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From Gas Jockey to an $8 Billion Dollar Fortune, How Jim Pattison Did It

Jim PattisonThe story of multi-billionaire Jim Pattison is as inspiring a tale of bootstrapping rags to riches as any you’re likely to read these days. It would be easy to say Pattison just got lucky. However, if you take a closer look at the path his career took, it’s clear that a combination of persistence, strong work ethic, and natural sales talent enabled Pattison to seize opportunities when they came and make himself a fortune, time and time again.

Born in Saskatoon and raised in East Vancouver, Pattison displayed a knack for making money from an early age. His first paying gig was actually as a trumpet player in a kids summer camp, but it seems that his heart wasn’t in music. Rather, playing trumpet was just one of a stream of odd jobs he held growing up, which ranged from the typical newspaper delivery boy to hotel bellhop, fruit picker, door-to-door seller of seeds in his neighborhood, and parking lot entrepreneur hawking doughnuts at his high school. This last job was a sign of things to come. But first, upon completing high school, Pattison chose to forego higher education and work a variety of labor-intensive jobs, including in a cannery and on bridge building projects. A stint as a restaurant car attendant on the Canadian Pacific Railway followed, then a gig at a gas station with an attached used car lot. Pattison’s duties were supposed to be limited to washing cars at the gas station. However, the normal used car lot salesman was absent one day. Seeing an opportunity, Pattison jumped in as substitute salesman and sold his first car the same day. The rest, you could say, is history.

Pattison’s early success at the gas station lot led him to a summer job at one of the biggest used car dealerships in Vancouver, as well as gaining him a crucial connection with the General Motors company. He used the money he earned to study business at the University of British Columbia, but left school three courses short of a degree. As it turned out, degree or not, Pattison was more than ready to take the used car business by storm. With uncanny skills of persuasion, he managed to talk a bank manager into giving him a loan over eight times the official limit and, through that handy connection to General Motors, used it to open his own Pontiac dealership on the very same street where he had attended elementary school (and possibly sold seeds) as a kid. Within twenty-five years, Pattison was the biggest seller of automobiles in all of Western Canada.

used-car-sale-dominationPattison hardly intended to stop at domination of the used car world. He quickly invested his new fortune in a supermarket chain, radio and print media companies, and advertising firms. In the following decades, he expanded to include fishing, shipping, and finance companies. He held ownership of the Vancouver Blazers hockey team. As if all that wasn’t enough, he also chaired Vancouver’s 1986 Worlds Fair, working full time and uncompensated for five years to make it one of the most highly regarded Worlds Fairs to date. Later, Pattison assisted the 2010 Vancouver Olympics Committee. In a touch of whimsy, Pattison also acquired the companies Ripley’s Believe It or Not! as well as Guinness World Records. Speaking of records, Pattison’s company is now the biggest privately held company in Canada, and Pattison himself is the wealthiest Canadian person.

Even in his late eighties, Jim Pattison shows little sign of slowing down. He recently acquired over 11% of the outstanding shares of Just Energy Group, an international electricity and natural gas reseller. Pattison is also very active in philanthropy, donating millions to the Vancouver Hospital Foundation and other organizations. Naturally, he holds many official honors, including membership in the Order of British Columbia and Officer of the Order of Canada. Far more impressive than titles is that fact that, as stated in the Globe and Mail, Pattison has given away 10% of his income for many years–an inspiring gesture, yet unsurprising from a man whose inspiration and dedication helped him work his way to the top of the world. Pattison’s life demonstrates that for those willing to work hard and fulfill their natural potential, the sky’s the limit.

Couple Earning $450,000 Per Year Struggles to Get By

broken-piggy-bankA Vancouver, British Columbia, Canada couple maintains that they are struggling to make ends meet on a combined annual income of $450,000. Before you start crying buckets of tears for them, keep reading because it gets better.

