Thursday, February 14, 2013

Vince Young: Bernie Madoff Victim?

News came out this week that between jobs QB Vince Young may be the victim of some elaborate ponzi scheme. Apparently Vince took out a $1.7 million loan at a very reasonable 20 percent--reasonable, that is, in a parallel world where the global economy has collapsed, currency has lost all value and meaning, humans have regressed to a pre-agrarian nomadic state and all debts and obligations are predicated on physical size and violence--to fund among other things a $300,000 birthday party.

As Vince is now largely sans money, some Madoffian schemer must have duped the QB out of the non-birthday $1.4 million, whose financial acumen is otherwise quite astute . . . well, except for this minor excerpt from testimony on Vince's failure to meet other financial obligations, "'It's almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money.'' 

Yes--being able to manage a $30K a month budget is admirable Vince, but it is also critical that you appreciate the fact that debtors for major acquisitions, like luxury Italian sports cars, expect repayment for their goods. In other words, the fact that you were able to live modestly at $30K a month doesn't mean you are rewarded with being able to forgo responsibilities from other major purchases.

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