Jamie Dimon is an impressive salesman (he had his team research Adam N. Fav drink and offered him more line of credit to keep him as a potential high value client).
well yeah bc he gave him a line of credit. At the end of the day, a line of credit is mostly secured even if it doesn't get paid back. Now if Jamie had personally INVESTED 100 million into Adams company and it tanked (which it did) then Jamie would have been screwed.
My first thoughts too. That much money and just a preferred. I need to upgrade mine to the reserve too just wasn’t traveling much last few years to care
I got hit with not enough liquidity applying for a merchant account with my bank. They declined it. Not enough liquidity. Called them back and asked them how much money I need to transfer into my bank account in order for them to reconsider. Apparently none of them have ever been asked that question. lol
@dexternelson he was joking with the hair comment 😅 Just ask for a manager, they usually cut to the chase and help you out. I'm surprised actually you need liquidity for a merchant account (I have a few and they usually verify your credit rating and standing).
@@dool1002 didn't come across as a joke. I didn't see any lols or smilies or ... or anything that would indicate humor or sarcasm. You just made a blanket statement, so I treated it as a serious statement.
Rich people can easily put their assets like shares as collatteral and they definitely gets special treatment from bank. Plus liquefying just a little bit of those assets can easily cover whatever bill he faced. Heck, he can just write himself a bonus.
what happens in this case is that loan payments are deferred until a point where the borrower is comfortable paying for a modest interest, in this case probably until Adam's dividend payments from his shares arrive. The 100m is really just so he can live like a king without having to sell his shares.
Wow I'm so happy. Guys...words can't describe what I'm feeling right now. Thank you ALL for all your likes and support recently and in general. I can't believe I've come so far and you right along with me. Until next time.
Our neighbours are UHNWIs, and yet they live modestly. Didn't realise how wealthy they really were until we and some of our other neighbours went on their "tinny" (as they called it) for a fishing trip up near Exmouth, Western Australia. We flew up from Perth and had a great Easter break! This "boat" had 4 levels, and 7 or 8 bedrooms for the owner and guests, dining areas, kitchen, lounge and a crew of 6. And it wasn't a charter either. Pretty sure the crew accomodation was in the lower levels. Huge ship, bigger than the ferries plying back and forth between mainland WA and Rottnest Island even.
