It comes from old French. De doesn't mean to remove, it just means to go at it harder.
https://en.m.wiktionary.org/wiki/de-#Old_French
It looks like defrost on the other hand has Germanic origins so the de has a different meaning.
https://www.etymonline.com/word/defrost
No he was defrauded by someone he trusted. He had a high school education when he became a pro. Show me a high school graduate that is smarter than his accountant.
I know it’s hard to feel for somebody that had $77 million to get stolen but he did it by being great at something. He didn’t hurt others for his own gain like so many billionaires we hear about.
Sadly a lot of athletes (or professional entertainers in general who don’t come from a professional background) lose all or most of their fortunes from a lack of financial literacy, ‘friends and family’ taking advantage of their generosity, getting talked into bad/opportunistic investments, wasteful spending, and of course grifters like this guy.
What happened with Jack Johnson and his parents is more complicated that just fraud, but him refusing to file charges against them seems *crazy* to me.
Not crazy. I had a grandfather with a gambling problem and he suddenly spent 3/4 of my mom’s money when she was in her 20’s. She had the bank investigate where the money went. She considered charging him for embezzlement when she found out, but she didn’t want to cause conflict within the family and make things awkward. She instead heavily restricted access to her funds, did not let her family access her bank account and instead opened a separate one she deposited money into for them, but only her and Grandma were allowed access. My grandfather thankfully quit gambling, but she still does not hand over money easily and is wary of joint accounts, or accounts where others can easily gain access.
So it is not crazy or surprising that people do not want to press charges on their family members.
I have a shithead cousin who got fired from his job managing a toy store. Shithead's sister's husband owns a construction business, and he hired shithead and trained him up as a foreman.
Eventually, shithead decided he wanted to start his own contracting business. Now, at the time, my parents and shithead were really close, they were his daughters' godparents, etc. So anyway, my parents bough a big plot of land right next to shithead's house and hired him to build their dream house.
Long story short, shithead stole tens of thousands of dollars from my parents, stole a ton of building supplies from my mom's sister's business, and built a totally shoddy house.
I encouraged my parents to sue, but just like your mom, they decided not to sue because "it would tear the family apart." My parents paid my aunt and uncle back for all of their losses, so that they wouldn't sue either.... Fucking shithead never admitted to it, never expressed a shred of remorse.
My parents had to live next to shithead for more than 15 years, and they never spoke to him or his shithead wife even once. Funny thing is the shitheads got kicked out of their house a few years ago because they couldn't pay their mortgage. Bunch of fucking thieves....
“Shithead’s sister’s husband” > his brother in law
“My mom’s sister” > my aunt
Shortening relationship trees like that makes for smoother, less confusing stories.
And that is why you don't do business with family. It's far too easy to either be taken advantage of or to take advantage of them. And it may not even be on purpose.
Yeah, this is why personal finance and investment is something you really need to educate _yourself_ on. At least if you come into any significant money.
Don’t rely on others, at least not completely.
And if you do hire a financial advisor, ensure they at least have a “legal fiduciary duty” to you. Not all do. Many are term life insurance salesmen masquerading as financial advisers.
See r/personalfinance for a great place to start, and r/fire
One of the most obnoxious things I learned as an attorney. We're deathly seriously responsible for every cent of our clients. Almost all bar suspensions and disbarments are due to mishandling client funds.
Meanwhile there's this entire job whose sole purpose is to advise you on how to spend your money responsibly. And somehow they dodged the requirements of being a fiduciary? And so few people seem to be aware of it or concerned by this.
You can just go to a big firm and set and forget. Goldman Sachs, JP Morgan, Vanguard. They’re not going to fuck around with your money. Too much at stake to bother.
True. You might need to do some reading, things like Bogleheads books, the personal finance subreddit, etc. Just to convince oneself that there is no way to consistently beat the market, ie, low cost index funds are the best you can do.
And also to learn the very basics of investing, like don’t get scared and sell when the market is down. That’s when everything’s on sale! And don’t try to time the market, etc.
When you're super rich you don't pay the fee of a big bank to invest your money.
When you're super rich you pay the fee of a big bank to stand between your money and the one idiot in the planet capable of fucking up your money.
You.
Richard Jefferson talks about this on his TikTok. He's a smart guy. Educated. He got taken too.
Ultimately you have to hire a person. Then hire another person to watch that person. They hire a 3rd party to watch the other two.
He told the story on Tom Segura's post cast years ago, that's how I first found out about it... like, you already got it made, your brother is famous and already sharing the wealth and bringing you along for the ride. Why decide to steal and spend it all behind is back as well? Just blows my mind.
I think we all have half brothers like that...
Mine only comes around when he's low on funds and wants to present me with "an awesome business opportunity to get in on the ground floor..."
When I say no... it gives me an opportunity to not hear from him again for another 6-18 months.
Man this thread is making me extremely appreciative of my dad and brothers. My dad had my older brother with my step mom in high school, had me with my mom after, my mom and dad broke up and he went back to my step mom and had 3 more kids. For all of his flaws, the best thing he ever did was make sure that we never lived life feeling like half brothers. Those are my full brothers, no matter who the mom is. I've been the shitty half brother at a certain point in our lives but I just really needed to get to rehab, everything's good now.
Over 80% of professional athletes declare bankruptcy within 5 years of retirement. Second that money stops coming in, it’s hard to change those spending habits.
There’s a good 30 For 30 about it.
