Wall Street Insane! EP03: Betrayal of the decade!
The James Altucher Show
James Altucher
4.6 • 2.7K Ratings
🗓️ 15 July 2022
⏱️ 34 minutes
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| 0:00.0 | This isn't your average podcast and he's not your average host. |
| 0:12.6 | The James Elfcher Show presents Wall Street Insane. |
| 0:16.9 | We've had a couple episodes now talking about guys' experiences. |
| 0:27.7 | We've had in just a few years we were in neck deep in the finance business. |
| 0:32.9 | We met so many scammers or gray area people like everybody from made-off on down. |
| 0:40.1 | But this next one I will start it off. I'll just basically say this guy was a reader of mine |
| 0:46.4 | and he wanted to meet. This is all the way back in. I want to say it was a 2003 and he wanted to |
| 0:54.3 | own a new one. You were already trading with us. We were day traders and I was writing for a bunch of |
| 0:57.9 | sites but most notably the street.com and realmoney.com and Yahoo Finance. This guy wanted to meet. |
| 1:04.9 | So I met him. In the course of it, he owned a mental health facility. |
| 1:11.5 | Basically they helped kids who were alcoholics. Young people were alcoholics. They had a facility. |
| 1:18.3 | They had nurses and doctors on staff. The kids would stay in the bed. The government would |
| 1:23.2 | pay for everybody like $130 a night. This whole business was the more beds he had, the more money |
| 1:28.4 | he could make. There were always alcoholic kids and supposedly the doctors helped them or nurses |
| 1:35.0 | helped them. I was skeptical of that. Anyway, he had just gotten a $10 million offer for his business. |
| 1:40.6 | I said, don't take that offer. Let me try to get you more. We started consulting for him. |
| 1:47.8 | The three of us basically. Dan, I remember I called you and you said, yeah, let's do this. |
| 1:52.4 | We got together. You got a list from your buddy and private equity. You got a list of all the |
| 1:56.3 | companies that were buying up mental health facilities in what's called a roll-up. There were some |
| 2:01.1 | companies that would buy up a one in each state and then they would combine them and get all the |
| 2:06.4 | back office synergies of doing one accounting for everybody instead of 50 different accounting |
| 2:12.7 | back offices. They would make more money and then they would go public and on and on. That whole |
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