Yet another unconventional stimulus for the U.S. economy. In November, 2010 I wrote about economic stimulus from unlikely sources. Those included people who are not paying their mortgages ($2.6 billion per month), bad management, and the Microsoft Kinect. Recently another item caught my attention.
According to Reuters, Ronald Page of Detroit was able to withdraw $1.5 million from his checking account via ATM. This despite maintaining an actual balance of about $100. Apparently the Bank of America ATM dispensed hundreds of thousands of dollars at every withdrawal. Missed it by that much! ($1 to Maxwell Smart)
Mr. Page, being a good U.S. citizen, gambled the money away. That’s $1.5 million in additional spending! Mr. Page copped a plea and faces 15 months in prison. He should get a medal from President Obama instead.