Herman Alva SCHMALZ

Eigenschaften

Ereignisse

Eltern

Ehepartner und Kinder

Notizen zu dieser Person

Another name for Herman was Herman Alva SMALL.

Herman worked as an accountant at Hughes Aircraft when he retired in 1975.

Herman and Marion received a small inheritance in the late 1940s from the death of Marion's father, Charles Deex. They took some of the money, and along with another man named Rudy Graylock invested it in a print shop in Tucson Arizona. Rudy ranthe printing presses and Herman was responsible for the day to day business end of things and sales, etc. Being a new business it was struggling but it was making enough money to support the families of two partners. Then one day Rudy told Herman that they should just burn the business and collect the insurance. Herman was horrified because he thought Rudy might be serious. Anyway, one day Rudy went crazy and destroyed the shop and all the equipment. Herman knew that Rudy had don it andinformed the insurance company of what Rudy had done. After all was said and done Herman was given ownership of everything that was left but not much was salvageable and he lost all his original investment through the ordeal.

Some of their inheritance was invested in a finance company that was started by Marion's sister Lucille and her husband Frank Bush. The original investment was $5000.00 (A significant amount of money in the late 1940s). The business started smallwith one office in Silver Springs, Maryland and over a couple years quickly grew to have offices in every state on the east coast. The company seemed to be doing well and the $5000.00 investment had grown to $50,000. Herman and Marion talked about taking some of the gains and diversifying it in other investments but since the business was family owned they felt an obligation to keep the money where it was. Unfortunately, there was a scam going on in the satellite offices. The main headquarters initiated incentive programs that provided bonuses for the office managers. The more customers they attracted to borrow money, the higher their bonuses would be. This created a situation where unscrulpous managers were falsifying loans tofamily members and non-existent customers. After a while the SEC noticed that audits started showing anomalies and they stepped in one morning and closed the doors of the business. The company stock became worthless in an instant.

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Hochgeladen	2012-04-01 14:50:59.0
Einsender	Markus Dippold
E-Mail	markus.dippold@gmx.de
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