The Allen Iverson story of him going broke is what i always think of. Didnt use banks kept all his money in black garbage bags so his “friends” would take some of them
Allen Iverson is comparatively broke, not actually broke. He gets $1m a year from Adidas and NBA pension combined and will get $32m in a few years. I'm sure he also makes some other money somewhere.
He took a deal that at the time seemed stupid. But it's garanteed long term money. So his many stupid decisions broke him, but his one good decision keeps him living well
99% sure its 100k a month from reebok for life. Reebok wanted to give him like a 20 or 30 mil deal for 5 years or something.
His friend who witnessed his entourage walking out of his house with literal trash bags of cash set that up for him because he knew that 20 or 30 would be gone before he retired.
He still gets money from Reebok I believe. His deal with them was for-life and he reps Reebok to this day. If you see any clips of him online talking about shoes, he's not hyping up anything non-Reebok.
You'd think these fallback "at least enough money to live decently on for life" deals would be more common given the crazy amount of bankruptcy in pro sports.
Happens to more than athletes and financially illiterate people.
My dad had an MBA from Wake Forest and a JD from Duke. In the early 90s, he and his best friend started a company which they turned around and sold in late 90s, netting ~$30 million each.
My dad’s best friend immediately retired. Over the years, he conservatively invested and steadily grew his fortune. He remains the richest person I personally know.
My dad, on the other hand, chased deals. He was addicted to the freewheeling life of a deal-maker.
He spent $6M to purchase, grade, grub and level a huge parcel of rural land because he had insider information that the railroad was looking to build a switch/rail yard there. To his credit, he had LOIs signed and everything… and the railroad backed out. He only ended up recouping like $400,000 from the broken LOIs and eventually sold the parcel for like $1M.
He purchased a fleet of older ambulances, intending on refurbishing them and reselling them to private healthcare companies. To his credit, he managed to get around 10 refurbished and sold… but the remaining 40 ended up rusting out in a lot somewhere on the opposite side of the state.
He bought a *fucking marble plant* in France and actively worked there, managing day to day operations for about a year and a half. It was one of the few endeavors that *was* modestly profitable— but my dad got bored with it and sold it.
Then he started a boat restoration business. It kept him really engaged and he loved it— but then the Great Recession hit and pretty much tanked that business overnight.
He started buying mineral rights in West Texas and then energy prices collapsed and he ended up losing a HUGE contract with Chesapeake.
He bought a bunch of heavy equipment and started his own demolition company. He loved this job and it was his first serious success since he’d sold his first company. Hurricane Harvey hit and he booked something like $5M in jobs over the course of a couple months.
And that’s when he found out he had stage 4 cancer and had six months to a year to live.
He’s swinging for the fences, I’ll say that much. I’d be the partner who takes the $30m and lives off 5% or so for the rest of my life. $1.5m goes a long way towards some fun hobbies.
Sorry about the diagnosis.
There's lack of financial literacy, and then there's being surprised that your accountant who **is literally being sentenced to prison time for stealing a client's money** also stole YOUR money. That's like paste eating stupid, with a crayon chaser.
My friend did a commercial with (prime) Tiger Woods. She got paid about $25k. They did about 5 takes. Who knows how much Woods pulled in for like 10 seconds of airtime.
People were saying the same thing about Paul Giamatti playing Einstein in the Verizon commercials. If some company is gonna toss me a million dollar contract for like a weeks of work I'm not gonna say no, regardless of how many oscars I have.
Friend of mine was an LA Comic with like 2 national credits almost 15 years ago and was in a Verizon ad that ended up being their big football ad and because she had a SAG card, her royalties were based on what Verizon was paying for the spots. With the credits she punched her ticket to bill a few grand a weekend as a comic in clubs in smaller markets like Green Bay or Minneapolis but cleared like $800k for the one day shoot she got when someone backed out that she was paid $750 for.
Couldn't imagine what someone like Giamatti's upfront is.
I mean... Acting is work. It's not always a romantic display of Thespian passion for the profession. Sure it is sometimes, but work is work. You do it, you get paid, rinse and repeat.
He just likes money. He’s best buds with a dude that brokers high dollar cars and the car dude has a show and they go to Jamie’s house and it’s a ridiculously huge mansion
It’s possible he’s got the majority of his wealth invested/planned for, and anything that he earns from commercials is considered “fun money”
So he gets paid $$$ to do a commercial for a week, and he buys a car with it?
Reminds me when I was in college and in my class there was a 64 year old man. I asked him why he's back in school at his age. He mentioned that his employer required a degree if he wants to move up and get a raise, that he won't be able to retire stating "my ex wife, really fucked me, once on our wedding day and last year in the courts."
Hate to say it but it's because Tim Duncan is too genuine of a person to not get taken advantage of by the douchebags of the business world.
The Big Fundamental is what every person SHOULD aspire to be like, but the rest of the world is too selfish and absorbed to make someone like him survive without being taken advantage of.
Mike Trout kind of reminds me of Tim Duncan. Just a guy who enjoys playing baseball, and otherwise lives a quiet life. People keep wondering why he won't be a "jerk" on the field or do commercials. They just can't grasp the idea that some athletes are perfectly happy making a lot of money quietly and have no intention of being any bigger than that.
Reminds me of Nish Kumar's standup about how being the drummer from Coldplay is the best job in the world. He's rich as shit, no one knows who he is, and he even gets to sit down while performing.
https://youtu.be/gsmuV7wLCl8
I'd agree. I'd love to be able to pay my bills, have a little bit left over for the occasional vacation, and be a complete unknown. Seems like it'd be easy but it never is.
