Why Robbing Banks is a Financially Bad Idea

#Money

Wed, Jun 20th, 2012 20:00 by capnasty NEWS

In this clever article over at Ars Technica, John Timmer looks at findings published in Significance, a journal that is produced on behalf of the Royal Statistical Society and American Statistical Association. The professors examined the economics of bank robbery from the thieves' perspective and determined that the results are anything but rosy.

The basic problem is the average haul from a bank job: for the three-year period, it was only £20,330.50 (~$31,613). And it gets worse, as the average robbery involved 1.6 thieves. So the authors conclude, "The return on an average bank robbery is, frankly, rubbish. It is not unimaginable wealth. It is a very modest £12,706.60 per person per raid."

"Given that the average UK wage for those in full-time employment is around £26,000, it will give him a modest life-style for no more than 6 months," the authors note. If a robber keeps hitting banks at a rate sufficient to maintain that modest lifestyle, by a year and a half into their career, odds are better than not they'll have been caught. "As a profitable occupation, bank robbery leaves a lot to be desired."

And it gets worse.

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