I don't get it. We're just copying and pasting random sports related stories into threads now?
OT - Vince Young Close to Broke
the OP's name too. You'd really think that a man of his circumstances would know better.
Sorry, it's my first post... I just thought the story was interesting and I thought as long as I wrote "OT" - it was fair to share the story here.
What can I do better next time? Thanks.
If anything, you should summarize the article and maybe add an opinion or insight. Otherwise, we could just go to any sports website and read the articles there.
OK! I tried again... Let me know if this story is better?! Thanks.
If I don't read it here, I don't read it anywhere else.
I agree... MGoBlog is my reader's digest of everything sports for the day! That and my fantasy football matchup pages...
It wasn't the subject matter that was the problem, it was just that you copied the whole thing into the post.
No sympathy for you or for your friend Mr. Young.
Sad "new normal"
HEY GUYZ, HERE'S THIS AWESOME FLUFF PIECE ON A PLAYER FROM YOUNGSTOWN STATE YOU HAVE NEVER HEARD OF AND NEVER WILL.
on content since it is a by-week, so I'm willing to give the OP a pass. I clicked on the link because I had already looked at all the others, check Blockhams.com for Friday Roughs, etc. So ...
I know! It's a by-product of a week that has given us many many great things, and also this thread!
Wife Week (and I get you're pointing out bye versus by).
How about this: it is a week where my football choice is to watch two of my least favorite, most hated teams play and not my favorite team.
He should have followed the Reggie Bush model for Financial success.
There's always an uncle.
there's damn sure an "uncle"
But there's also always money in the banana stand.
to CBS News and the author to just copy/paste all of their work.
That said, wow. I'm pretty sure my first order of business if I'm a first round pick is to find an agent out of CAA or something, and take my money to a place like Goldman Sachs. You can chage the names in question there, but I would be looking for large and established companies to handle that amount of money (especially when a professional football career has a max of fifteen years or so, at the absolute most).
It's actually an AP piece so I thought I linked it properly to one of the news sites... Also I read it first in WSJ, but that was password protected so thought it was better to copy it into the post?
:( Sad rainy day.
Just try to find a moneyquote or a few numbers to copy, and maybe do a little summary.
Either way, it's better than my first OP, which got negged back when it counted and then deleted (two day old double post).
"password protected so thought it was better to copy it into the post?"
I guess you didn't take any classes regarding intellectual property, did you? If we all acted like some unnamed nations who disregard patents and the rule of law, there would be no incentive to continue to create. The article was password protected for a reason, to incentivize consumers to purchase the product to be able to use it. Not for unscrupulous individuals to steal the information and disseminate it to non-participants.
Excuse me, I just re-read and it appears that the article is now free.
You should still be chastized for initially wanting to use the article illegally.
Also, it appears that the WonderPick people may be on to something, maybe there is some relationship between score and (financial) performance.
umm, it's an AP post.... which means it's publicly available for all the world with "Google" technology....
I meant "password protected" as in.... my link to the WSJ posting of this AP article did not work because the link itself required my WSJ user password in order to access the webpage... Therefore, I linked to the same article on the CBS website which does not require my password.
Again, the underlying story itself is not password protected... I only meant that my WSJ link would not work unless you have my password, therefore, I linked to CBS as a work-around.
Is that ok according to your understanding of IP rules, sir?
Further, I never took an IP law class, but I don't think that has any relevance here. In addition, perhaps contract law would apply more directly to a breach of website access rules.
Finally, I never stated that I was a know-it-all lawyer... The opposite, actually. I just listed my username as MLaw06 since that was my affiliation w/ the university. Maybe I'll change it... to RollDamnTide or something.
news, International News v. Associated Press, you just can't copy news/articles word for word, Copyright Act of 1976. In at least one state, you can even repeat sensitive news if it is considered "hot news". I'm not sure where the law would stand if you missapropriated RollDamnTide's username.
very, very, very old news, and even back then it was totally irrelevant in-season.
Clay Travis had a really good write-up on this trying to put it in perspective. How anyone could blow $20+ million on mostly liquid assets in this amount of time is insane. It's not even stupid, just sad.
So MODs, can we change it to 500 pts to start a new topic?
or maybe 1000 pts?
Can we make it so robbyt003 can't hang out here anymore?
I keed, I keed.
How does that comment get 5 pts? Come on guys! I'm like the Miles Davis of MGOBLOG.
We always wonder, how with our modest earnings (compared to a professional football player), that someone who makes millions of dollars a year can possibly go broke? It looks like it'd be pretty damn easy. Especially when you spend $6,000 at a TGI Fridays in one night.
Not really sure if I feel bad for him. He brought it all on himself.
