Thursday, October 14, 2021

The Mafia's Millennial Problem

The Registered Investment Advisors have been looking forward to the Great Wealth Transfer from the Boomers to the Millennials since 2009. The problem with this plan is the Boomers are hanging on for dear life and the RIA's are themselves getting closer and closer to retirement age. 
ditto for the mobsters and their financial advisors.

From SafeHaven:

Generation warfare goes back to the Greek ancient Greek philosopher Aristotle and can be found in the strangest of places, including the mafia. 

It is a fact that older generations are traditionally disgruntled with younger ones. They dislike their money saving habits, house buying priorities, stock investing, how they dress, how they speak, how they educate themselves, and generally how they dare to change things for better or worse

Now, imagine a mafia youngster speaking to his boss in the same manner as that trending now on the internet: “OK, Boomer.” 

But organized crime isn’t immune to the generational shifts. Just like any other “industry”, it has to deal with the gap.

That necessity came to light in September when the Feds arrested Colombo crime family boss Andrew "Mush" Russo and a dozen of his close associates, charging them with a series of crimes in Brooklyn federal court, ranging from labor racketeering and extortion to money laundering.

The majority of the defendants are 65-years-old or older. Russo himself is 87. The underboss Benjamin “The Claw” Castellazzo is 83, and Colombo family head Vincent Ricciardo is 75.

It’s a rather old age to be in this business, but they didn’t trust their younger clan members. 

In an interview with the Wall Street Journal, Scott Curtis, the former FBI agent who investigated the Colombos’, said that Russo has been too hands-on, suggesting he should have retired long ago and he wouldn’t have ended up in jail. 

Custis said that Russo and other crime families bosses have failed to follow established practice by past generations of mobsters: maintaining a healthy distance between the actual crime itself and the boss man....

....MORE

We'll have more on the Great Wealth Transfer Friday or Saturday.