Eric and Ilsa are married and have five children. The ages of their children range from infancy to 9 years. Eric is a 42-year-old physician that has two part-time jobs. He works one day a week at a medical clinic, and he also works one day a week lecturing a class at a local university. He knows that he could earn a lot more money as a physician, but his true love in life is teaching.

Ilsa is a 39-year-old dentist. She is currently on maternity leave; however, she’ll be returning to work shortly. Ilsa has to go back to work soon because three of her five children attend private school, which costs the couple a whopping $5400 per month.

They live in a relative’s house free of charge; however, they do pay the property tax on the home. Unfortunately, they can’t stay. You see, their relatives have decided to sell the property. Apparently, they think Eric is no longer sponge-worthy, so they want their home equity in the bank. Nevertheless, after they notified him that he would get the boot, Eric bought a $1.1 million dollar building lot. He wants to build a house that’s big enough for his family and a live-in nanny, which are the concerns of every struggling family, right?

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Eric and Ilsa’s current monthly expenditures are as follows:

  • Mortgage $3,800
  • Property tax for both properties $1,000
  • Utilities $490
  • Insurance $90
  • Maintenance/garden $190
  • Transportation $800
  • Groceries: $2,000
  • Clothing $520
  • Children’s activities $1,000
  • Tuition $5,400
  • Summer camp $600
  • Child care $2,800
  • Charitable gifts $320
  • Vacation/travel $2,000
  • Dining/entertainment $200
  • Sports and hobbies $200
  • Miscellaneous $400
  • Health insurance $50
  • Cellphones $220
  • Internet service $80
  • RRSP $3,000
  • Professional associations $500

Total: $25,660

Eric and Ilsa have become resigned to the fact that they are not doing very well financially, and they just don’t understand why. The mortgage payment on the building lot seems to be taking a large chunk out of their monthly income, but they feel they should be able to afford it without struggling. Don’t bother to gasp; everyone who has ever heard this story has already done it for you. Instead, let’s review several of Eric and Ilsa’s special problems, shall we?

The house, which will go on the newly purchased building lot, will cost an additional $1 million. Of course, since Eric admitted that he only has $6,000 in his savings account, he’ll have to borrow the money. Borrowing more money is the perfect response to this whole financial nightmare, isn’t it? Hang in there; it gets even better.

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Somehow, one of their parents heard about the couple’s failure to procure another $1 million in debt, so mom and dad are going to save the day by offering to extend Eric and Ilsa the credit to build their new home. In order to give them the money they need, they are going to mortgage their own property. Eric is not sure how he will be able to afford the payments because he and Ilsa are in the red each month.

It seems as though Eric and Ilsa have made some bad financial decisions. Currently, they admit to spending $660 per month over their combined monthly income. By the way, do they still teach math to doctors and dentists?

Neither of them have a life insurance policy. Therefore, if one of them should meet with an untimely death, the other would have an enormous financial burden placed on their shoulders. This probably isn’t a big concern for Eric because he is still relatively young. It’s unlikely that he’s experiencing visions of dramatically clutching his chest and having a stroke while waxing philosophical at the lectern. Still, if he should die, who will pay for the $2000 per month vacation expenses? Where will Ilsa get the $2800 per month for the live-in nanny?

The couple believes the $2 million dollar home they want is modest. They also believe that they should be able to afford it on the income they are earning.

Eric and Ilsa are currently seeking advice to solve their financial debacle. Amid all the struggling and scratching their way up from oppression, maybe they can find the strength to figure this whole thing out on their own before someone loses an eye!

The Celebrity Guests of Convicted Pedophile Billionaire Jeffrey Epstein’s Slave Island

At some point in his life, Jeffrey Epstein acquired enough money to buy his own private island. The island is known as Little St. James, and Epstein allegedly decided to turn it into a slave run day spa for his fabulously rich and famous friends. Recent news reports reveal a sordid tale of underage girls who were being shipped to the island to quell the perverted compulsions of the elite. Allegedly, the guest list of the island includes Bill Clinton, Alan Dershowitz and Prince Andrew of Britain. A flight log and a little black book with the names of the rich and famous guests are in existence, and they’ve been offered as evidence in a recent court case involving allegations against Epstein and his friends.