There have been a few articles out there with some of the highlights of his spending as well, which included $5,000 per week at the Cheesecake Factory, $600 shots of Louis XIII Remy Martin (classy indeed), thousand-dollar tabs at T.G.I. Friday's and numerous instances of paying people to do things he could easily do himself, such as carry his luggage. There was a report as well that detailed how Young once bought 120 seats on a Southwest flight, leaving room for exactly ten people lucky enough to have purchased their tickets before he did.
if it turned out he spent $26 million on nothing but paying people to carry his luggage.
Anyone who claims they can't blow 20 MIL has never had 20 MIL. It's easier than you think especially given the 2008-2009 year of magical disapperaing moneys. Hell, nearly everyone lost 40-50% net worth not even including home value, etc. Add into that poor investments and the "helping out everyone and their brother who ever knew you" aspect of being famous/a pro and I can see this happening easily. This guy especially, dude got a -12 on the wonderlic.
It is really easy for all of us everymen to scoff at the rich guy who lost it all and say "That would never happen to me" but chances are it would happen to you as well. You may not have lost all of it, but you would have lost a good portion of it just like VY did. A wise man once said "scared money don't make money." Sometimes you are Charles Woodson/Magic Johnson and sometimes you are VY. The line is just a few unlucky/poor decisions.
EDIT: Maybe this is all bullshit. Dude spent $6000 a week on shitty food? Hope he had $6000 a week worth of Pepto.
I'll say it.
This would not happen to me. It should never happen to anyone with the ability to use a calculator and the awareness that you aren't going to get paid massive amounts of money for much more than 10 years (if you are lucky).
So you've concluded that because you wouldn't have the self-control and common sense to not blow $20 million that nobody else does, either.
At least he still has that sweet, sweet steakhouse money rolling in.
Celebrity steakhouses are typically horrible.
Michael Jordan's in Grand Central, for example, is one of the worst steaks I've ever eaten... Overcooked with lots of salt on top for no good reason.
Also... it's a train station and in the summer-time it is blistering hot... and no AC, except for a few portable fans.
was relatively successful, IIRC (maybe still is). I've never eaten there though. Mostly I think you're right. Has anyone eaten at those Billy Sims BBQ joints? There's one at Telegraph near Ten Mile (I work at Telegraph and Eight).
John Elway owns a restaurant in Cherry Creek in Denver (Elway's) and its one of the best steak restaurants in the state. So, it can be done, though I'm sure John isn't back there cooking them himself.
It really shouldn't be surprising. Why would a guy who played sports for a living know anything about fine dining?
Heading far into OT territory here, but yeah holy schnikes is Michael Jordan's in Grand Central bad. Anyone going through there, you're better off going to the market (go out on 42nd, head east to Lexington, go half a block north on Lex, re-enter Grand Central, and you're in the market) and just making your own from the stuff there. Or eat at one of the million other places in midtown Manhattan.
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God the people constantly bitching about what others post makes this place unbearable, which is sad since there are a lot of smart fans on here. Take a fucking midol and relax.
I think you just became my new favorite poster.
Congrats and remember with great power comes something...........
I don't like your post.
I think he's really Dave Brandon.
A lot of people don't like anything he does.
This was the funniest three posts I've ever read. I'm easily amused.
I'm in the crew that appreciate things like this being brought to our attn at mgoblog. I read this blog more than any other, and wouldn't have seen this otherwise.
When I see a good article elsewhere that I think would be of interest to mgoblog readership, I might post it here. Then again, I sometimes pass, knowing that someone else is likely to post.
In the end, new content or analysis always beats links to material that is elsewhere.
In that vein, I won't start a new thread, but there are two articles out there which someone else can put up as a new post:
- "Inside Michigan Hockey," 9/26, with Doug Karsh, has video of the newly renovated Yost Arena, along with stuff from Red on the upcoming season. Link: http://www.mgoblue.com/
- Tremendous has a nice analysis piece on Borges' playcalling over at his blog. Upshot: he really thinks it is execution that has doomed the playcalling, but execution mistakes extend to how Borges and his crew are coaching. LINK: http://www.michigantremendous.com/
Bitching about bitching, however, is cool.
Well hell, if we're going there I've just run across some disturbing news worthy of thread.
I can think of a lot of ways to blow $20 million. It wouldn't be hard at all.
All you have to do is take all those times you looked at something really cool, nice, and expensive, and said to yourself "that would be nice to have," and imagine yourself with the money to get it.
You start running out of money pretty quickly if you get all that stuff.
But of course it's easy for me to do this a bit more intelligently; I'm 32 and our family has lived on a tight budget for years, and we've had our own brushes with debt. It has helped us determine what is a real priority, and what a real priority would be if we had that kind of money. But someone like Young has never had to learn self restraint--why would he? He was a millionaire four years out of high school. With millions of college kids incurrng heavy credit card debts, he's hardly alone in this.
