYMafia
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Joined: Sep 2019
Posts: 9,333
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Re: Explain to me how a loan shark would operate today
[Re: RushStreet]
#1088766
04/26/24 03:39 PM
04/26/24 03:39 PM
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Joined: Oct 2019
Posts: 347
eastsideofvan
Capo
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Capo
Joined: Oct 2019
Posts: 347
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I think you'd be surprised who is taking out these loans.
I knew a guy who knew a loanshark who operated out of this Hungarian restaurant - we went to it a few times. Most of his clients were stockbrokers. They would be guys who just lost all their liquid cash on one bet, but had a deadline to exercise warrants or options on another trade but needed the cash to execute the order. These aren't guys who are going to the feds or else they would never be able to go back to this guy again, and they needed him regularly.
Ironically, the one time I am aware of that he got ripped off was when the son of a mob guy came to town, took a loan from this guy and then basically said "fuck you, don't you know who I am?" I have no idea what happened or who was involved, but the shark had people to go to and got connected with this kid's dad and was re-paid PROMPTLY, with apologies. Other than the shithead kid, all of: the shark himself, his clients, and even the kid's mob dad all behaved like businessmen.
Which at the end of the day makes sense. The guy was (perhaps still is) running a business.
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Re: Explain to me how a loan shark would operate today
[Re: eastsideofvan]
#1088767
04/26/24 03:43 PM
04/26/24 03:43 PM
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Joined: Sep 2019
Posts: 9,333
NYMafia
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Joined: Sep 2019
Posts: 9,333
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I think you'd be surprised who is taking out these loans.
I knew a guy who knew a loanshark who operated out of this Hungarian restaurant - we went to it a few times. Most of his clients were stockbrokers. They would be guys who just lost all their liquid cash on one bet, but had a deadline to exercise warrants or options on another trade but needed the cash to execute the order. These aren't guys who are going to the feds or else they would never be able to go back to this guy again, and they needed him regularly.
Ironically, the one time I am aware of that he got ripped off was when the son of a mob guy came to town, took a loan from this guy and then basically said "fuck you, don't you know who I am?" I have no idea what happened or who was involved, but the shark had people to go to and got connected with this kid's dad and was re-paid PROMPTLY, with apologies. Other than the shithead kid, all of: the shark himself, his clients, and even the kid's mob dad all behaved like businessmen.
Which at the end of the day makes sense. The guy was (perhaps still is) running a business. That makes sense. And generally speaking, IS how the "loan" business works.
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Re: Explain to me how a loan shark would operate today
[Re: RushStreet]
#1088774
04/26/24 05:31 PM
04/26/24 05:31 PM
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Joined: Sep 2022
Posts: 654
UsA
Mafia101
Underboss
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Underboss
Joined: Sep 2022
Posts: 654
UsA
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Ok a little while ago when I was in the car on my way back from getting lunch, a thought crossed my mind.
How would a loan shark operate today to be successful?
I mean if a guy was to try to intimidate a business owner who owed him money, the majority would laugh in his face and the feds would be knocking down the guys door in no time.
So how the fuck would a guy even make a living in todays world being a loan shark? Where do you get this from? The vast majority of cases today involve loansharking and the subsequent extortion that comes along with it after you miss payments and the amount of debts that actually go running to the feds is probably less than 1%. For a loanshark to be successful today they would do the same thing they've done since the dawn of time.
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