Goldline is in support of Glen Beck which makes them a part of his showing. Everybody is looking the gold market trying to invest their money into gold, knowing the value will never go down, and Back and Goldline have decided to partner up and make money off that. Goldline has been investigated most recently because of the things individuals are reporting them doing, reports Mediaite and the Big Picture blogs. Glenn Beck may not be part of the investigation, according to the Los Angeles District Attorney’s office, but Fox News doesn’t appreciate there being yet one more problem with a sponsor of “The Glenn Beck Show.”.
The problems Goldline has caused
For a brief time period – long before Goldline came into existence – the United States depending its monetary system on a gold standard. Many liked this since the government was kept on a leash by being unable to spend money they didn’t have. Glenn Beck tells viewers that buying gold is the only safe way to invest right now during this economy, and people tend to believe him. Goldline is then endorsed by Glenn Beck, while Goldline, reports the Los Angeles District Attorney, sells gold that is way overpriced. The Goldline investigation is being done by the DA, which includes 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.
Where the DA claims Goldline has been dishonest
The Los Angeles DA thinks Goldline really “grossly overcharges” individuals for anything sold. Goldmine, as outlined by The Big Picture, sold one coin for 208 percent more than it was worth, while on average, coins tend to be “90 percent above the melt value of the coin” when bought in the most recent times. This ends up making the investment much worse than other things investors could put their money in. 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.
Enough is enough for Anthony Weiner
This was something Anthony Weiner felt was essential enough to discuss with the SEC and FTC. Weiner wants Goldline to be required to show consumers how much their markup really is on the gold they’re selling. Hearings on the matter can be held later this summer, according to The Big Picture.
Anthony Weiner really 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.” If Goldline gets in trouble with the law with this case, then “rodeo clown” Glenn Beck is going to have to find someone else to pay the bills as a sponsor.
Further reading
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
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