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For anyone living in the New York metropolitan area throughout the 1970s and 1980s, Crazy Eddie was inescapable. My family put me through college to help them commit more sophisticated fraud in the future. I was trained to be a criminal. People have a certain idea of Crazy Eddie. In reality, it was a dark criminal enterprise. Eddie Antar wasted no time in exploiting the burgeoning world of consumer electronics.
It was the late 1960s, and smaller, more portable transistors were about to usher in a new wave of products that would make Japanese brands like Sony and Panasonic household names. Before long, video game systems, VCRs, and camcorders would expand the market. Initially, Antar sold televisions from a small stand at the Port Authority, grabbing attention by talking fast and eventually wearing customers down. Very charismatic and very smart.
You steal more with a smile than you do with a gun. Sounds ERS, and secured a better location for an outlet that he owned with his father, Sam Antar, and cousin Ronnie Gindi. Word spread of Eddie’s theatrical approach. More importantly, people began to realize he was gleefully ignoring federal guidelines concerning pricing. Fair trade laws meant that manufacturers could insist on one standard retail price for all retailers. Eddie marked his merchandise down anyway. It was the only way he could compete with larger chains that had huge ad budgets.
When manufacturers refused to sell him inventory, he’d get it from grey-market suppliers with items intended for overseas sales or other businesses that had excess stock. Stolen goods were a rare source. How could he afford to do it? Sam, who began his career in the family business as a stock boy at the age of 14. Back then, most customers paid in cash. If we don’t disclose the sale, we keep the sales tax. That’s a good cushion to be able to afford to beat the competition.