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The Rich Man’s Pawn Shops

It’s funny how perceptions change during trying times.   If someone were to say they’re headed to a pawnshop to sell an old television because they wanted to replace it with a new one, some might think people are really hocking their television for some quick cash.  Still others might believe the only people that pawn personal property are drug abusers or thieves. 

It’s those perceptions that lead to creative ways to stay politically correct during these trying times we all face today.   What I discovered on my recent trip to Florida while speaking at FotoFusion in Delray Beach are what’s called second-hand resale shops, or the once rich man’s pawn shops.

These resale shops are selling top, name brand clothing, shoes, handbags and all those designer “look good, feel good, keep up with the Jone’s” apparel and accessories.  There was even the original dress worn by a past Miss America on sale for fractions of pennies on the dollar!  The more I talked to people in the area, I learned not only is the economy a factor, but many people in the area became broke overnight thanks to the alleged Ponzi Scheme of Bernard Madoff where it’s said many investors are out hundreds of millions of dollars because of this estimated $50 billion fraud and the biggest chunk is from the Palm Beach area.

The 70-year-old Madoff had been the chairman of the NASDAQ stock exchange and a member “in good standing” of the Palm Beach Country Club which requires that you “contribute a fortune to charity every year.”  It’s reported the initiation fee into the club alone is $300,000.  A club so wealthy and exclusive that their website requires a username and password to view anything past their sparse home page. 

FotoFusion is held in Delray Beach, about twenty-five minutes down the road and Madoff’s name was often overheard around the area amongst the volunteers running this annual photographic event.  It’s rumored that Madoff handled the assets of many of the 300 members of the club.

The oceanfront club was founded because many Jewish people were excluded (discriminated against) from other posh clubs in one of the most wealthiest cities of America.  One accountant was quoted as stating that for consideration to even apply as a club member, the applicant must have a proven track record of annual charitable contributions with an equivalent to the initiation fee, as a minimum, per year, in hopes “to make the world a better place to live in.”

It might be a bleak year for these charities helping to create a better world because many were helped by the exclusive Palm Beach Club and it’s also alleged that some of these charitable organizations, already impacted by the economy, had financial assets invested with Madof too. Though one good thing out of these tough economic times, not just in Florida but perhaps your community too, if you’re looking for a Louis Vuitton purse or fashions by Jewish designers Calvin Klien, Marc Jacobs or Donna Karan, you can find them in practically mint condition for less than pennies on the dollar at second-hand resale shops. I can only imagine how many closets were emptied out in the Palm Beach area the past few months as these rich man’s pawn shops are overflowing with inventory and the law of supply and demand was evident on the bargain basement prices.

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