Thursday, April 30, 2009

Blixseth justifies taking millions

One by One they all come tumbling down. Even in my state. But that is not a good thing. How many people will loose their jobs in a state that is considered the fifth largest land wise, but also the fifth or sixth poorest because of this.

From the Montana Standard:

MISSOULA — The mountain resort for the rich founded by Tim Blixseth has collapsed financially. But the flamboyant billionaire insisted in federal court Wednesday he was justified in taking hundreds of millions of dollars from the Yellowstone Club leading up to its bankruptcy.

Blixseth blames the worldwide economic crisis and his former wife's supposed mismanagement of the club for its problems. His critics cast him as emblematic of the financial excesses that spurred the global crisis — even as rich players like Blixseth made off with millions.

"I assumed when no one said to me there's something wrong with it, there's nothing wrong with it," Tim Blixseth said during testimony Wednesday in a trial connected to the club's bankruptcy case. He was referring to one of several money transfers totaling at least $200 million that the club made to Blixseth and corporations he controlled.

"I was the manager, and I did what I felt was an appropriate decision at the time," he said.

He added that in the club's early years, when it was cash-strapped and looking for members, the situation was reversed, with Blixseth pumping in tens of millions of dollars to keep the resort afloat.

Now wait a minute, I thought as rich investors that's what your supposed to do, "Invest". The fact that the entire world is consumer based is not sustainable. There is only so much money and credit to spend to go around as we are witnessing now. The current economy's time is running out. What's the alternative. Self Sufficiency. Start now people.
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