I think it was said the fraud is actually in the other direction. Jewelry is regularly undervalued to reduce the cost of insuring it.
Brandy Swanson, the director of the San Mateo jewelry show, previously said the jewelers robbed of their gems had lost more than $100 million in the theft. Vendors claimed the figure was as high as $150 million.
Swanson noted it was her experience that jewelry owners tend to underestimate their pricey inventory when it comes to insurance, to keep costs low.
“That’s where the discrepancy comes in,” she said.
I don't think that's fraud. If you insure an object for $100, then you get $100 if it pays out. That the object was actually worth a trillion dollars is neither here nor there
Not really fraud when it comes to insurance which is what my wording most implied. Good point.
I was thinking that it might be considered fraud when amounts were reported to Brink but I admit I know nothing about transportation/security type things. If Brink is just insuring it and the security is just to protect what is insured maybe it doesn't matter. I know I'd be pissed if I was told I'd been transporting a much higher value target than I was paid to transport, and on a regular basis. $150 million is way more dangerous to transport than $8 mil.
In addition to all of the above thread, there's also two ways to "value" jewelry. A) How much you could get someone to pay you for the item if you sold it, and B) How much it would cost to replace it with something identical or equivalent. Usually B is waaaaaay more expensive than A, unless it's common Walmart jewelry counter grade stuff. And even then, B is merely waaay more expensive than A.
There’s also C) How much the individual components of the jewellery are worth if disassembled/smelted down - i.e. the spot price of any gems or metals used in the piece of jewellery’s construction. This is usually the lowest form of valuation as it doesn’t take into account the labour/expertise of construction and has an associated smelting cost to extract the raw components.
Haven't read the book so can't comment on it specifically. That said, some economic parts of socialist theories have been used to some extent by nazis (hence "National Socialists"), so it's not unthinkable. This doesn't diminish the merits of Marxism, especially because Marx's more political writings were expressly antifascist if analyzed from a more modern lens; besides, we had a lot of scientific development in understanding nationalism, colonialism and imperialism since then (see: Lenin, Fanon).
Obviously it took a lot of effort to get the salt to the place where it would be swapped for gold.
Yes, that is the point. Value is not "bunk", it is a very real social relationship primarily determined by the amount of labor expanded on producing a commodity and marketing it (in the sense of "bringing to market"). There is also a degree of speculation embedded in the actual price of any commodity, which is problematic, but it doesn't make the concept of value itself bunk.
Personally, I think "pretty" things kept artificially scarce and heavily marketed to the point that there is a social obligation to purchase them for certain occasions are worthless. I have no idea why you are trying to pick a fight about this stupid shit.
Under capitalism, the economic system in which this "heist" took place, things are worth what you can sell them for. That's the capitalist definition of value. If you mark them up 1000% and people will still buy them then you can say they are worth 1000%.
When you hear about an epic fuckup like this by the U.S. government, it's almost always an intentional mistake that benefits the people who actually got a bafoon elected to do as he's instructed and cover for their "happy accidents."
I robbed a bank full of dinero A great big mountain of dough So it was goodbye companero And cheerio I couldn't stay and face the music So many reasons why I won't be sending postcards From Paraguay, from Paraguay, from Paraguay
DHS leadership trying to step on Trump's pardon racket with their own? Something tells me there's so much corruption here that there's now corruption middlemen.
They really should set up a website to keep track of all the bribes, pardons, and other corruption so these kinds of things don't keep making them look so foolish.
57 replies
When life gives you
lemonstheft, commit insurance fraud! I say fuck the rich "victims"...https://apnews.com/article/brinks-jewelry-heist-ice-deportation-687c0197eda0ee6c8bfd1fb7f5987f35
I think it was said the fraud is actually in the other direction. Jewelry is regularly undervalued to reduce the cost of insuring it.
https://nypost.com/2022/08/13/brinks-doubts-gems-were-150m-in-jewel-heist-lawsuit/
Regardless, I think jewelry and precious gems are a racket. Also, fuck the rich.
I don't think that's fraud. If you insure an object for $100, then you get $100 if it pays out. That the object was actually worth a trillion dollars is neither here nor there
Not really fraud when it comes to insurance which is what my wording most implied. Good point.
I was thinking that it might be considered fraud when amounts were reported to Brink but I admit I know nothing about transportation/security type things. If Brink is just insuring it and the security is just to protect what is insured maybe it doesn't matter. I know I'd be pissed if I was told I'd been transporting a much higher value target than I was paid to transport, and on a regular basis. $150 million is way more dangerous to transport than $8 mil.
Certainly, there are a bunch of other people who might legitimately need to know what they're dealing with
In addition to all of the above thread, there's also two ways to "value" jewelry. A) How much you could get someone to pay you for the item if you sold it, and B) How much it would cost to replace it with something identical or equivalent. Usually B is waaaaaay more expensive than A, unless it's common Walmart jewelry counter grade stuff. And even then, B is merely waaay more expensive than A.