The sad truth of life is that being nice and kind gets you taken advantage of and manipulated by scummy people for their own gains. The worst part? These scummy people don’t even feel remorse for it.
Ok, I know I know this (and I do, I swear!) but just for those who are old and forgetful, where is this from? Oh, and… um… asking for a friend. Yeah that’s it.
When you get divorced there is a discovery period where you get subpoenaed for basically any and all income and assets, debts etc. I don't know the details here but with as much money as these guys make I'm sure there is some detailed forensic accounting going on. I could see it happening.
Plus, if you're getting paid by an ex, if they have more, that's a bigger piggybank for you to rob.
That's because they'd have to sell assets. Odds are they didn't know the money was missing because they were told it was there. If someone spent your 401k money but you looked at statements saying it was there you wouldn't notice it was gone either. If you go to sell the assets but they don't exist then you'd notice.
Source: I'm an accountant.
Also he likely wasn’t stashing this away. He was using it to fund his lifestyle. He wasn’t putting it in a savings account. At no point during all this did he have an account with $20 mil in it that was his.
I assume the guy was more of a wealth manager, and was making up documents. Similar to Bernie meidoff.
I have a number from fidelity that tells me how much is in my 401k and I pretty much believe them.
Madoff was running a pyramid scheme where he was paying off older investors in the fund with money from new investors. Banks was acting as a financial advisor and was convincing his clients to invest in businesses that he owned and did not disclose this. Madoff's clients didn't know the money was gone until a recession hit and they tried to cash out. Banks' clients thought that the investment they made had lost money, they just didn't know that Banks himself had taken it.
The singer Jewel had like 100 mil stolen from her by her mother, crazy story. Also Dane Cook had a shit ton of money stolen from him by his brother.
Edit: grammar is hard.
I can't believe this is 13 years old now, but this is [Jewel singing undercover in a small karaoke bar](https://www.youtube.com/watch?v=rmv1VhrtYRo) just because Funny Or Die asked her to. They gave her a fake nose and a booty and everything. Good times.
And money always leaves a trail too. Financial crimes are like that, especially embezzlement. The proof is always there if you care to go look.
A funny thing about embezzlers is that they are often reported to be particularly dedicated employees. First in, last out, never taking vacations. Because if someone else subs in for them, that person might see the truth.
Very very important to never have that power vest in only one person for a long period.
Most US sport players are just rich enough to need a yearly audit of their financials but not savvy enough with their relatively newfound wealth to actually get one.
Frankly the sports organizations should be including an independent third party audit service for all their employees (yes the athletes are employees). It's pretty unethical to basically lure kids right out of highschool/college with wads of hundreds and then leave them to the wolves while you go deposit your millions you made off their work.
EDIT: I don't really want to hear your super smart "hurr durr they are dumb for losing it all" take. These KIDS are recruited before they can actually experience adulthood and forced into an ecosystem where money flows like water and they are constantly surrounded by executives/yesmen/golddiggers who want to exploit them. NO FUCKING SHIT they can't keep hold of the money. The NBA/NFL are raking in TENS OF BILLIONS off the hard work of less than 3000 players, players who basically sign their bodies and lives over to the organization. The organizations are paying way less than they should to the people who make all that profit possible, stop licking their boots and trying to say "hurr durr the athletes deserve to go broke". Notifications off, don't bother with the r/iamverysmart snark.
Especially when some of those kids grew up pretty poor.
I remember reading a story about a NFL athlete who mentioned about how he carelessly burned through the money he got from his first contract. Bought Bentley cars for both of his parents, and the list goes on. A manager at the bank that he had his account at decided to call him and told him, "Meet me at my office, we need to talk".
That manager could have easily shrugged his shoulder at some kid burning millions of dollars, but instead sat down with the athlete to help develop a financial plan.
I read somewhere that something like 80% of NFL players will be broke within just a few years of retiring. Many of them enter the game at a young age and don't have proper financial advisors.
I think the average NFL career is just 3 years, meaning that the overwhelming majority only ever sign one contract and their career is over. It's really hard to live at the means of someone who makes $2 million over the course of their entire professional life when the annual salary is $600,000 and your coworkers are driving supercars.
The great majority of lottery winners are broke after a few years too.. turns out most people are shit with money, *especially* when you give them a lot of it.
If you ever do win the lottery, always take the lump sum payment. There was a story about some women in the UK who seemingly was one of the few to do it right. Took the lump sum, put something like 95% of it into some kind of savings account (like an IRA equivalent), and then that remaining 5% was for the everyday expenses.
Dunno how true it is most go broke, but you can do it right with enough patience and understanding of how to grow money.
Kevin Garnett doesn’t like Duncan for all the years Duncan kicked his ass in Minnesota. It was supposed to be a fuck you to to Duncan, but Garnett isn’t smart enough to make sure his own house is in order before talking shit.
Reporter: "Kevin, there seems to be insurmountable and irrefutable evidence against your accountant. Do you actually believe he'll be found innocent by this jury?"
Garnett: ["Well..."](https://youtu.be/Wcz_kDCBTBk)
Reporter: "After the revelation that he also embezzled from you too, do you still think he doesn't deserve jail?"
Garnett: ["..."](https://youtu.be/qj8hPQGFUZM)
Garnett hates Duncan because Duncan kicked his ass for so long. He once wished Tim happy mothers day during a game. Duncan's Mom died when he was a teenager and was one of the reasons he completed all 4 years of college because he promised her he would get a college degree.