The Egg Man

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Jeffrey Epstein is a 61-year-old former banker from Brooklyn. He is a billionaire jet setter who trades his time between Paris, rural New Mexico, the U.S. Virgin Islands and Palm Beach, Florida. He attended both the Dalton School and New York University. He once worked for the former Wall Street legal theft ring known as Bear Stearns. Eventually, he went on to open his own financial firm in 1982. Obviously, he did quite well; however, with all of Epstein’s accomplishments, the cute little teenagers on his island know him best for his egg shaped member.

Although the thought of an aging billionaire who allegedly enjoys the enslavement of high school girls may be disgusting, Clinton, Dershowitz and the Prince didn’t mind palling around with him. In fact, it has been alleged that they saw him frequently.

Apart from Bill Clinton, it’s curious as to why anyone would want to potentially ruin their reputation by partaking in a wealthy pervert’s wet dream of Xanadu. However, the friendships weren’t just about relations with underage teens; many of them involved Epstein’s money. In particular, the men wanted very large donations from Epstein. The girls were just a way to pass the time while haggling over the size of the checks. For instance, Dershowitz asked Epstein to contribute $50 million to Harvard. Epstein did indeed pledge a large donation to Harvard’s Program for Evolutionary Dynamics, but he only pledged $30 million. It’s been alleged that Dershowitz didn’t spend enough on Epstein’s Lolitas.

Dershowitz has stated that he has always been loyal to his loving wife of 28 years. He says that she goes everywhere with him. He claims that he doesn’t even argue a court case without her being by his side. He also says that he knows nothing about Epstein’s slave girls. He maintains that he traveled once to Florida and once to New Mexico to see Epstein. However, according to the flight logs, Dershowitz accompanied Epstein on a flight from Florida to New Jersey as far back as 1997 that included a number of women. The flight log shows that Epstein and Dershowitz flew with one unidentified female and three additional females whose names were recorded as Claire, Hazel and Maxwell. Another flight log shows that Dershowitz was on a flight with Epstein from Massachusetts to New Jersey in 1998. The log of a flight from Massachusetts to Montreal shows that Dershowitz was traveling with Epstein, a woman named Tatianna and several others. The one thing the logs fail to show is that Dershowitz’s wife traveled with him on any of these flights.

Bill Clinton accepted a large donation from Epstein for his charitable foundation, which promotes global health and wellness. It’s been alleged that Clinton once requested that Epstein make his plane available for a weeklong tour of Africa to fight poverty and AIDS. Also on the tour were Kevin Spacey, Chris Tucker, billionaire Ron Burkle and a few others. The flight log also shows that a woman named Chauntae Davies joined the entourage for five days. The name Chauntae Davies appears in papers discovered by an investigation into Epstein’s island. Davies is one of 27 females listed in Epstein’s little black book under a list of massage services in California. It’s one of six other lists for massage girls that Epstein kept in various locations. There are 160 names on these lists, and many of the girls listed were underage at the time they were made. The little black book contains 21 email addresses that allegedly belong to Clinton and one of his aides. Both Dershowitz and Clinton unabashedly deny ever having anything to do with Epstein’s girls.

Bill Clinton cut off all communication with Epstein when rumors of his inappropriate and illegal behavior began to surface in the media. Considering the buffoonery occurring during his presidency, it’s not shocking that he wanted to avoid the exposure of being known as a connoisseur of underage companions. As it turns out, it was wise for Clinton to disassociate himself from the friendship because the future proved to be less than bright for Epstein.