So he has $20 mil to blow instead of $20,000. It's really kind of similar--you just buy bigger cars and bigger houses.
who could go broke after signing a $26 million contract. "But I was taken advantage of..." GTFO! Who does he think he is? M.C. Hammer (or is it just Hammer)?
His biggest excuse seems pretty weak to me:
In challenging the loan's validity, Young claims he didn't "knowingly execute" any of the loan documents. Anything he signed was "without the corresponding documents attached and without knowledge as to what the signatures pages referred," one of his court filings states.
Why was he signing stuff that didn't have the necessary documents? I guess that's where he's trying to say he was taken advantage of, but it seems like he made it pretty easy to be taken advantage of. All he had to say was "I'm not signing anything until I see more documentation on this." Now, if someone gave him inaccurate or falsified information, then he'd have a legitimate gripe, because he would have made his decision based on what he thought was accurate information. That doesn't seem to be the case, though.
I agree that he doesn't have much of an argument (on both points).
On your second point, almost all contracts have an "Entire Agreement" clause, which basically says that this written agreement is the entire agreement and whatever was told to you previously is not the agreement between us. So you can't rely on previous statements, whether or not they were inaccurate.
On the first point, I agree with the notion that whatever you sign, you're responsible for... but as I mentioned above, most people don't read all of the underlying documents. Practically speaking, most signatories will receive a "signature packet" PDF of the 10, 20, 30, etc. signature pages that they have to sign. Then you sign all of them and send them back in order for the deal to happen. Oftentimes, when the agreements are voluminous (hundreds or thousands of pages), there has to be some level of trust that your lawyers, advisors and your team have thoroughly negotiated the agreements in your best interest.
You can always request the underlying documents, but most people won't take a weekend to sit and read thousands of pages nor understand what they mean even after reading them.
Maybe he shouldve taken an accounting or finance class at Texas then...they are actually one of the best public universities out there.
Per his transcript, he probably did. Though, having someone attend class for you, do your homework, and take your exams does not necessarily mean you'll acquire that knowledge.
Texas really isn't known to be a shady program or an academic joke.
As someone who funded the six years at UT it took to get his Ph.D. by TAing, I can say that it varies greatly instructor-to-instructor the degree to which players can get away with stuff. Some will not care at all that a student is also a football player, and others will do everything in their power to get those guys to pass (not necessarily for the benefit of the player, but usually because they don't want the headache of dealing with the football program/athletic department). And players definitely know which professors are which, so it kind of sorts itself out in the sense that players that want to learn take real classes and actually try and players that just want to play football take easy classes with professors who will let them pass no matter what.
I realize that I probably just described about 110% of universities with good athletic programs, but all in all I'd guess that UT is better than most places about giving their players real educations. But I also would not be surprised in the least if a guy like Young could make it through his entire college experience without learning a single thing. (That said, I know Young made the effort to come back to UT to finish his degree after going to the NFL, because he popped up in some classes that friends were TAing.)
Texas really isn't known to be a shady program or an academic joke.
If we are being honest, we have to acknowledge that it doesn't make sense that the vast majority of football/basketball players manage to stay eligible for every term despite having much lower academic credentials than their peers AND having to spend 30-40 hours a week in their sport. Academic fraud, to some degree or another, probably goes on just about everywhere. Most of the time it probably isn't as blatant as passing guys who don't even show up to class; it probably is more along the lines of instructors being very, ahem, "understanding" when it comes to grading their work.
I agree, but relatively speaking, Texas generally isn't mentioned among the notoroius schools were academic fraud and other shenanigans are or were thought to be rampant (North Carolina, Minnesota, Ohio State, Miami, USC, et al). In fact, I remember back when the tatgate and cargate scandals broke at OSU, there was an interview with a former Texas player who talked about how annoyingly vigilant Texas' compliance department was and how he couldn't even get his car fixed without compliance breathing down his neck to make sure that the mechanic didn't give him any improper discounts (not directly related to academics, but relevant nonetheless).
I'm sure that every school takes advantage of gray areas (including Michigan) and that minor shenanigans occur everywhere, but Texas isn't worse than anyone else in that regard.
FYI, ESPN's new 30-for-30 film "Broke" is out on Oct. 2 and focuses on wealthy sports starts who've gone bankrupt. Doubt VY could have made it in as this story only broke a couple weeks ago (perhaps as a postscript).
Description of upcoming films at:
Since this seems to be the year of karmic retribution, there was that 2005 Rose Bowl.
I also hope that anyone that has caused me displeasure at any point in time to have their entire life ruined.
/not what karma is
Not being a multi-millionaire anymore.
/not what "entire life ruined" is
Losing all your money isn't having your life ruined?