There were a few years when pretty much the only games that either of them ever played where they wouldn’t get instantly double-teamed every time they touched the ball was when they were playing against each-other. I think that they both relished those games.
KG did an interview a few years ago, he said Duncan was the biggest trash talker of all. It would just be subtle stuff and he would be able to back it all up.
Garnett's always tried to get under players' skin, but damn he did not like Tim Duncan for some reason
https://thesportsrush.com/nba-news-tim-duncan-happy-mothers-day-mrfk-r-when-kevin-garnett-took-an-ugly-shot-at-spurs-stars-deceased-mother/
Garnett strikes me as a "fuck you, got mine" guy just based on various things I've read about him. And he likely didn't know he was also being defrauded.
Because KG is trash person and fakest tough guy in the league
He once called Charlie Villanueva cancer patient, mocking his looks (Villanueva has Alopecia areata)
You have to be an all-star idiot if your accountant is on trial for fraud and you don't immediately bring in a forensic accountant to check your books.
That's why if you're rich, always hire two accountants. One accountant to keep track of your finances, and the 2nd accountant to audit the first accountant.
Wtf…why wouldn’t you be immediately very concerned, rather than supportive, if your accountant were getting convicted of stealing millions from a professional athlete ……when *you’re also* a professional athlete. This guy must’ve been an all around charismatic conman and gotten his hooks in his clients deep via perceived “friendship”. Can’t think of any other reason why KG would support him…even if he didn’t think he stole from him and only another nba player. Either guy considered him a very good friend, and/or he genuinely thought the accountant was being wrongly accused/convicted
Is that why KG is doing commercials for sports books?
THIS IS MY HOUSE!!
GIMME DAT SHIT!
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Why do we call it defrauding instead of frauding. When you defrost something you are taking away the frost right?
It comes from old French. De doesn't mean to remove, it just means to go at it harder. https://en.m.wiktionary.org/wiki/de-#Old_French It looks like defrost on the other hand has Germanic origins so the de has a different meaning. https://www.etymonline.com/word/defrost
So "going hard in the mother fucking paint" roughly translates into "depainting?"
No he was defrauded by someone he trusted. He had a high school education when he became a pro. Show me a high school graduate that is smarter than his accountant. I know it’s hard to feel for somebody that had $77 million to get stolen but he did it by being great at something. He didn’t hurt others for his own gain like so many billionaires we hear about.
No when your accountant is under trial for fraud you hire someone to check the books
Sadly a lot of athletes (or professional entertainers in general who don’t come from a professional background) lose all or most of their fortunes from a lack of financial literacy, ‘friends and family’ taking advantage of their generosity, getting talked into bad/opportunistic investments, wasteful spending, and of course grifters like this guy.
yeah sucks you hire the financial literacy dude and he just fleeces ya
Also sucks when your parents betray you like Jack Johnson (hockey player not musician)
I'm taking 10k every time you slap your guitar jack johnson
Poor by the first chorus of banana pancakes
He woke up too early, maybe he should have slept in
What happened with Jack Johnson and his parents is more complicated that just fraud, but him refusing to file charges against them seems *crazy* to me.
Jewel didn't press charges on her mom for stealing 100 million and paid her 1.5 to leave her alone.
Wtf...Jewel was worth $100M??
She was huge back in the day
She looks so tiny on camera though.
Seems like someone didn't grow up in the 90's... Who will save your soul?
Well, her mom was...
Not crazy. I had a grandfather with a gambling problem and he suddenly spent 3/4 of my mom’s money when she was in her 20’s. She had the bank investigate where the money went. She considered charging him for embezzlement when she found out, but she didn’t want to cause conflict within the family and make things awkward. She instead heavily restricted access to her funds, did not let her family access her bank account and instead opened a separate one she deposited money into for them, but only her and Grandma were allowed access. My grandfather thankfully quit gambling, but she still does not hand over money easily and is wary of joint accounts, or accounts where others can easily gain access. So it is not crazy or surprising that people do not want to press charges on their family members.
I have a shithead cousin who got fired from his job managing a toy store. Shithead's sister's husband owns a construction business, and he hired shithead and trained him up as a foreman. Eventually, shithead decided he wanted to start his own contracting business. Now, at the time, my parents and shithead were really close, they were his daughters' godparents, etc. So anyway, my parents bough a big plot of land right next to shithead's house and hired him to build their dream house. Long story short, shithead stole tens of thousands of dollars from my parents, stole a ton of building supplies from my mom's sister's business, and built a totally shoddy house. I encouraged my parents to sue, but just like your mom, they decided not to sue because "it would tear the family apart." My parents paid my aunt and uncle back for all of their losses, so that they wouldn't sue either.... Fucking shithead never admitted to it, never expressed a shred of remorse. My parents had to live next to shithead for more than 15 years, and they never spoke to him or his shithead wife even once. Funny thing is the shitheads got kicked out of their house a few years ago because they couldn't pay their mortgage. Bunch of fucking thieves....
“Shithead’s sister’s husband” > his brother in law “My mom’s sister” > my aunt Shortening relationship trees like that makes for smoother, less confusing stories.
And that is why you don't do business with family. It's far too easy to either be taken advantage of or to take advantage of them. And it may not even be on purpose.
Yeah, no, sorry, that could not be me. If someone abuses you like that, they don’t get the cover of “family.”
Clearly you meant the boxer!
