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(Yahoo)   Oh great, we're supposed to **almost** feel sorry for Terrell Owens now. Thanks a lot Drew Rosenhaus   (sports.yahoo.com) divider line 38
    More: Stupid, Drew Rosenhaus, Terrell Owens, The Sports Reporters, NFLPA  
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3315 clicks; posted to Sports » on 05 Sep 2012 at 9:31 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-05 09:34:19 AM  
They should talk to whoever does financial advising for 50 cent and Dr. Dre. Yeah, hard to feel sorry for them.
 
2012-09-05 09:44:48 AM  
So, apparently, agents are shady and there are some people in finance who don't have their clients' best interests at heart . . .

Golly.
 
2012-09-05 09:59:27 AM  
So Drew Rosenhaus is again found to be a slimy POS, color me shocked...
 
2012-09-05 10:01:09 AM  
"Some of this is my fault," Owens says, "because I had ultimate responsibility for my finances."

Please point out to me where 'some' should not in fact read 'all'.
 
2012-09-05 10:06:23 AM  
Every farking day some short term memory dumbass wants me to forget and forgive and feel sorry for some new person or group that made their own bed and ruthlessly rolled right over everybody in sight to further their own short sighted selfish ends.

Who else am I supposed to feel sorry for now?The rioteers in Vancouver?
 
2012-09-05 10:08:21 AM  

mattwakeman: "Some of this is my fault," Owens says, "because I had ultimate responsibility for my finances."

Please point out to me where 'some' should not in fact read 'all'.


Let's say I forgot to lock my door when I left for work, and came home to find out that my TV was stolen. Yes, I am the idiot that left the door unlocked, but that doesn't absolve the dickhead who stole my TV.
 
2012-09-05 10:16:59 AM  

mattwakeman: "Some of this is my fault," Owens says, "because I had ultimate responsibility for my finances."

Please point out to me where 'some' should not in fact read 'all'.


He should have mixed in a condom with all that sex he was having with different broads.

/or at least stuck it in their poopers
 
2012-09-05 10:19:17 AM  

mikaloyd: Every farking day some short term memory dumbass wants me to forget and forgive and feel sorry for some new person or group that made their own bed and ruthlessly rolled right over everybody in sight to further their own short sighted selfish ends.

Who else am I supposed to feel sorry for now?The rioteers in Vancouver?


Vancouver had riots?
 
2012-09-05 10:36:33 AM  
I'm so tired of this. These athletes get paid tens of millions of dollars. They live it up in the most irresponsible ways, they're salaries being subsidized by a legion of poor schmucks that have to manage much meager monies to afford overpriced tickets, seat licenses, etc. These players bang the hottest chicks, vacation in the best spots and drive cars that most of us never even know exist. They blow all their money and then want us to feel sorry for them. By banking even 25% of their earnings, in modest investments, they or their children would live in luxury the rest of their lives. (Well, provided that they don't father multiple children by multiple women.) These people are not victims. They're moronic, crybaby, a$$holes. You blew your money. You are no longer relevant. GO AWAY.
 
2012-09-05 10:36:53 AM  

mattwakeman: "Some of this is my fault," Owens says, "because I had ultimate responsibility for my finances."

Please point out to me where 'some' should not in fact read 'all'.


I don't like TO anymore than anyone else, but but that's no excuse for letting his adviser off the hook. During the financial meltdown, these types of advisers were pulling the same crap on ordinary people, saddling them with failing investments presented as opportunities to protect your money, and then invoking "sophisticated investor" to absolve themselves of responsibility when the investments went bad. Look up auction rate securities for a great example. It's easy to rag on TO, but the fact is that most people not trained in finance can't conceive of how you deal with that amount of money. On some level, you have to be able to trust the guys handling your money.
 
2012-09-05 10:39:34 AM  

thecpt: They should talk to whoever does financial advising for 50 cent and Dr. Dre. Yeah, hard to feel sorry for them.


Yeah, they believed the wrong people they should talk to people who have made money and kept it rather than listening to people who made a fortune off others efforts.
 
