Tuesday, November 1, 2011

All That Glitters

Glenny Loses His Luster
Santa Monica, CA - Goldline International, Inc. announced today that it is the exclusive precious metals sponsor of Glenn Beck's new GBTV Video Network, which launched on September 12.
-- Goldline Website, September 15, 2011

"I don't believe in paper gold [i.e., gold futures certificates] any more."
-- Little Glenny, Telling Listeners Why They
Should Purchase Gold Coins, From Goldline

From Mother Jones:
Goldline International, the California precious metals retailer promoted by Glenn Beck and other right-wing radio hosts, was formally charged with 19 criminal counts — including grand theft by false pretenses, false advertising, and conspiracy ... by the Santa Monica City Attorney's Office. The criminal complaint also implicates Goldline CEO Mark Albarian, along with two other company executives and two salespeople.

...Using aggressive telemarketing tactics, Goldline employees routinely pressured customers to purchase expensive coins with mark-ups so steep that it was very unlikely the consumer would ever make his money back. The company racked up a long list of complaints with the Federal Trade Commission, and at one point was sanctioned by the state of Missouri.

But Beck ... lent an air of legitimacy to the whole operation, sowing fears of a total economic collapse to help make the pitch for Swiss Francs. Beck's pitch went a step further, arguing that in the event of a total financial meltdown, the government would confiscate gold bullion—meaning you should invest your money in coins instead.

Hee hee hee hee hee hee.