OT - Vince Young Close to Broke
Vince Young spends nearly all of $26 million guaranteed contract (and approximately $30 million of endorsement proceeds); claims close associates took advantage of him....! Pleads for understanding because of financial illiteracy (including agreeing to a $1.9 million dollar loan at 20% interest to bide him through the NFL lockout).
Six years after entering the NFL as the third player taken in the draft, Vince Young finds himself without a team and with just a fraction of the money he received from a contract that guaranteed him $26 million.
http://www.cbsnews.com/8301-400_162-57515781/qb-vince-young-out-of-the-game-and-out-of-money/
Vince argues that he just executed signature pages, but never read the agreements or schedules/exhibits attached thereto (which actually happens all the time in the real world). Essentially, he seems to have given signing authority to his uncle and some criminal defense lawyer who used that privilege to spend down assets and amass additional liabilities under Vince Young's name.
Now that Vince is out of the NFL and the collection calls are streaming in, Vince is looking for hail mary passes that will get him out of this mess.
Does anyone have a job for Vince Young??!
[ED-BiSB: Per ZL's edit, you can't just copy and paste entire articles]
[OP ED - Second try...]
September 28th, 2012 at 10:05 AM ^
I don't get it. We're just copying and pasting random sports related stories into threads now?
September 28th, 2012 at 10:14 AM ^
the OP's name too. You'd really think that a man of his circumstances would know better.
September 28th, 2012 at 10:24 AM ^
:(
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.
September 28th, 2012 at 10:29 AM ^
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.
September 28th, 2012 at 10:35 AM ^
OK! I tried again... Let me know if this story is better?! Thanks.
September 28th, 2012 at 10:37 AM ^
If I don't read it here, I don't read it anywhere else.
September 28th, 2012 at 10:39 AM ^
I agree... MGoBlog is my reader's digest of everything sports for the day! That and my fantasy football matchup pages...
September 28th, 2012 at 11:14 AM ^
I'm wondering when MGO will become an isp...I'm all in.
September 28th, 2012 at 4:41 PM ^
not only read sports, I get to see porn (Kate dancing). Its a one stop shop.
September 28th, 2012 at 11:13 AM ^
It wasn't the subject matter that was the problem, it was just that you copied the whole thing into the post.
September 28th, 2012 at 1:58 PM ^
No sympathy for you or for your friend Mr. Young.
September 28th, 2012 at 10:30 AM ^
Sad "new normal"
September 28th, 2012 at 10:33 AM ^
HEY GUYZ, HERE'S THIS AWESOME FLUFF PIECE ON A PLAYER FROM YOUNGSTOWN STATE YOU HAVE NEVER HEARD OF AND NEVER WILL.
September 28th, 2012 at 11:56 AM ^
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 ...
September 28th, 2012 at 12:14 PM ^
I know! It's a by-product of a week that has given us many many great things, and also this thread!
September 28th, 2012 at 2:24 PM ^
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.
September 28th, 2012 at 10:07 AM ^
He should have followed the Reggie Bush model for Financial success.
September 28th, 2012 at 10:08 AM ^
September 28th, 2012 at 11:09 AM ^
there's damn sure an "uncle"
September 28th, 2012 at 12:43 PM ^
But there's also always money in the banana stand.
September 28th, 2012 at 10:15 AM ^
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).
September 28th, 2012 at 10:28 AM ^
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?
Guess not.
:( Sad rainy day.
September 28th, 2012 at 10:30 AM ^
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).
September 28th, 2012 at 10:40 AM ^
"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.
~Herm
September 28th, 2012 at 10:48 AM ^
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.
September 28th, 2012 at 2:28 PM ^
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.
September 28th, 2012 at 10:11 AM ^
very, very, very old news, and even back then it was totally irrelevant in-season.
September 28th, 2012 at 10:13 AM ^
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.
September 28th, 2012 at 10:13 AM ^
So MODs, can we change it to 500 pts to start a new topic?
or maybe 1000 pts?
September 28th, 2012 at 10:18 AM ^
Can we make it so robbyt003 can't hang out here anymore?
I keed, I keed.
September 28th, 2012 at 11:25 AM ^
How does that comment get 5 pts? Come on guys! I'm like the Miles Davis of MGOBLOG.
September 28th, 2012 at 11:39 AM ^
then I'm the Cool
September 28th, 2012 at 7:52 PM ^
I was actually going for this:
September 28th, 2012 at 10:13 AM ^
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.
September 28th, 2012 at 10:21 AM ^
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.
September 28th, 2012 at 11:07 AM ^
if it turned out he spent $26 million on nothing but paying people to carry his luggage.
September 28th, 2012 at 10:28 AM ^
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.
September 28th, 2012 at 10:36 AM ^
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).
September 28th, 2012 at 3:40 PM ^
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.
September 28th, 2012 at 10:28 AM ^
At least he still has that sweet, sweet steakhouse money rolling in.
September 28th, 2012 at 10:37 AM ^
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.
September 28th, 2012 at 12:19 PM ^
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).
September 28th, 2012 at 1:34 PM ^
September 28th, 2012 at 1:23 PM ^
It really shouldn't be surprising. Why would a guy who played sports for a living know anything about fine dining?
September 28th, 2012 at 2:42 PM ^
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.
September 28th, 2012 at 10:35 AM ^
<iframe width="420" height="315" src="http://www.youtube.com/embed/S4f4EsPBvTk" frameborder="0" allowfullscreen></iframe>
September 28th, 2012 at 10:39 AM ^
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.
September 28th, 2012 at 10:47 AM ^
I think you just became my new favorite poster.
Congrats and remember with great power comes something...........
September 28th, 2012 at 10:49 AM ^
I don't like your post.
September 28th, 2012 at 10:55 AM ^
I think he's really Dave Brandon.
A lot of people don't like anything he does.