2012-09-05 10:40:40 AM  
Someone I know well served on a jury in a federal pyramid scheme trial that involved a lot of sports stars. The guy started via his church/beliefs, recruited retired stars with VERY BIG names to project an air of legitimacy for his investment firm, then started raking in the cash.

It also wasn't just sports stars. The parade of witnesses included retired old ladies who risked their comfortable pensions with the nice boy from their church, and ended up destitute.

They sent him away for 17 years.
 
2012-09-05 10:51:03 AM  

EngineerBoy: Someone I know well served on a jury in a federal pyramid scheme trial that involved a lot of sports stars. The guy started via his church/beliefs, recruited retired stars with VERY BIG names to project an air of legitimacy for his investment firm, then started raking in the cash.

It also wasn't just sports stars. The parade of witnesses included retired old ladies who risked their comfortable pensions with the nice boy from their church, and ended up destitute.

They sent him away for 17 years.


Started with members of his own faith and spread to major athletic figures, you say? Were Fred Wilpon and Sandy Koufax involved?

*clicks link*

No, but it's definitely a familiar pattern, isn't it?
 
2012-09-05 10:53:56 AM  
Gonna take a hell of a lot more than that, Subby
 
2012-09-05 10:54:12 AM  
A fool and his money .....
 
2012-09-05 10:56:26 AM  
Meh. Terrell was a dick. For years. Not funny, just a dick. And I remember him dropping more than catching, but I could just be hatin'.

But he would have more sympathy, and probably more friends, had he not been a dick. To everyone. All the time. For years.
 
2012-09-05 10:57:28 AM  

GacysBasement: These athletes get paid tens of millions of dollars.


Its not just athletes. People who win the lottery have a high percentage of bankruptcies too. Pretty much anyone is susceptible to losing money to bad investments. The way these financial advisers do it is the legal way, and even get nice referrals from agents. Pretty smart system.
 
2012-09-05 11:02:32 AM  
Adults are responsible for their own investments. That said, given the extremely widespread nature of the problem and the embarrassing PR nature of half your former stars being broke, it's in the NFL's (or the NFLPA's) best interests to make available some licensed firm for these guys who's stated goal is boring, safe, legitimate investment strategies involving sexy things like the total stock market index and some treasuries. Virtually every player in the league is under forty so they all have a 20-plus year horizon and thus it could even be a one size fits all option. Have the dumbasses put a quarter of their pay in this balanced fund that they can't touch until they're 59 1/2.

I know they won't do this. And I have little doubt there is already an advisory program, they just don't listen to the advice, which isn't shocking. Most 20-somethings in the world at large don't listen to financial advice either. But I think they should get more aggressive about it. It's a solvable problem to some extent. Oh, if an agent is referring to some scammer for a cutbcack, he should be in jail for fraud or at least blacklisted from the nfl.
 
2012-09-05 11:05:41 AM  

thecpt: The way these financial advisers do it is the legal way, and even get nice referrals from agents. Pretty smart system.


I'd say that the NFL at least take enough interest so this money they put out doesn't end up going down the drain, or worse, into bad things. How would everyone felt if Terrell's money ended up in foreign paramilitary hands instead?
Would you want to bet the farm that these NFL paydays haven't ended up in some bad places due to the actions of chucklehead athletes?
 
2012-09-05 11:06:49 AM  

born_yesterday: Meh. Terrell was a dick. For years. Not funny, just a dick. And I remember him dropping more than catching, but I could just be hatin'.


He certainly had his share of drops. But I assume he held on to a lot of them because he's second all-time in career receiving yards and the only other active guy in the top 20 is randy moss 1,000 yards behind him so he's gonna remain no worse than third for years at least.
 
2012-09-05 11:11:45 AM  

Kurmudgeon: thecpt: The way these financial advisers do it is the legal way, and even get nice referrals from agents. Pretty smart system.

I'd say that the NFL at least take enough interest so this money they put out doesn't end up going down the drain, or worse, into bad things. How would everyone felt if Terrell's money ended up in foreign paramilitary hands instead?
Would you want to bet the farm that these NFL paydays haven't ended up in some bad places due to the actions of chucklehead athletes?


