@edgarblythe,
edgarblythe wrote:The newspaper reports House owns a company that restores damaged luxury cars for resale.
Ok, he owns a company that sells restored luxury cars... so he buys a Bugawhatever, insures it for $5mil (because it has sentimental value), damages it (without wrecking it), collects the insurance money (gives the insurance agent $.5mil not to ask questions), has his own company restore it (non-taxable income with a few tricks) and resells it for 1.5mil. Profit: $4mil (probably hidden from taxes somehow). No wonder this guy is rich.
And since the insurance industry derives its rates from actuarial tables which take such fraud into account... we paid the difference. So he stole $1 from 4million people through insurance policy rates, and nobody even noticed.