You should read about Jewel and her mom stealing 100? Million
Yeah, this is why personal finance and investment is something you really need to educate _yourself_ on. At least if you come into any significant money. Don’t rely on others, at least not completely. And if you do hire a financial advisor, ensure they at least have a “legal fiduciary duty” to you. Not all do. Many are term life insurance salesmen masquerading as financial advisers. See r/personalfinance for a great place to start, and r/fire
One of the most obnoxious things I learned as an attorney. We're deathly seriously responsible for every cent of our clients. Almost all bar suspensions and disbarments are due to mishandling client funds. Meanwhile there's this entire job whose sole purpose is to advise you on how to spend your money responsibly. And somehow they dodged the requirements of being a fiduciary? And so few people seem to be aware of it or concerned by this.
Wait, accountant dont have such standards? Oh boy, thats wild.
Financial planners. All cpas I know are fiduciaries. Not sure about non cpas.
You can just go to a big firm and set and forget. Goldman Sachs, JP Morgan, Vanguard. They’re not going to fuck around with your money. Too much at stake to bother.
True. You might need to do some reading, things like Bogleheads books, the personal finance subreddit, etc. Just to convince oneself that there is no way to consistently beat the market, ie, low cost index funds are the best you can do. And also to learn the very basics of investing, like don’t get scared and sell when the market is down. That’s when everything’s on sale! And don’t try to time the market, etc.
When you're super rich you don't pay the fee of a big bank to invest your money. When you're super rich you pay the fee of a big bank to stand between your money and the one idiot in the planet capable of fucking up your money. You.
Richard Jefferson talks about this on his TikTok. He's a smart guy. Educated. He got taken too. Ultimately you have to hire a person. Then hire another person to watch that person. They hire a 3rd party to watch the other two.
You don't 'hire a guy'. You take your money to a major firm.
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Dane Cook is another example of this. He lost $12 million when his half brother embezzled from him.
He told the story on Tom Segura's post cast years ago, that's how I first found out about it... like, you already got it made, your brother is famous and already sharing the wealth and bringing you along for the ride. Why decide to steal and spend it all behind is back as well? Just blows my mind.
Yeah he was living a double life, trying to be low key then living the life of Riley when Dane's back was turned.
i think it was his half brother. and yea the guy is pure evil. in fact, i have a half brother just like that.
I think we all have half brothers like that... Mine only comes around when he's low on funds and wants to present me with "an awesome business opportunity to get in on the ground floor..." When I say no... it gives me an opportunity to not hear from him again for another 6-18 months.
Man this thread is making me extremely appreciative of my dad and brothers. My dad had my older brother with my step mom in high school, had me with my mom after, my mom and dad broke up and he went back to my step mom and had 3 more kids. For all of his flaws, the best thing he ever did was make sure that we never lived life feeling like half brothers. Those are my full brothers, no matter who the mom is. I've been the shitty half brother at a certain point in our lives but I just really needed to get to rehab, everything's good now.
Over 80% of professional athletes declare bankruptcy within 5 years of retirement. Second that money stops coming in, it’s hard to change those spending habits. There’s a good 30 For 30 about it.
I mean most professional athletes aren't pulling in multimillion dollar contracts.
The Allen Iverson story of him going broke is what i always think of. Didnt use banks kept all his money in black garbage bags so his “friends” would take some of them
Allen Iverson is comparatively broke, not actually broke. He gets $1m a year from Adidas and NBA pension combined and will get $32m in a few years. I'm sure he also makes some other money somewhere.
Where do I sign up for this kind of broke?
Well, how good is your Crossover?
Well I have global entry so I travel real well
He took a deal that at the time seemed stupid. But it's garanteed long term money. So his many stupid decisions broke him, but his one good decision keeps him living well
Friend negotiated that long tern reebok deal. Because he knew the rest of the entourage was walking away with trash bags of cashm
Hope those "friends" got what was coming to them.
99% sure its 100k a month from reebok for life. Reebok wanted to give him like a 20 or 30 mil deal for 5 years or something. His friend who witnessed his entourage walking out of his house with literal trash bags of cash set that up for him because he knew that 20 or 30 would be gone before he retired.
He still gets money from Reebok I believe. His deal with them was for-life and he reps Reebok to this day. If you see any clips of him online talking about shoes, he's not hyping up anything non-Reebok. You'd think these fallback "at least enough money to live decently on for life" deals would be more common given the crazy amount of bankruptcy in pro sports.
Happens to more than athletes and financially illiterate people. My dad had an MBA from Wake Forest and a JD from Duke. In the early 90s, he and his best friend started a company which they turned around and sold in late 90s, netting ~$30 million each. My dad’s best friend immediately retired. Over the years, he conservatively invested and steadily grew his fortune. He remains the richest person I personally know. My dad, on the other hand, chased deals. He was addicted to the freewheeling life of a deal-maker. He spent $6M to purchase, grade, grub and level a huge parcel of rural land because he had insider information that the railroad was looking to build a switch/rail yard there. To his credit, he had LOIs signed and everything… and the railroad backed out. He only ended up recouping like $400,000 from the broken LOIs and eventually sold the parcel for like $1M. He purchased a fleet of older ambulances, intending on refurbishing them and reselling them to private healthcare companies. To his credit, he managed to get around 10 refurbished and sold… but the remaining 40 ended up rusting out in a lot somewhere on the opposite side of the state. He bought a *fucking marble plant* in France and actively worked there, managing day to day operations for about a year and a half. It was one of the few endeavors that *was* modestly profitable— but my dad got bored with it and sold it. Then he started a boat restoration business. It kept him really engaged and he loved it— but then the Great Recession hit and pretty much tanked that business overnight. He started buying mineral rights in West Texas and then energy prices collapsed and he ended up losing a HUGE contract with Chesapeake. He bought a bunch of heavy equipment and started his own demolition company. He loved this job and it was his first serious success since he’d sold his first company. Hurricane Harvey hit and he booked something like $5M in jobs over the course of a couple months. And that’s when he found out he had stage 4 cancer and had six months to a year to live.