I believe they do lecture all rookies about it. I'm not sure what the players union would stand for though. For some reason the union doesn't ask for things that you would assume would be in the players' best interest and makes it a point not to have those things.
 
2012-09-05 12:16:45 PM  
So Drew Rosenhaus is a white Don King -- that's smacktaculous!
 
2012-09-05 12:19:04 PM  
This is why schools should be allowed to say fark it and offer a future professional athlete major. Courses on money, a biology component on how performance enhancing drugs will fark you up, a neuroscience component to cover concussions, general sports fitness to cover safe weight training/aerobics/etc, a bit of contract law so you don't get farked on signing day and the like. Basically a bunch of 200/300 courses covering a broad spectrum of things. You also get into electives like how to run charities/fundraisers for your home town.

Design it so those who don't go pro have a foundation to go be an agent, position coach or on a masters in something specialized (like handling money for those who do go pro). Pro sports money is a field with a lot of money in it and right now it has a lot of scumbags in it. Train the players so you they can function in it. They'll still need to higher specialists likely, but if they have a basic concept of what the hell is going on they're less likely to get screwed.

Also if you're flexible with the requirements, it would work well. A player comes into college and picks up this major. After a couple years its becoming pretty clear he isn't going to be playing at the next level. So make it easy for him to say focus on biology and then go on to medical school or money and go on to business school, etc. Or even if he never sees the light and sticks with this major, maybe he can pick up a job doing the day to day paperwork of some pro player's charity.

Schools can stop dumbing department X and herd the less academically inclined athletes into this major. Odds are they're actually more likely to make an effort. I can understand why a guy who will go in the Top 5 as an outside WR doesn't give a shiat about 17th Century Italian History and would rather go increase his draft stock. Stick him in a course where the message is "You should learn this or you'll end up a medical basket case like the Fridge or screwed out of your 80 million like Owens" and he might actually give a shiat about learning the course material.

College athletics are awesome in that they many kids a shot to get out of some hellhole urban area and 4 years in a much safer environment, plus a future career. Lets just admit that we're letting in kids who couldn't get in on their academic chops because they'll make millions in sports revenues. Once we admit that, then we focus on giving athletes the means to transition into middle and upper class lifestyles. You're likely not going to take a kid from a shiat high school who is now spending 30+ hours a week working out for the football team and suddenly turn him into a neurosurgeon. In most chases it is a struggle for him to keep his head above water academically in a fairly easy major. You can however try to make him into someone who can handle his money, keep his lifestyle stable, and perhaps raise a kid who does end up as a neurosurgeon. If you do that with 85 scholarship athletes, that's 85 families you've removed from less advantaged areas and your school moved a lot of merchandise in the profit, everyone wins.
 
2012-09-05 12:33:19 PM  

born_yesterday: And I remember him dropping more than catching, but I could just be hatin'.


you are just hatin'. The guy is a legitimate first ballot hall of famer.
 
2012-09-05 12:51:18 PM  

GacysBasement: I'm so tired of this. These athletes get paid tens of millions of dollars. They live it up in the most irresponsible ways, they're salaries being subsidized by a legion of poor schmucks that have to manage much meager monies to afford overpriced tickets, seat licenses, etc. These players bang the hottest chicks, vacation in the best spots and drive cars that most of us never even know exist. They blow all their money and then want us to feel sorry for them. By banking even 25% of their earnings, in modest investments, they or their children would live in luxury the rest of their lives. (Well, provided that they don't father multiple children by multiple women.) These people are not victims. They're moronic, crybaby, a$$holes. You blew your money. You are no longer relevant. GO AWAY.


THIS, yes. But I still want to see Rubin and Rosenhaus pay the price as well.
 
2012-09-05 01:05:03 PM  

Optimus Primate: But I still want to see Rubin and Rosenhaus pay the price as well.


I'd like to see them forced to pay back a bunch of money, so I can watch TO go broke again.
 
