3 ms·

Ask HN: Why do criminals rob banks and not millionaires?

4 points by hoodoof 11y ago

smt88 11y ago
Bank robbers are not rational[1]. The risk/reward profile of bank robberies is far worse than many other crimes, like selling weed. Even for a rational person, robbing millionaires isn't easy because few millionaires have something light, portable, and generic to steal (i.e. cash) lying around the house. Jewelry may be hard to find, kept in a safe, and/or easily identifiable, which reduces its value and makes it less liquid. Cash is the most liquid and generic store of value, and it's also very portable. Further, I'd suggest that robbing liquor stores is probably a much more common crime because they also often have lots of cash in the register and aren't as well-guarded as banks. 1. http://www.usnews.com/news/articles/2012/06/11/what-you-should-know-before-robbing-a-bank http://www.usnews.com/news/articles/2012/06/11/what-you-shou...
pink_dinner 11y ago
Because millionaires have something to lose.
billhendricksjr 11y ago
It's an easier crime to commit, although maybe not to get away with. There are banks on every corner, their layouts and policies are similar, and you know where the cash is. If you were going to rob a millionaire, where would you start? Who would you target, how would you case their home, and what would you try to steal? As smt88 points out, it's not like they're likely to have lots of liquid assets lying around the house. A lot of millionaires have a big portion of their net worth in equities and real estate, and the majority of their cash is almost certainly in the bank.
bryanrasmussen 11y ago
millionaires? You mean like successful lawyers and doctors, members of the middle class? Someone worth a couple million? I guess criminals do rob them, using home invasion techniques. Generally though I guess these people are more often the target of burglaries. Maybe you mean Billionaires? In which case, they don't because of private security, they're difficult to find, and anyway those people don't care cash.
DrScump 11y ago
Because millionaires tend to not have much cash on hand (assuming they are in a legal trade). As Willie Sutton reputedly replied to a reporter's inquiry as to why he robbed banks, "that's where the money is!"

4 points by hoodoof 11y ago

smt88 11y ago

Bank robbers are not rational[1]. The risk/reward profile of bank robberies is far worse than many other crimes, like selling weed. Even for a rational person, robbing millionaires isn't easy because few millionaires have something light, portable, and generic to steal (i.e. cash) lying around the house. Jewelry may be hard to find, kept in a safe, and/or easily identifiable, which reduces its value and makes it less liquid. Cash is the most liquid and generic store of value, and it's also very portable. Further, I'd suggest that robbing liquor stores is probably a much more common crime because they also often have lots of cash in the register and aren't as well-guarded as banks. 1. http://www.usnews.com/news/articles/2012/06/11/what-you-should-know-before-robbing-a-bank http://www.usnews.com/news/articles/2012/06/11/what-you-shou...

pink_dinner 11y ago

Because millionaires have something to lose.

billhendricksjr 11y ago

It's an easier crime to commit, although maybe not to get away with. There are banks on every corner, their layouts and policies are similar, and you know where the cash is. If you were going to rob a millionaire, where would you start? Who would you target, how would you case their home, and what would you try to steal? As smt88 points out, it's not like they're likely to have lots of liquid assets lying around the house. A lot of millionaires have a big portion of their net worth in equities and real estate, and the majority of their cash is almost certainly in the bank.

bryanrasmussen 11y ago

millionaires? You mean like successful lawyers and doctors, members of the middle class? Someone worth a couple million? I guess criminals do rob them, using home invasion techniques. Generally though I guess these people are more often the target of burglaries. Maybe you mean Billionaires? In which case, they don't because of private security, they're difficult to find, and anyway those people don't care cash.

DrScump 11y ago

Because millionaires tend to not have much cash on hand (assuming they are in a legal trade). As Willie Sutton reputedly replied to a reporter's inquiry as to why he robbed banks, "that's where the money is!"