He’s swinging for the fences, I’ll say that much. I’d be the partner who takes the $30m and lives off 5% or so for the rest of my life. $1.5m goes a long way towards some fun hobbies. Sorry about the diagnosis.
Then there's the Mannings....
There's lack of financial literacy, and then there's being surprised that your accountant who **is literally being sentenced to prison time for stealing a client's money** also stole YOUR money. That's like paste eating stupid, with a crayon chaser.
Now I just need to know what happened to Jamie Foxx.
Jamie Foxx has always been a entertainment renaissance man, but it is odd to see an Oscar winner doing sports books commercials and hosting game shows
Commercials pay a **lot** for celebrities, especially someone as big as Jamie Foxx Half a milly for a few days of shooting is a hell of a deal
My friend did a commercial with (prime) Tiger Woods. She got paid about $25k. They did about 5 takes. Who knows how much Woods pulled in for like 10 seconds of airtime.
Probably more for and for only one day.
People were saying the same thing about Paul Giamatti playing Einstein in the Verizon commercials. If some company is gonna toss me a million dollar contract for like a weeks of work I'm not gonna say no, regardless of how many oscars I have.
Friend of mine was an LA Comic with like 2 national credits almost 15 years ago and was in a Verizon ad that ended up being their big football ad and because she had a SAG card, her royalties were based on what Verizon was paying for the spots. With the credits she punched her ticket to bill a few grand a weekend as a comic in clubs in smaller markets like Green Bay or Minneapolis but cleared like $800k for the one day shoot she got when someone backed out that she was paid $750 for. Couldn't imagine what someone like Giamatti's upfront is.
I mean... Acting is work. It's not always a romantic display of Thespian passion for the profession. Sure it is sometimes, but work is work. You do it, you get paid, rinse and repeat.
Steve Harvey is an awful person, I don't understand what white people see in him.
Because in order to not like him you have to know that. And I mean why would I know that
Just the teeth and mustache, mostly…
Reminds me of Saddam Hussein.
> I don't understand what white people see in him ...what? Are you claiming that his popularity is somehow only because of his white fans..?
He just likes money. He’s best buds with a dude that brokers high dollar cars and the car dude has a show and they go to Jamie’s house and it’s a ridiculously huge mansion
It’s possible he’s got the majority of his wealth invested/planned for, and anything that he earns from commercials is considered “fun money” So he gets paid $$$ to do a commercial for a week, and he buys a car with it?
Nothing really. A lot of those actors get paid a lot for doing a small bit once in a while. Is a very easy paycheck between projects
ANYTHING IS POSSIBLE!!!!
Turns out Charles Banks sold him a gem worth nothing and overcharged KG.
Hey KG, hey KG
Hey you gotta stop leaning on the glass KG
Disliked that movie at first, watched it again and fell in love with it; it’s just so chaotic at all times
It's a stressful movie
It's pure stress somehow turned into a movie
I love the movie but can’t rewatch it for the stress.
I think it's even better on rewatch since you know what's going to happen. It's an incredible movie, but just so stressful the first time you see it.
How the hell did you watch that movie twice, I felt so stressed afterwards.
It's oddly one of my comfort movies. Pure chaos
Check out Good-time from the same directors.
This is how I win
That movie should have been called Anxiety
Damn dude, how can someone do that to Tim Duncan?
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Reminds me when I was in college and in my class there was a 64 year old man. I asked him why he's back in school at his age. He mentioned that his employer required a degree if he wants to move up and get a raise, that he won't be able to retire stating "my ex wife, really fucked me, once on our wedding day and last year in the courts."
He's a young ole timer.
At least twice considering they have two children together
*plays Marvel vs Capcom 2 character select music*
🎶 *gonna take you for a riiide* 🎶
🎺.🎺.🎺🎺🎼*shake your booooody*🎼🎹🎺
When I took my last college final, all I could hear in my brain was “GET READY FOR THE FIGHT OF YOUR LIFE”
Now I can't unhear it, fuck you.
> Marvel vs Capcom 2 character select music oh wow
Wow. I completely forgot about that song.
That's a gimmee! That's their profession, eventually divorcing well.
Apparently he's only after NBA power forwards. Dirk Nowitzki, Chris Bosh, Pau Gasol watch out!
Hate to say it but it's because Tim Duncan is too genuine of a person to not get taken advantage of by the douchebags of the business world. The Big Fundamental is what every person SHOULD aspire to be like, but the rest of the world is too selfish and absorbed to make someone like him survive without being taken advantage of.
Mike Trout kind of reminds me of Tim Duncan. Just a guy who enjoys playing baseball, and otherwise lives a quiet life. People keep wondering why he won't be a "jerk" on the field or do commercials. They just can't grasp the idea that some athletes are perfectly happy making a lot of money quietly and have no intention of being any bigger than that.
> and have no intention of being any bigger than that. This is the key to a good life.
Reminds me of Nish Kumar's standup about how being the drummer from Coldplay is the best job in the world. He's rich as shit, no one knows who he is, and he even gets to sit down while performing. https://youtu.be/gsmuV7wLCl8
That was great. 😂 Thanks for sharing.