2012-09-05 01:13:53 PM  
TO may be a dick, but the dude was taken advantage of. Yes it is very unfortunate for him and those who stole his money should be held responsible. I was hoping that TO would make the Seahawks this year though for the lulz
 
2012-09-05 01:35:20 PM  

GacysBasement: I'm so tired of this. These athletes get paid tens of millions of dollars. They live it up in the most irresponsible ways, they're salaries being subsidized by a legion of poor schmucks that have to manage much meager monies to afford overpriced tickets, seat licenses, etc. These players bang the hottest chicks, vacation in the best spots and drive cars that most of us never even know exist. They blow all their money and then want us to feel sorry for them. By banking even 25% of their earnings, in modest investments, they or their children would live in luxury the rest of their lives. (Well, provided that they don't father multiple children by multiple women.) These people are not victims. They're moronic, crybaby, a$$holes. You blew your money. You are no longer relevant. GO AWAY.


Um isn't that what they were attempting to do by hiring a financial adviser? They hired financial advisers that ripped them off.

How do you feel about Madoffs victims? Do you feel that they were idiots that deserved to be ripped off?
Because this is the same type of violation of trust just with a little different execution.
 
2012-09-05 02:06:51 PM  
I'm sure Yahoo wanted to interview Rosenhaus a little bit more, but he kept on saying "next question, next question, next question".
 
2012-09-05 02:10:27 PM  
Every entourage needs a "don't give your money to that guy" guy.

An old friend wants 2 mil to open up a pirate themed restaurant/bar? "Don't give your money to that guy."

A totally respectable looking investor with a good track record wants a few mil to invest in a can't miss stock? "Don't give your money to that guy."

Your high school coach is homeless on the street? "Don't give your money to that guy."

I really don't suggest a "fark you, got mine" philosophy for a lot of people, but that's what you need to have when you're getting tens of millions of dollars to throw/catch a ball or shove people around. You're lucky to be making so much money for such a negligible contribution to society. Ten million in checking is so much safer than ten million spread around to people who may or may not have a clue when it comes to running a business or investing.
 
2012-09-05 02:41:14 PM  

thecpt: GacysBasement: These athletes get paid tens of millions of dollars.

Its not just athletes. People who win the lottery have a high percentage of bankruptcies too. Pretty much anyone is susceptible to losing money to bad investments. The way these financial advisers do it is the legal way, and even get nice referrals from agents. Pretty smart system.


There's a lot of similarities between professional athletes and lottery winners. Many of them come from lower-income backgrounds, and they suddenly have a huge amount of money with no idea how to handle it, control their own spending, or protect themselves from the hordes of people who are trying to grab a slice of it any way they can. The result is sad, but utterly forseeable.
 
2012-09-05 03:19:57 PM  
I disagree completely with the author. If these guys start being smart with their money we won't get all of the wonderful schadenfreude they provide us. The best part is that unlike watching the games, that show is FREE.
 
2012-09-05 03:37:16 PM  

mikaloyd: Every farking day some short term memory dumbass wants me to forget and forgive and feel sorry for some new person or group that made their own bed and ruthlessly rolled right over everybody in sight to further their own short sighted selfish ends.

Who else am I supposed to feel sorry for now?The rioteers in Vancouver?


i.imgur.com
 
2012-09-05 03:44:20 PM  

ha-ha-guy: This is why schools should be allowed to say fark it and offer a future professional athlete major. Courses on money, a biology component on how performance enhancing drugs will fark you up, a neuroscience component to cover concussions, general sports fitness to cover safe weight training/aerobics/etc, a bit of contract law so you don't get farked on signing day and the like. Basically a bunch of 200/300 courses covering a broad spectrum of things. You also get into electives like how to run charities/fundraisers for your home town.

Design it so those who don't go pro have a foundation to go be an agent, position coach or on a masters in something specialized (like handling money for those who do go pro). Pro sports money is a field with a lot of money in it and right now it has a lot of scumbags in it. Train the players so you they can function in it. They'll still need to higher specialists likely, but if they have a basic concept of what the hell is going on they're less likely to get screwed.

Also if you're flexible with the requirements, it would work well. A player comes into college and picks up this major. After a couple years its becoming pretty clear he isn't going to be playing at the next level. So make it easy for him to say focus on biology and then go on to medical school or money and go on to business school, etc. Or even if he never sees the light and sticks with this major, maybe he can pick up a job doing the day to day paperwork of some pro player's charity.