So I'd lose a couple hundred bucks...big deal
Not a big deal. He could sell his mansion, lamborghinis, and jewelry collection and have more money than most of us will make in a lifetime, and then get signed by the Dolphins, Raiders, or Browns next year. His entire life has not been ruined.
Well, personally I am more Princess Leia than Han Solo. But to each his own.
Old(er) news and is nowhere near in-season board worthy material. But, it is wife day week and you've already got 50+ comments, so overall, not a bad first thread at all.
Anyways, how someone that makes that much money can go broke so quckly is beyond me. You must have a lot of stupid/evil people around you to make that happen. I'd like to say something like that would never happen to me, but unfortunately, I'll never get the chance to see how fast and thoroughly I can blow millions of bucks.
How an athlete, and especially a football player, doesn't understand that you can only play professional sports for so long is beyond me.
Especially in football where 1 hit could end your career.
Another example of how to lose lots of money in a short amount of time. Terrance Watanabe lost $112 million in Vegas in 2007 alone. He basically came into a lot of money after his father passed (his father had a novelty company that was sold) and obviously has a huge gambling problem.
There are a lot of interesting highlights - for example, Harrah's made a special "Chairman Tier" of casino status just for him. He was their number 1 customer (Terrance, allegedly, single-handedly accounted for 20% of Harrah's revenue in 2006 and 2007). Terrance argues that he was kept on drugs and alcohol during his stay and had no idea what he was doing, etc.
This article is one of many about how he was being prosecuted (i.e., not paying back casino markers in Nevada is actually a crime, and not just a civil suit) for $14.7 million (after he had already paid off approximately $100 million of his markers).
Further, some additional illustrations from another WSJ article:
"Mr. Watanabe resided for free in a three-bedroom suite at Caesars, had access to his favorite bartender, drank a special brand of vodka, Jewel of Russia, and was constantly surrounded by attendants to serve his every need, such as a seven-course meal from the casino's Bradley Ogden restaurant delivered to him while he was gambling."
"One reason Mr. Watanabe was seen as so valuable to Harrah's, say Messrs. Deleon and Kunder, two of his handlers, is that he gravitated toward games with low odds, including roulette and slots. "He was considered a 'house' player because slots and roulette are house games -- they have terrible odds for the player," says Mr. Kunder. "And the way he played blackjack, he made it a house game. He made such bad decisions on the blackjack table."
I had a friend who owned a 3rd party AT&T cell phone store which did good enough that he ended up selling it for a few hundred grand. He promptly moved to Vegas and after 6 months, had to move back and start working full time again. Vegas is very efficient at what it does.
Vegas is definitely a money pit. It's hard to understand until you actually go. It's hard to do anything without spending a lot of money.
Was there this summer and dropped around 6 grand in three days, and I don't gamble.
I've been over a dozen times. I've never gone broke or lost rent money gambling, but I've lost enough where I now get comped rooms at almost every Caesars/Harrah's hotel. Like you said, the fascination with the place can't be described in words. You have to be there to realize how that place is able to so easily empty your wallet while (hopefully) still keeping a smile on your face.
Wow. Thats crazy man. My wife and I have been there twice, and spent very little both times. Coupons, coupons, coupons is all I have to say. Also we're easily entertained by things like buffets, the engineering and architecture, shopping without buying, geocaching and honing our people watching skills.
It's just one of those things I have to do every once in a while with clients. I'm not a club guy but I promised my client I'd take him and his friends out to XS in Vegas one night and that ended up costing me over $4000.
Now that's a great story. A high rolling gambler that plays slots and roulette? Granted, there are complicated betting schemes for roulette that make it a little less of a house game, but this guy doesn't sound like the complicated roulette betting scheme type.
Clearly he had no idea what he was doing. The guy lived in a casino and didn't bother to read any $10 books about playing blackjack. You'd think that dropping $100M into slot machines would get so eye-stabbing boring that you'd just quit.
[edit: by "no" i obviously meant "now"]
If I had $26 millions, I could live the rest of my life without work. I don't understand how all these athletes end up broke. These guys need to get a clue.
Just get yourself a vh1 show Vince.
...or anybody, for that matter, who blows through millions of bucks, while the rest of us work our tails off day after day, year after year over a 30-40 year career. We grind away, while somebody is given a golden ticket, and pisses it all away. Loser.
What's happening to Vince Young is what typically happens to almost all NFL players. 80 percent of all the people that make it to the NFL are broke within five years of retiring. Part of the problem is that most people aren't ever taught the basics of personal finance. Another problem is the culture that a lot of these athletes grow up in. You don't need 30 cars. Instead of spending millions on jewerly invest the money. Buy some apartments or cottages at a vacation community. You could have a real estate management company fully manage them. Why do athletes that make millions need to take out loans? I don't feel sorry for Vince at all. He could have created a fortune and created opportunities to impact his family for generations to come. What a selfish idiot.