When Ronald Page discovered his bank had erred in his favor, and allowed him to make unlimited ATM withdrawals, he proceeded to withdraw a total of 1.5 million dollars – and then lose it all gambling. According to Yahoo News:
Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals.
But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on gambling.
And even worse for Page, the U.S. Attorney’s Office in Detroit says he is now facing 15 months in prison after pleading guilty to charges of theft of bank funds, $1,543,104 in total between December 1, 2008 and May 31, 2009.
“In this case, the bank’s glitch allowed the defendant to lose a significant amount of money that was not even his in the first place,” reads the U.S. Attorney’s sentencing memorandum, obtained by ABC. “The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence.”
Here is Ronald Page:
Of course, being a “Detroit man”, the authorities could not hold him entirely accountable for his actions:
Page, who does not have a prior record, could have faced a steeper sentence but prosecutors said his crime was a “lapse of judgment” and placed blame with Bank of America for allowing the withdrawals to take place.
A “lapse of judgment” implies that Page normally has good judgment, and it’s possible this is the case. There is no denying that whites also suffer from gambling addiction. Asians have an especially bad reputation for this. But this story does happen to fit the paradigm of high time-preferences for blacks.
In any case, I would say that Page is qualified to be the next mayor of Detroit.