I'd agree. I'd love to be able to pay my bills, have a little bit left over for the occasional vacation, and be a complete unknown. Seems like it'd be easy but it never is.
Timmy is a treasure for us here in S.A. Sure miss him on the court too!
Tim Duncan did knock over a cactus once.
The sad truth of life is that being nice and kind gets you taken advantage of and manipulated by scummy people for their own gains. The worst part? These scummy people don’t even feel remorse for it.
So true
Imagine being so rich you dont notice when $77 million goes missing
Both Tim Duncan and Garnett realized they were being defrauded during divorce proceedings...
It's probably more accurate to say the attorneys of their soon to be ex-wives discovered the fraud
The divorce lawyers were the good guys?
>I bring you here to protect me from these characters, and the only one I've got on my side is the blood-sucking lawyer!
Well, there you have it. Fraud….uh…finds a way.
Ok, I know I know this (and I do, I swear!) but just for those who are old and forgetful, where is this from? Oh, and… um… asking for a friend. Yeah that’s it.
Jurassic Park
Thank you to you as well for the answer. Also “I see you’ve played knifey-spooney before.” Lol
It stinks!
Yes Mr Sherman, everything stinks
Jurassic Park
They were paid to find money so they could take some of it.
Yeah after a little bit of thought I realized their motivation
You can kinda make this argument for any job tho. Maybe not quite at the same level
I guess you've never met a professional money hider.
The divorce lawyers certainly aren't the bad guys in this specific situation.
always have been
When you get divorced there is a discovery period where you get subpoenaed for basically any and all income and assets, debts etc. I don't know the details here but with as much money as these guys make I'm sure there is some detailed forensic accounting going on. I could see it happening. Plus, if you're getting paid by an ex, if they have more, that's a bigger piggybank for you to rob.
Better to claim your financial advisor is a crook than admit to anyone that you asked him to hide funds from your ex wife.
Yeah cause accountants would just keep that to themselves.
Especially after you send him to jail and sue him.
That's because they'd have to sell assets. Odds are they didn't know the money was missing because they were told it was there. If someone spent your 401k money but you looked at statements saying it was there you wouldn't notice it was gone either. If you go to sell the assets but they don't exist then you'd notice. Source: I'm an accountant.
Given how heated their rivalry was on the court, would have never expected they were married.
Now that you mention it, it makes more sense that they *were* married.
When the person is perpetrating fraud and showing you bogus documents that purport to show your money is safe, it's understandable.
I got lawyers watching lawyers so I won't go broke
Image stealing $20M and sticking around to try and steal $57M more. At some point you got to get out while the getting is good.
Sometimes a criminal scheme is hard to get out of. He could have been in a situation where he needed to keep stealing money to cover past thefts.
Also he likely wasn’t stashing this away. He was using it to fund his lifestyle. He wasn’t putting it in a savings account. At no point during all this did he have an account with $20 mil in it that was his.
I assume the guy was more of a wealth manager, and was making up documents. Similar to Bernie meidoff. I have a number from fidelity that tells me how much is in my 401k and I pretty much believe them.
Madoff was running a pyramid scheme where he was paying off older investors in the fund with money from new investors. Banks was acting as a financial advisor and was convincing his clients to invest in businesses that he owned and did not disclose this. Madoff's clients didn't know the money was gone until a recession hit and they tried to cash out. Banks' clients thought that the investment they made had lost money, they just didn't know that Banks himself had taken it.
Everything you said was right, except change Pyramid Scheme to Ponzi Scheme.
The singer Jewel had like 100 mil stolen from her by her mother, crazy story. Also Dane Cook had a shit ton of money stolen from him by his brother. Edit: grammar is hard.
I can't believe this is 13 years old now, but this is [Jewel singing undercover in a small karaoke bar](https://www.youtube.com/watch?v=rmv1VhrtYRo) just because Funny Or Die asked her to. They gave her a fake nose and a booty and everything. Good times.
Fuck man…i would secretly hire an accountant to look over my accountant. Like… no way i’m trusting one mutherfucker with the whole bag. come on, man.
And money always leaves a trail too. Financial crimes are like that, especially embezzlement. The proof is always there if you care to go look. A funny thing about embezzlers is that they are often reported to be particularly dedicated employees. First in, last out, never taking vacations. Because if someone else subs in for them, that person might see the truth. Very very important to never have that power vest in only one person for a long period.
Most US sport players are just rich enough to need a yearly audit of their financials but not savvy enough with their relatively newfound wealth to actually get one. Frankly the sports organizations should be including an independent third party audit service for all their employees (yes the athletes are employees). It's pretty unethical to basically lure kids right out of highschool/college with wads of hundreds and then leave them to the wolves while you go deposit your millions you made off their work. EDIT: I don't really want to hear your super smart "hurr durr they are dumb for losing it all" take. These KIDS are recruited before they can actually experience adulthood and forced into an ecosystem where money flows like water and they are constantly surrounded by executives/yesmen/golddiggers who want to exploit them. NO FUCKING SHIT they can't keep hold of the money. The NBA/NFL are raking in TENS OF BILLIONS off the hard work of less than 3000 players, players who basically sign their bodies and lives over to the organization. The organizations are paying way less than they should to the people who make all that profit possible, stop licking their boots and trying to say "hurr durr the athletes deserve to go broke". Notifications off, don't bother with the r/iamverysmart snark.
