Tuesday, April 20, 2010

Cutting in e-lines

A recent post of mine over on the Blog at Mises.org:

Cutting in e-lines
Jim Fedako

A group of "Wiseguys" beat the CAPTCHA challenge in order to move closer to the front of virtual ticket lines. And they are now facing the standard federal prison sentence pile-on.

These four guys purchased quality tickets to events (such as Springsteen concerts, New York Yankees games, etc.) and resold them, earning $28.9 million along the way.

As I see it, what they did was no different, in an ethical sense, from the host of scams used to cut in line at a real ticket window ("I had to step out of line to give my brother my cell phone."). And the involvement of wire does nothing to change that.

More sophisticated for certain. And really rude. But is it worthy of decades in federal prison?


Anonymous said...

...while Goldman Sachs skates untouched from their deceit of selling several hundred $MM in mortgage-backed securities while simultaneously hedging against them.

I take a jaundiced view of the government beseeching Wall Street about greed and ethics--and the timing of the SEC indictment against Goldman aligns too conveniently with congress's Wall Street reform bill-hearing to be mere coincidence, but Goldman is nailed dead-to-rights on this one.

But Goldman will fight the charges successfully and continue to give generously to Dem and GOP PACs and campaigns, while the unfunded, unconnected ticket line-cutters will be convicted.

You know how it ends: the Little Guy gets screwed once again.

Anonymous said...

Good clip.
Ron Paul and Peter Schiff get a nod at 2:45.