Arrest and Trial

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In 2008, Epstein was arrested for soliciting an underage prostitute in Palm Beach, Florida. He is currently a registered sex offender after pleading guilty to the charges. He was sentenced to 18 months in jail, which is a minimal sentence for a crime of this nature because there was irrefutable evidence against him. What’s even more appalling is that he ended up serving only 13 months of his sentence in the local Palm Beach jail where the warden permitted him to leave the premises for up to 16 hours at a time. Essentially, he just slept there, and he probably had his egg dipped when it was out of its nest. He must’ve also gotten great legal advice during his trial. Of course, early on, Dershowitz was one of his attorneys. However, it’s a good thing he decided to plead guilty because the information that has surfaced in the media about the stance his attorneys considered taking in the case is frightening.

To assist Epstein in the case against him, Dershowitz initially wanted to discredit his accuser by scouring her social media profile for evidence that she consumed drugs and drank alcohol. Dershowitz was attempting the idiotic comparison that if a high school girl becomes addicted to drugs and resorts to prostitution to feed her habit, Epstein should be able to sleep with her for money.

Prior to his arrest and conviction for soliciting the underage prostitute, Epstein settled dozens of out-of-court cases involving young females who have accused him of prostituting them to his friends and clients.

Epstein’s criminal behavior and lawsuit settlements are fueling much speculation as to whether he may have attempted to blackmail some of his powerful friends who were frequent visitors of the island. After all, settling all of those lawsuits, and getting out of jail for 16 hours a day may have cost him a bundle; a few threats of exposure certainly would help to replenish his accounts.

Recent Allegations

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Alan Dershowitz is a 76-year-old attorney and a retired Harvard professor. He is both a personal friend and a legal counselor to Epstein. He is also a staunch supporter of the State of Israel, and he consistently defends the Israeli government’s harsh policies toward the Palestinians of Gaza and the West Bank. He holds these issues close to his moralistic heart. On the surface, he appears to be an altruistic, spiritual giant to those who support Israel. This is probably why many have been shocked to learn that Dershowitz’s name appears in recent accusations associated with Epstein and his slave island. Court documents have revealed that one of Epstein’s girls made fairly detailed allegations against Epstein and his friends. However, her primary accusations are as follows:

  • When she was underage, Epstein forced her to have physical relations with both Prince Andrew and Alan Dershowitz in several different locations.
  • Dershowitz witnessed Epstein coercing other underage girls into having intercourse with him.
  • While he was advising Epstein, Dershowitz designed an agreement for his clients to sign, which would grant full immunity from any future prosecution of himself or his friends.

Obviously, it’s hard to bridge the gap between hero for the cause of Israel and pimp daddy’s lawyer, but let’s not forget the fact that Dershowitz was a legal consultant for O.J. Simpson during his double murder trial in the 1990s. He also profited from a book deal about the case. Of course, Dershowitz continues to deny the allegations against him, and he has accused the alleged victim of being a serial liar. He believes this entire case has been made up to get him to part with his money. Additionally, he has threatened to file disbarment charges against her attorneys. It’s highly doubtful that the woman’s attorneys are nervous about being disbarred. This is especially true considering the guy who appears on multiple flight logs for Epstein’s Lolita plane would be filing the charges.

Prince Andrew has also publicly denied the allegations that he has had any contact with one of Epstein’s underage girls. The woman says that Andrew’s public statement on the matter is false, and she hopes that her attorneys can question him under oath. Even though Andrew has denied the allegations stemming from this tawdry scandal, sources say that The Queen was not amused.

Crazy, Rich, Spoiled Billionaires Continue to Waste the Courts Time in Multi-Year Feud

What do you get when you mix two billionaires with way too much time on their hands, and the hot Bahamas sun? An epic very public slap-fight between them, of course! Two billionaire neighbors who can’t stand eachother are engaged in the grown up version of arguing over whose Father is stronger, having now launched a multi-national defamation lawsuit. The court case, which is only the latest entry in the epic feud between hedge fund manager Louis Bacon and Canadian fashion mogul Peter Nygard, is underway in New York. Preliminary hearings are being held there despite the alleged incidents all having occurred in the Bahamas.

