Name: You Are Probably a Victim of the Largest Theft of All Time
Uploaded: 2019-04-03T08:18:46.000Z
Duration: 3 min 50 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Good morning, John. I thought this was going to be a fun video,

commercial property in the center of Fortaleza, Brazil

and dug down underneath it tunneling more than

On Saturday, they broke through the vault, and on Sunday, they removed 3.5 tons

A total that, converted to today's values, is around

This was, depending on how you count, the largest

bank robbery of all time. And it's basically nothing

compared to the largest thefts of all time. For those,

I had to look beyond what we think of traditionally as theft.

For one, it turns out that wasn't actually the largest bank

when a group of hackers in China, Russia, and Europe were

a bunch of different banks using pretty common malware techniques

and none of the banks released how much money was stolen,

and none of the money was ever recovered.

Of course the biggest thefts turn out to not be from banks.

The lists of very big scams is very very long,

but let's look at the case of Gregor MacGregor.

During the mad rush of Europeans attempting to get rich by

Gregor claimed that he was the Cazique of Poyais

and began taking investment in a country that did not exist.

Now this wouldn't be quite so brazen if he hadn't put

and sent them over to Poyais where they arrived in an untouched jungle

So the murder angle makes this one a biggie for me.

When the Poyais bond market collapsed, because it didn't exist,

Let's put that on the graph next to the biggest

And yet, even that ain't much when compared to Bernie Madoff.

He ended up stealing about 20 billion dollars

A lot of the money invested with him was from pension funds

who were just trying to make money so that people retiring could live.

But here's where it really went south for me. Instead of individual,

one-off crimes, I decided to look at property crime in general.

All robberies, all theft, all burglary, all auto theft per year added up

Now this is per year; Bernie stole over a number of years

so it's not really a fair comparison, I guess. But since we're adding

let's also add in the largest category of property crime: wage theft!

That's when an employer steals a worker's labor by not paying them

their legally required wages and benefits.

Per year, somewhere between 20 and 60 billion dollars of labor

is stolen from workers in the US. More than Madoff stole, every year.

burglary, shoplifting, all that stuff combined.

And yet, while there are hundreds of thousands of law enforcement officers

Who work on all those property crime bits,

There are around a thousand who work on wage theft.

And the companies doing it find it more efficient to

pay the fines than actually pay their workers,

as Walmart has done 96 times in the last 20 years.

because I actually got a wage theft settlement

It's one that is ongoing, that everybody knows about,

that has profoundly more impact on the already disadvantaged,

one that most people have been a victim of, and one that

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You Are Probably a Victim of the Largest Theft of All Time

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