Schools can stop dumbing department X and herd the less academically inclined athletes into this major. Odds are they're actually more likely to make an effort. I can understand why a guy who will go in the Top 5 as an outside WR doesn't give a shiat about 17th Century Italian History and would rather go increase his draft stock. Stick him in a course where the message is "You should learn this or you'll end up a medical basket case like the Fridge or screwed out of your 80 m ...


Screw college, Home Economics with an emphasis on future planning should be required for graduation at every High School in America. It's something useful outside of school and it can even be tested easily (unlike speech and debate which should also probably be required).
 
2012-09-05 05:34:49 PM  
spending your last 2 million on a bingo parlor?

listen, my cat was just telling me the other day the way you make money on bingo parlors is by renting out a decrepit community, preferably one that is close to condemnation, that is located in an awful neighborhoods so you have almost no overhead and your clientele can take the bus to your establishment.

if TO doesn't even have the basic common sense my cat was blessed with this outcome was fated and the moment of its arrival was purely an academic exercise in probability.
 
2012-09-05 07:54:53 PM  

relcec: spending your last 2 million on a bingo parlor?

listen, my cat was just telling me the other day the way you make money on bingo parlors is by renting out a decrepit community, preferably one that is close to condemnation, that is located in an awful neighborhoods so you have almost no overhead and your clientele can take the bus to your establishment.

if TO doesn't even have the basic common sense my cat was blessed with this outcome was fated and the moment of its arrival was purely an academic exercise in probability.


He didn't know that his money was going into a bingo parlor. The point is that he is claiming that he gave his money to his financial adviser to invest and the guy lied to him about where the money was going and ripped him off. This would be the same as if you put your money in XYZ mutual fund expecting them to do one thing and they bought a midget horse farm instead.
 
2012-09-06 12:05:49 PM  

ongbok: relcec: spending your last 2 million on a bingo parlor?

listen, my cat was just telling me the other day the way you make money on bingo parlors is by renting out a decrepit community, preferably one that is close to condemnation, that is located in an awful neighborhoods so you have almost no overhead and your clientele can take the bus to your establishment.

if TO doesn't even have the basic common sense my cat was blessed with this outcome was fated and the moment of its arrival was purely an academic exercise in probability.

He didn't know that his money was going into a bingo parlor. The point is that he is claiming that he gave his money to his financial adviser to invest and the guy lied to him about where the money was going and ripped him off. This would be the same as if you put your money in XYZ mutual fund expecting them to do one thing and they bought a midget horse farm instead.


sure he TO didn't know. we know this because he claims he didn't know and because he would have recognized that was a crappy idea and objected of course.
listen, my cat could talk TO into investing in a $2 million bingo parlor. that's why people go to TO when they need funds for ridiculous investments.

cat: listen TO, do you like bingo?
TO: hell yeah I like bingo.
cat: what don't you like about bingo?
TO: I like everything about bingo except when I don't win.
cat: no, the chance of losing creates the excitement TO. you like that. what you don't like is having to go to the east side and sit in a burnt down repurposed DFW with about sixty low income 70-year-olds.
cat: what I have to offer you today is the chance to revolutionize the bingo experience. it literally can't miss. all I need is $1.5 million.
TO: I'll write you a check for $2 million.
 
2012-09-07 10:07:55 AM  

Spike Lee's Favorite Farker: born_yesterday: And I remember him dropping more than catching, but I could just be hatin'.

you are just hatin'. The guy is a legitimate first ballot hall of famer.


He caught a lot of passes. He also dropped a lot. I know while in Dallas he lead the league in dropped passes, and was (at the same time) close to #1 in receiving. And he was still biatching and whining that he didn't get the ball enough.

The first round hall of fame thing won't happen for one simple reason. While he has the personal stats for that, he was bad for every team he was on. Every team he played with dumped him. Including an indoor league when he owned part of the team. I expect he'll end up in the HOF, but the damage he did to the teams he was on will probably keep him from making it in the first round.

He gets no sympathy from me. He made incredible amounts of money - not just from his football contracts, but also endorsement contracts. He blew that money as fast as he could, and he's an asshole. Fark him.
 
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