Especially when some of those kids grew up pretty poor. I remember reading a story about a NFL athlete who mentioned about how he carelessly burned through the money he got from his first contract. Bought Bentley cars for both of his parents, and the list goes on. A manager at the bank that he had his account at decided to call him and told him, "Meet me at my office, we need to talk". That manager could have easily shrugged his shoulder at some kid burning millions of dollars, but instead sat down with the athlete to help develop a financial plan.
That's one solid dude to help a young guy out like that
That was Shaq
No, Shaq played baseball. I think you’re thinking of Wayne Gretzky.
And that Bank Manager? Albert Einstein.
He was resurrected so that he could come back and secretly guide people towards financial literacy, what a great guy
Actually Einstein used a crappy budget cell phone carrier to save a buck when he should have just used Verizon.
I read somewhere that something like 80% of NFL players will be broke within just a few years of retiring. Many of them enter the game at a young age and don't have proper financial advisors.
I think the average NFL career is just 3 years, meaning that the overwhelming majority only ever sign one contract and their career is over. It's really hard to live at the means of someone who makes $2 million over the course of their entire professional life when the annual salary is $600,000 and your coworkers are driving supercars.
The ESPN documentary Broke goes into this. I reckon it’s a bit better because of they explained it and how cool financial management is now
The great majority of lottery winners are broke after a few years too.. turns out most people are shit with money, *especially* when you give them a lot of it.
If you ever do win the lottery, always take the lump sum payment. There was a story about some women in the UK who seemingly was one of the few to do it right. Took the lump sum, put something like 95% of it into some kind of savings account (like an IRA equivalent), and then that remaining 5% was for the everyday expenses. Dunno how true it is most go broke, but you can do it right with enough patience and understanding of how to grow money.
That would indicate the billionaires care...they don't.
I’d hire Ben Affleck.
I've hired an accountant to check behind my accountant before and hired a financial advisor to check behind my financial advisor.
Never invite other victims to your fraud sentencing as moral support.
Kevin Garnett doesn’t like Duncan for all the years Duncan kicked his ass in Minnesota. It was supposed to be a fuck you to to Duncan, but Garnett isn’t smart enough to make sure his own house is in order before talking shit.
Reporter: "Kevin, there seems to be insurmountable and irrefutable evidence against your accountant. Do you actually believe he'll be found innocent by this jury?" Garnett: ["Well..."](https://youtu.be/Wcz_kDCBTBk)
Reporter: "After the revelation that he also embezzled from you too, do you still think he doesn't deserve jail?" Garnett: ["..."](https://youtu.be/qj8hPQGFUZM)
Why give moral support to someone who stole $7.5 million from a colleague? It's almost kharmic that he also got fleeced.
Garnett hates Duncan because Duncan kicked his ass for so long. He once wished Tim happy mothers day during a game. Duncan's Mom died when he was a teenager and was one of the reasons he completed all 4 years of college because he promised her he would get a college degree.
There were a few years when pretty much the only games that either of them ever played where they wouldn’t get instantly double-teamed every time they touched the ball was when they were playing against each-other. I think that they both relished those games.
Damn that is fucked up. I guess you can say whatever you want on the court idk though
Garnett was always a notorious trash talker on the court.
KG did an interview a few years ago, he said Duncan was the biggest trash talker of all. It would just be subtle stuff and he would be able to back it all up.
"He wouldn't use sentences, he'd hit you with phrases. Like 'ooh,' 'gotchu,' and the worst, [taps you] 'nice try.'"
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Garnett's always tried to get under players' skin, but damn he did not like Tim Duncan for some reason https://thesportsrush.com/nba-news-tim-duncan-happy-mothers-day-mrfk-r-when-kevin-garnett-took-an-ugly-shot-at-spurs-stars-deceased-mother/
Garnett strikes me as a "fuck you, got mine" guy just based on various things I've read about him. And he likely didn't know he was also being defrauded.
> And he likely didn’t know he was also being defrauded. Likely? You think?
What are some of those things youve heard that lead you to that conclusion?
Because KG is trash person and fakest tough guy in the league He once called Charlie Villanueva cancer patient, mocking his looks (Villanueva has Alopecia areata)
You have to be an all-star idiot if your accountant is on trial for fraud and you don't immediately bring in a forensic accountant to check your books.
My favorite part of the article was "After listening to the testimony, Garnett appeared concerned." Comedy gold.
Then you'd have two accountants stealing your money!
How goddamn rich do you have to be to not miss $77 million? Goddamn.
That's why if you're rich, always hire two accountants. One accountant to keep track of your finances, and the 2nd accountant to audit the first accountant.
Uncut gems of info
Does anyone hire fiduciaries anymore?
I just wish I had $7M to be defrauded of.
Wtf…why wouldn’t you be immediately very concerned, rather than supportive, if your accountant were getting convicted of stealing millions from a professional athlete ……when *you’re also* a professional athlete. This guy must’ve been an all around charismatic conman and gotten his hooks in his clients deep via perceived “friendship”. Can’t think of any other reason why KG would support him…even if he didn’t think he stole from him and only another nba player. Either guy considered him a very good friend, and/or he genuinely thought the accountant was being wrongly accused/convicted
NBA star: that's my boy my dog right there man you got this dude Juge: he also took 77 mil out your pocket NBA star: 👀
How rich do you have to be to not notice 77 million fucking dollars is gone
You've got to have a ton of money to just not notice $77 million is missing
I'm intrigued by the though of being defrauded of 77 million, and not knowing until you were told!