There’s also C) How much the individual components of the jewellery are worth if disassembled/smelted down - i.e. the spot price of any gems or metals used in the piece of jewellery’s construction. This is usually the lowest form of valuation as it doesn’t take into account the labour/expertise of construction and has an associated smelting cost to extract the raw components.
All 'value' is bunk.
Back in the day, there was a place where you could trade a pound of salt for a pound of gold.
Both were worthless where they were found.
Per Marx, value is a social construct, but it's not "bunk" because it is directly tied to the labor necessary to produce something.
Now you're just playing with words.
Obviously it took a lot of effort to get the salt to the place where it would be swapped for gold.
Also, a lot of people like to say that the book 'Starship Troopers' is fascist, but the society uses Marx's definition of value.
Haven't read the book so can't comment on it specifically. That said, some economic parts of socialist theories have been used to some extent by nazis (hence "National Socialists"), so it's not unthinkable. This doesn't diminish the merits of Marxism, especially because Marx's more political writings were expressly antifascist if analyzed from a more modern lens; besides, we had a lot of scientific development in understanding nationalism, colonialism and imperialism since then (see: Lenin, Fanon).
Yes, that is the point. Value is not "bunk", it is a very real social relationship primarily determined by the amount of labor expanded on producing a commodity and marketing it (in the sense of "bringing to market"). There is also a degree of speculation embedded in the actual price of any commodity, which is problematic, but it doesn't make the concept of value itself bunk.
Jewelry is not under valued, what fuck you smoking? My best friend run a Jewelry wholesaler business that shit is mark up 1000% especially diamonds.
Personally, I think "pretty" things kept artificially scarce and heavily marketed to the point that there is a social obligation to purchase them for certain occasions are worthless. I have no idea why you are trying to pick a fight about this stupid shit.
Under capitalism, the economic system in which this "heist" took place, things are worth what you can sell them for. That's the capitalist definition of value. If you mark them up 1000% and people will still buy them then you can say they are worth 1000%.
Dude was probably on the plane back to Ecuador just repeating "There's no fucking way they're this damn stupid is there?" to himself the whole time.
Everyone else getting deported probably wondering why tf this one guy is in such a good mood
😂
Dude I watched this for the first time two days ago, this is so crazy to be seeing this image suddenly.
We need a Not Sure and Rita (and probably Frito) to help fight this Idiocracy
For sher dude, uhhh, wat yoo sed
This might be unrelated - that said, I'm actually non-binary, and I prefer gender-neutral and feminine terms. Seriously!
There are only two genders; binary and non-binary.
Trans people and non-binary people ALWAYS exist. Seriously!
I think they were making a joke. Two — binary... 👍
Oh alright, then I used the right term.
But more accurately, the "dude" wasn't necessarily for you, more like a lone that could've been taken from the movie.
👍
Why come you didn't watch sooner? Probably too busy baitin'.
😆 you crowbarred that reference in there lol, nice!
Is there details to this? This is hilarious.
https://www.theguardian.com/us-news/2026/jan/22/ice-jewelry-heist-suspect-self-deport
To a non-extradite country too lol
The regime of chaos.
US even does corruption like it’s doing the police academy movie style.
When you hear about an epic fuckup like this by the U.S. government, it's almost always an intentional mistake that benefits the people who actually got a bafoon elected to do as he's instructed and cover for their "happy accidents."
He could've just paid Trump for a pardon
Why? This was much cheaper.
In fact, I think they offer to pay people that self deport...
He probably has to bribe himself out of an El Salvador prison or wherever they decide to deport him to
Well they said they would deport criminals, broken clock. Think of the savings they just made by not having a lengthy trial.
Reporting the stolen jewelry and gemstones at 10x the value lost is fraud. Are the "victims" going to be deported too?
Oh Hollywood, do something with this please 🙏
Nah that’s a fair point.
Ok, rephrase, talented people known as amateurs do something with this. 🙏
Assuming this is satire? With an account name like that...
It's being reported by a lot of major outlets:
https://apnews.com/article/brinks-jewelry-heist-ice-deportation-687c0197eda0ee6c8bfd1fb7f5987f35
Ah, thanks for the source!
The US is in serious need of some reconfiguration
Nope, it’s true, they deported him to his childhood country of Ecuador that has no extradition treaty with the U.S.
https://www.theguardian.com/us-news/2026/jan/22/ice-jewelry-heist-suspect-self-deport
Thanks for the source!
I robbed a bank full of dinero
A great big mountain of dough
So it was goodbye companero
And cheerio
I couldn't stay and face the music
So many reasons why
I won't be sending postcards
From Paraguay, from Paraguay, from Paraguay
--Mark Knopfler
Jewel heist? Is this a GTA mission?
Satire is dead
"Get his ass back here, we've gotta extort him for a pardon first."
If he pays up, he even gets a seat on the board of... pieces.
DHS leadership trying to step on Trump's pardon racket with their own? Something tells me there's so much corruption here that there's now corruption middlemen.
They really should set up a website to keep track of all the bribes, pardons, and other corruption so these kinds of things don't keep making them look so foolish.
Go on take the money and run.
ICE/ASS will help.
"With a little help from some old friends."