Sad Story About Jack Johnson's Financial Situation

[Cobiemonster]

Blind-sided: Blue Jackets? Jack Johnson is bankrupt; who led him there is biggest shocker | BlueJackets Xtra

Absolutely sad

This is why parents and family members need to stay away from things like this

 

[awaz]

Wow.

That's all I can really say to that. Just, wow.

 

[Darkstone42]

This is an excellent tutorial on how to not parent.

 

[Jared]

That's depressing.

 

[Bloody Brian Burke]

involves a U.S. congressman from Iowa, the son of an oil baron in Texas and a former University of Michigan basketball star.

Da fuq?

 

[Bloody Brian Burke]

Seriously, parents like this should be hanged like cattle. Fuck that.

 

[elocomotive]

That is just awful of his parents and also reflective of some of the terrible predatory lending that is allowed to happen in this country, but I really don't understand how you can be that unaware of your own finances.

These guys have the whole summer off. They have FAR more free time than you or I. Pick up a Finance for Dummies book or something.

 

[Nasty_Magician]

Blind-sided: Blue Jackets? Jack Johnson is bankrupt; who led him there is biggest shocker | BlueJackets Xtra

Absolutely sad

This is why parents and family members need to stay away from things like this

I used to work in personal finance for musicians and family and friends were far and away the worst people we had to deal with. Usually it wasn't malicious, they're not actively trying to rob them but these are the people they trust the most, these are their cheerleaders and yes men that tell them they can do no wrong. It's a very thin line to walk trying to convince your client to push back against the people they trust the most. It happens all of the time. If you are in a position to make a whole lot of money you 100% need to find a financial advisor and lawyer that you can trust.

 

[elocomotive]

I used to work in personal finance for musicians and family and friends were far and away the worst people we had to deal with. Usually it wasn't malicious, they're not actively trying to rob them but these are the people they trust the most, these are their cheerleaders and yes men that tell them they can do no wrong. It's a very thin line to walk trying to convince your client to push back against the people they trust the most. It happens all of the time. If you are in a position to make a whole lot of money you 100% need to find a financial advisor and lawyer that you can trust.

PM me if you can (1) use Western Union and (2) are interested in some ris... err, experimental restaurant investment opportunities.

 

[Comeds]

That is just awful of his parents and also reflective of some of the terrible predatory lending that is allowed to happen in this country, but I really don't understand how you can be that unaware of your own finances.

These guys have the whole summer off. They have FAR more free time than you or I. Pick up a Finance for Dummies book or something.

Do you know how expensive those books can be?

 

[dash]

 

[forty_three]

That is just awful of his parents and also reflective of some of the terrible predatory lending that is allowed to happen in this country, but I really don't understand how you can be that unaware of your own finances.

These guys have the whole summer off. They have FAR more free time than you or I. Pick up a Finance for Dummies book or something.

I don't think Jack is what you would call the sharpest knife in the drawer, and combined with the fact that he probably felt he had no reason believe the people he trusted would do this to him I can see how it got away from him.

Because unfortunately I see it a lot myself. Doing investigations for a bank I see a lot of cases where some family member is quietly draining the accounts of a parent or elderly or sick relative. It's heartbreaking. And after it's over, it's easy to say "How did they not see it?".

Just a terrible situation all around. I don't know how you focus on doing your job, especially one in the spotlight like his while this is going on. He apparently discovered it all last year during the stretch run...

 

[davnlaguna]

In 2009, I remember Jack sr would watch every practice in LA. I thought it odd because no other player had a parent there all the time. The one time I spoke with Jack Sr, I remember thinkIng he is living the good life off his son. He talked about trips and golf and buying a house. Don't get me wrong he also talked about his son working on his game, trying out different sticks and blades and friendship with Sidney ( both were on IR at the time we talked) and other stuff.
I didnt think about it being this bad. I just thought they had hit the Jack-pot

 

[mattola]

Awful

 

[jstewismybastardson]

Im surprised it doesnt happen more often especially with guys who played junior and have had everything done for them their entire life

learning hockey and thats about it during their teen years

i can remember a Ferraro anecdote about upon retiring (and divorce) he personally didnt even know how to go about booking a flight with an airline

 

[dash]

I found this part of the article interesting...

In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.

With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.

As we know, the summer of 2008 is when the financial crisis really hit home (even though it had been brewing for quite some time before that). This is not to excuse Johnson's folks in any way, but perhaps they were hit hard by the financial downturn and looked to their son for help. Any son making good money would definitely be looking to help out his folks, but it appears it turned out quite ugly for all concerned.

 

[Oldtom]

Seriously, parents like this should be hanged like cattle. Fuck that.

Not a heck of alot different from what the government does to all of us - we"re lucky if we get one dollar of asset value ( or cost recovery) for every 10 dollars of money taken for taxes ( which by the by has now exceeded 54 cents for every dollar earned by non-corporate citizens, when considering all of the present forms of taxation). The Federal Government has spent Can $600 million on advertising, and another $600 M on EXTRA lawyers fees ( over and above the 2500+ lawyers that are employed by them fulltime) throughout its eight and half year tenure. Parliament, the Senate, AND the Governor General's Office EACH carry budgets exceeding $500 M annually. Do we really need to spend an EXTRA billion dollars a year, when we could probably get the Queen's personal secretary to rubber stamp rail-roaded legislation into Law for next to nothing?

 

[Inimical]

Would rather be broke than have parents like these. How could you ever get over that? Anyway. Buy a jack Johnson jersey.

 

[Bloody Brian Burke]

Not a heck of alot different from what the government does to all of us - we"re lucky if we get one dollar of asset value ( or cost recovery) for every 10 dollars of money taken for taxes ( which by the by has now exceeded 54 cents for every dollar earned by non-corporate citizens, when considering all of the present forms of taxation). The Federal Government has spent Can $600 million on advertising, and another $600 M on EXTRA lawyers fees ( over and above the 2500+ lawyers that are employed by them fulltime) throughout its eight and half year tenure. Parliament, the Senate, AND the Governor General's Office EACH carry budgets exceeding $500 M annually. Do we really need to spend an EXTRA billion dollars a year, when we could probably get the Queen's personal secretary to rubber stamp rail-roaded legislation into Law for next to nothing?

I've been an advocate of installing a dictator for years. Democracy has failed.

 

[forty_three]

I found this part of the article interesting...

In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews.

With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.

As we know, the summer of 2008 is when the financial crisis really hit home (even though it had been brewing for quite some time before that). This is not to excuse Johnson's folks in any way, but perhaps they were hit hard by the financial downturn and looked to their son for help. Any son making good money would definitely be looking to help out his folks, but it appears it turned out quite ugly for all concerned.

Yeah, that part kind of stuck out to me too. But my mind went immediately to whether or not his parents scammed him into believing the agent was less than honest so they could get their hands on more with less interference...

I see a lot of people (elsewhere on teh webz) commenting on his Ferrari and how owning one shows irresponsibility. It seems he bought it, in cash, with his signing bonus. His one splurge as a reward for making the show. Not sure anyone else wouldn't.

Side note:

He used it to deliver season tickets this year.

And I may have seen that car around. Hard to miss.