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Luckily for you, lying isn't illegal. A better example is this: Someone goes into a used car lot and explains to the dealer that they live in a cold climate w
by maxcan 12y ago
Luckily for you, lying isn't illegal.
A better example is this:
Someone goes into a used car lot and explains to the dealer that they live in a cold climate with lots of snow, have three kids, and go camping a lot. They explain that they need a car with lots of cargo room, is reliable, cheap to maintain, and which is good in icy conditions.
The dealer proceeds to talk the buyer into buying a 20 year old porsche 911. It doesn't satisfy any of the stated needs and costs the buyer money that they didn't need to spend. The dealer's actions were clearly unethical. But, should they be illegal? Thats a very complex question and not one that can be answered by "MOAR REGULATION!" demands.
- mikeash 12y agoLying for financial gain is generally illegal. That's what fraud is. If the dealer lied about the car while selling it, then in theory the buyer can successfully sue for damages. In practice it's likely to be hard to prove.
- techsupporter 12y agoAwesome, and just as soon as a long-term financial instrument is as clear and unambiguous as a 2014 4WD Subaru versus a 1994 Porsche 911 (at least the 993 series had air cooling, which should work well in a cold climate), I'll be right alongside you.
- maxcan 12y agothats exactly my point. even the most baroque, complex financial instruments are arguably simpler than the mechanics of even a basic internal combustion engine. but, due to cultural issues people are far more educated about the mechanics of an automobile than they are about financial products.
- walshemj 12y agoOk so with profits funds is as simple as a basic two stroke IC engine with 3 moving parts not sure I buy your line
- walshemj 12y agoAnd the 933 is not going to lose several thousand dollars in value the moment you drive it of the dealers lot.