math--boersen/stamp farms

Anyone ever tried to add the math up on this mess? Last few months numbers keep growing on Boersens problem. Now I see they claim 60.5 million was defaulted by Mike Stamp. How much money was loaned on the same exact ground/structures? Any time I tried to borrow money Banks looked at me with a fine toothed comb. How could so much money be loaned against thin air? I just cant add this big of math. Michigan used to be known for the auto industry. Now we are known for the biggest farm bankruptcy. And the numbers just keep growing. Al

I have to wonder how much was Amway money? I'd heard about three years ago that the inlaws were about ready to take his checkbook away.

For those YT'ers who are clueless as to what you are referring to (like me), here's a short video below that will bring you up to date ..... well, somewhat up to date. I'm sure there is more since this has been put together ......
Video explaining the issue here .....

Hey!!! It takes a lot of money to run pro-stock with the NTPA....---Tee

Rather a farmer got the money than the Clinton foundation

Why would you think that? His wife's grandmother is the current US secretary of education.

Did Stamp help put the wrinkle in Wells Fargo? Boreson is a much bigger fish but NOBODY is too big to fail.

The issue I see is how was someone allowed to go into 60 million debt I’m a few years time???

And how many “small time” farmers or renters under 1000 acres were screwed by this guy. Rent per acre and etc had to create a turmoil for the average guy.

Sixty million is the tip of the iceberg. ZFS bailed him out for more than $150 million. All these other bills are still mounting in new lawsuits and court judgements.

I think it was Wells Fargo,yes.

(quoted from post at 17:32:28 03/09/18) And how many “small time” farmers or renters under 1000 acres were screwed by this guy. Rent per acre and etc had to create a turmoil for the average guy.

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Hate to tell you this but the world has ALWAYS worked this way. Caesar wasn't murdered for being a tyrant (another of histories myths). He was killed because he advocated change that was going to affect the bottom line of the most wealthy, many of whom were senators.

Renting land is like going to an auction. The guy willing to spend the most buys it at the end of the sale. Not uncaring but this is how things happened even in the Soviet Union and Red China. Those in power made the rules and live pretty well while the rest followed the rules and live poorly or rebelled and were persecuted.

A wise man observed that it's tuff to be a man. Kinda funny if you think about it. We have sympathy for the young man who wants to farm and can't. We have no sympathy for someone else trying to follow dream, like being an artist. Both really hard to be successful at. But each has a dream they may have to put aside and move on with their life to be successful at making a living. I put aside dreams of farming in 1980/81 when interest rates went stupid high. I had a wife and kids to take care of. Once I was in a position to try it again I could get a small start and keep the bank out of it. Being retired gave me the time. It also gave me time to do grandpas daycare. When farming got in the way of the grandkids I quit farming. Now I know at my age it's a dream and that's it. It was just time to man up and move on.

Rick

Hey Big-T do you guys own one or both of those? Did You ever consider pulling at Rock Valley Iowa - thunder in the valley? big stuff there and a bunch of locals ?Roy

Roy--The one under the shade tree is my son's--The other two are Boersen's pro-stock Deeres. We never pulled at Rock Valley. When he pulled Super Farm he pulled at Cherokee and twice at Clay co. fair at Spencer when they were NTPA.---Tee

In the past and present we have people at a smaller scale but the same principle, use other people's money to operate on but don't pay it back. Anyone can make a living doing that. Who in their right mind would loan someone money to farm that is behind not only one year but two? It proves that the lenders are as dumb as the Stamps and Boresons and deserve what they get. Maybe someone has the password to Boreson's bank account in the Grand Cayman Island.

About Wells Fargo somebody is trying to pull a scam in their name. I have never delt with them in any way. I think there is one 50 mile from me. I am getting emails claiming to be from Wells Fargo and to contact them with a link in the email because my acount has been hacked. No acount, never delt with. So somebody is fishing trying to get peoples information by luring them to use the contact link. I just have deleted them. If I get any more I am turning them in to the sherif f without clicking on the link.

Ego. “I’m better at this than anyone else”. Ego.

(quoted from post at 17:30:14 03/09/18) The issue I see is how was someone allowed to go into 60 million debt I’m a few years time???

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This is far from the first. I remember two from the late 80-s, only one of which I can find reference to online.

https://www.nytimes.com/1987/07/12/...bt-68-million-and-growing.html?pagewanted=all

Bankers are extremely greedy bxxtaxds. Their profit is primarily secured up front. When you get into loans this size, it's easy to get your banker to keep you afloat so he doesn't have to recognize there's a problem. Then the payments cease and the bank has to admit there's a problem when it does it's books. I never hear anyone proposing to hold the lender liable, just the debtor. Who better than the lender to control this kind of travesty.

Well, Arlan's one of my best JD 2cyl carb building customers. So far not had a bad check yet, knock on wood. Said the last two I did were going on for sale tractors so maybe some of the "hobby stuff" is going. Don't know about all going on but so far his money is good here. Of course , maybe it it is because it ISN'T his money ??? LOL