Detroit man gambles away 1.5 million dollar windfall

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.

 

About jewamongyou

I am a paleolibertarian Jew who is also a race-realist. My opinions are often out of the mainstream and often considered "odd" but are they incorrect? Feel free to set me right if you believe so!
This entry was posted in Africa and blacks, racial differences and how they manifest themselves/race science. Bookmark the permalink.

3 Responses to Detroit man gambles away 1.5 million dollar windfall

  1. M.G. says:

    In any case, I would say that Page is qualified to be the next mayor of Detroit.

    Took the words right out of my mouth. Sinking colossal sums of other people’s money into high-risk bets only to watch it all go up in smoke–Page has clearly got what it takes to carry Kwame’s torch.

    Also symbolic of the whole relationship between Afros and money in the West. They do tend to stumble upon the hard-earned dollars of others, not wondering where it comes from (‘magic-fountain syndrome’), believe they’re entitled to as much of it as they can get their hands on, and then spend it all in ways that generate no wealth whatsoever.

  2. An Unmarried Man says:

    Now that’s a moron. Sure, keep taking money out that you know isn’t yours. The Bank of America, the large high-tech money monolith that it is, will never find out, right?

    This reminds me of the hapless idiot that we would see portrayed in a typical episode of The Twilight Zone. Stumbles into some stupid luck and does all the wrong things to make the worst situation of it.

  3. MaxxWiskers says:

    Would you consider it a likely outcome that you will get hit by lightning walking outside today? Furthermore would you consider getting hit by lightning a likely outcome on a daily biases?

    Casino gambling is NOT GAMBLING nor is it high risk betting. There is no real risk in what the outcome will be. The certainty is all money put into casino equipment will not be returned regardless of the iterations. The casino equipment creates many illusions, mathematical confusion and positive affirmations to the contrary of this. It is all deception. It is a hack in certain kinds of human minds.

    Perhaps in another time such minds were well adapted, taking that extra chance to catch the fish even though it never worked in that place before. Conserving resources did no good when rot, beast or the other guy would steal it. The player who would only be handicapped with the ladies thinking in liner logic. It is likely Ronald Page has a lack of judgment when it comes to the accountability of money.

    But need not fear, Ronald Page transferred 1.5 million into Detroit’s economy, some of that went to alleviate the City of Detroit’s financial woes. He has done more than most of his fellow Detroiters. The only fault I can find with him is he did not do more :)

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