> He spends millions of dollars of other people's money

This is simply not true. The bank created credit money out of thin air. They didn't have to take money from anywhere to give it to him. On their books, his loan looked like an asset.

This is a common misunderstanding of how banks work. He didn't steal anyone else's money, he got new money. Read this introduction of how money and banking work from the Bank of England http://www.bankofengland.co.uk/publications/Documents/quarte...