A Back And Forth History Of Jerkdom

Among other accusations, Nygard maintains that Bacon has killed people, supports the KKK, routinely bribes island officials, and smuggles narcotics. Bacon, obviously upset that Nygard has taken the claims public on the island, has filed suit for defamation of character. The two fully grown, successful men have a history of going back and forth at each other, making outlandish claims and involving local and American authorities in their dispute.

For his part, Nygard has gone so far as to organize public protests where marchers held signs condemning Bacon’s alleged white nationalism and role in the KKK, a claim which hasn’t been substantiated in fact. Although this latest court case turns the tables, Nygard has previously sued Bacon successfully for libel, after the hedge fund manager produced an inflammatory video alleging that Nygard used Canadian sweatshop labor in order to create the stripes on the flannel he uses in his Canadian fashion, or something equally as ridiculous.

Fun In The Sun

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Bacon and Nygard have been neighbors on the island for decades, and each man owns a beautiful home surrounded by lush tropical landscapes, exotic women, and gorgeous beachfront ocean views. Either one of them can have anything they desire at a moment’s notice, due to their vast personal wealth.

However, neither man appears capable of stepping back, taking a breath, and realizing that two billionaires who live in the Bahamas could be having a better time doing literally anything other than antagonizing each other. That is, of course, assuming that the two men are capable of getting joy out of something other than professionally and personally destroying a fellow billionaire, which does not appear to be true.

What’s Next?

As the court case proceeds, Bacon will make the case that he does not, in fact, routinely smuggle drugs and fugitive criminals, commit arson, and murder people, all charges which Nygard has publicly levelled at his neighbor — a man whom he probably has more in common with than he has differences, due to their shared wealth and privilege.

While it’s possible that the judge may throw the case out entirely because none of the actions have occurred on American soil, it’s just as likely that he will award monetary damages. Unfortunately for both men, any damages that Nygard is forced to pay will be only a tiny fraction of his truly massive wealth, and any settlement that Bacon receives will be just a drop in the bucket compared to his multi-billion dollar fortune, so it’s unlikely that either man will stop acting like a spoiled brat any time soon.

Chinese Bankers Receive Death Sentence After Stealing Millions, Buying Lottery Tickets

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If you needed proof that American-style capitalism is alive and well in modern China, then look no further. In 2007, two Chinese bankers thought they had struck gold. They stumbled on a plan to leverage their position in finance in order to fund a high risk venture. That is, they stole a bunch of money from their employer, the state-owned Agriculture Bank of China in Hebei, and then bought lottery tickets.

A Surprisingly Strong Q1

The truly surprising part of the story is that things went largely according to plan, at least to begin with. The banker that hatched the scheme, Ren Xiofeng, not only won the lottery but was able to replace the missing funds before his bosses even noticed the money was gone. Somewhere, on an extremely comfortable minimum-security prison yard, Bernie Madoff was smiling dickishly.

Of course — just like with horse racing, hoarding gold, playing the slots, or buying Bitcoin — there’s no guarantee of a sure thing. Ren’s plan began to come apart when he decided to double down, bringing coworker and fellow vault manager Ma Xianjang into the fold in order to help him steal even more of the bank’s money. The pair managed to make off with the equivalent of $6.6 million in two separate heists, and again prudently invested the money in lottery tickets.

Liquidity And Other Problems

When, surprisingly, they didn’t manage to hit the jackpot twice in a row, the bankers did what any reasonable pair of embezzlers would do when the heat was on: They ran away, with fake IDs and expensive cars purchased with what was left of their cash. Once their bosses caught on to the missing money and reported it to the Chinese authorities, it sparked one of the largest manhunts in the country’s history, landing the savvy businessmen at the top of the Chinese Most Wanted List.

After the pair were inevitably caught and brought to justice, they showed the world one key difference between Chinese and Western capitalism by being put to death on April 1st, 2008. If nothing else, Ren Xiofeng and Ma Xianjiang have proven that even though embezzling has an excellent ROI, unless you cover your assets the risk-adjusted return makes it a bad choice in the long run — especially when the auditors have a firing squad.