A ubiquitous part of Glenn Beck’s programming is his endorsement of the gold vendor Goldline. Beck and Goldline appear to be taking advantage of the concerns people have had about keeping their U.S. dollars instead of switching for gold. However, as blogs like Mediaite and also the Big Picture report, Goldline International is at the moment under legal investigation for its business practices. Glenn Beck may not be part of the investigation, as outlined by the Los Angeles District Attorney’s office, but Fox News does not appreciate there being yet another problem with a sponsor of “The Glenn Beck Show.”.
Illegal things with Goldline
The U.S. based upon its system off of gold for a when. The government wasn’t able to print money whenever they wanted to because the gold standard kept them from doing so, meaning the government was on a leash. Such people tend to believe Glenn Beck when he predicts that the U.S. dollar will collapse and says that getting gold is the only way to keep away from economic gloom and doom. Conveniently, Beck gives his endorsement to Goldline, a company that, as outlined by the Los Angeles District Attorney, is selling gold at overly inflated prices. The Goldline investigation is being done by the DA, which involves two people who for some reason are very interested in what is going on; New York Rep. Anthony Weiner and Bobby Rush, from the House of Commerce Subcommittee.
What Goldline lied about, as outlined by the DA
The Los Angeles DA claims that Goldline “grossly overcharges” for its coins. The Big Picture notes that markup on average is “90 percent above the melt value of the coin” and 47 percent higher than the competition, when one coin was valued by Goldline at 208 percent above melt value. It may be a stable piece of gold, but nobody will purchase it from you for even what you paid for it, making it nearly worthless to you. Considering how people are cheated out of their money with Goldline, the DA, along with others, want Goldline sales reps to stop claiming that they give out good investment advice, or that they are able to make any kind of investment advice.
Rep. Anthony Weiner has heard enough
The SEC and FTC have both been individuals representative Anthony Weiner of the Trade and Consumer Protection contacted about this. He has proposed legislation that would require companies like Goldline to reveal their full business plan to consumers, markup incorporated. Hearing are supposed to happen a little bit later, reports The Big Picture.
In a public statement, Anthony Weiner said that “Goldline rips off consumers, uses misleading and possibly illegal sales tactics, and deliberately manipulates public fears of an impending government takeover – this is a trifecta of terrible business practices.” ”Rodeo clown” Glenn Beck is going to have to discover an additional sponsor if Congress sides that Goldline is out of hand.
Mediate
mediaite.com/online/rick-sanchez-confirms-glenn-becks-weinerfacts-com-still-going-strong/
Weiner
weiner.house.gov/Reports/GoldlineReport.pdf
Ritholtz
ritholtz.com/blog/2010/07/glenn-beck-goldline/
Wikipedia
en.wikipedia.org/wiki/Gold_standard
Rep. Anthony Weiner versus Goldline
youtube.com/watch?v=3GDts0Q1dK8
