Ex-Redskins RB Clinton Portis was ready to commit murder until friend talked him out of it

[UserNameless]

Nah, breh. Keeping $123 million dollars in a savings account is hilariously stupid....

Mayweather been playin with millions for yeeeeeeeeeears, and still cakin.... you callin him stupid?


How much are you managing in your portfolio?

 

[MalikX]

rich don't maintain money. they grow money. rich becomes much richer. you never maintain your money.

it's retardedly easy to grow wealth when you have wealth. and 30 mil becomes 50 mil. 50 mil becomes 100 mil. very very easy. all you have to do is do what everybody else is doing. keep a damn conservative portfolio!!!!!!!

IT'S A FOOL PROOF YET THESE FOOLS NEVER LEARN.

from now on all athletes with big contracts should do what AI did just in case for future's sake. because these nikkas so damn reckless with their money.

Assuming alot of these athletes are like some people in here, too scared or too lazy to learn about money, that's probably how they end up losing it. I'mma keep it in a savings account and never invest. Yea right. The first slick talking cac that sweet talks them with a good cant lose investment and they gonna hand that bread right over. Would be straight easy pickings for any shady MBA type...when if you were proactive about learning how to handle your bread, you'd become savvy and learn to smell bullshyt a mile away. And if you still couldn't grasp it, throw it in an index fund and go play football. It's literally the safest thing you can do.

 

[MalikX]

Mayweather been playin with millions for yeeeeeeeeeears, and still cakin.... you callin him stupid?


How much are you managing in your portfolio?

He makes millions from boxing. Literally, a $100 million per fight. A 13 year old can figure out how to save some of that. He didn't make millions from managing money. FOH with that simpleton logic. Next you gonna say JR Smith is a financial wizard. If I need advice on how to get my defensive stance right, I'll holla at Mayweather. Other than that...nah. Anybody putting $100 million in a Wachovia Bank savings account is retarded. fukk out my quotes nikka.

 

[MalikX]

I understand the point you're attempting to make but for argument's sake Bernie Madoff stole billions from folks this way. If it was my bread, I'd just open my own accounts and keep someone on payroll to advise and research. Trades will ONLY be executed by myself

I'm talking about the big bulge bracket firms (Goldman, MS, JP, BOA, Citi). Nobody at Goldman Sachs is going to steal your money. They're not going to risk their brand reputation and trillion dollar deal flow to steal $10 million from an athlete. They're managing billion dollar clients. If they start stealing from sports athletes who basically are nothing in comparison to the money they're dealing with, it kills their integrity. Madoff Securities wasn't a huge company like Goldman or Citi. Just a guy running his own wealth management firm. But let's say you did invest with Madoff....shyt happens. But that's why you never park all your eggs in one basket. You gotta spread things around. Be careful. Have some things there, some things here, some things over there. I watched both Madoff movies and I hope some of that shyt was sensationalized because people were handing him their entire fortunes to invest.

 

[Big Boss]

http://es.pn/2si019J


Former Washington Redskins running back Clinton Portis contemplated killing one of his former managers after losing millions of dollars in various investments, helping to wipe out part of his NFL fortune.

In a story published by Sports Illustrated, Portis recounted a night four years ago in which he sat in a car outside a building, holding a gun and awaiting one of the managers he felt had ruined him financially. Portis had made $43.1 million in his nine-year NFL career, but most of it had either been spent or lost through investments or, as one lawsuit asserted, bank withdrawals without his consent.

Same ole story

 

[Donald J Trump]

I understand the point you're attempting to make but for argument's sake Bernie Madoff stole billions from folks this way. If it was my bread, I'd just open my own accounts and keep someone on payroll to advise and research. Trades will ONLY be executed by myself

Finally someone with the correct answer

Don't put all your money in bonds

 

[AceMan]

I know for a fact he spent around 1/5 of that money on women. Ninja used to throw away money like it was nothing on women in the D.C. Area. Even when he announced bankruptcy, he owed some random newscaster money.

2 bedroom apt though...

 

[<<TheStandard>>]

Nah, breh. Keeping $123 million dollars in a savings account is hilariously stupid. Not only is it a security risk in terms of having that much money in one account, a bank only secures up to $250K IIRC. And pays ridiculously low interest rates. So he's giving the bank $123 million dollars to loan out and he's getting in return an abysmal interest rate and imo, an uneasy feeling as commercial banks aren't set up to have that much cash from retail non-enterprise customers. This is why they have private wealth departments at Goldman Sachs, Merrill Lynch and JP Morgan. For people like Floyd. Just waltz your ass up to New York, demand to see the top portfolio manager at Goldman and let him manage your fund. Not some dinky shady ass guy you met at an NFL party. The guy whose already managing nine figures and servicing clients 10x richer than you. And if you scared of risk, have that manager park all your money into US bonds. That's about as safe as it gets and it pays better than a freaking savings account. If US bonds fail, than we all have bigger problems to worry about in that scenario, especially Floyd with all his money parked in a savings account in a bank in a country that just defaulted.

You have to invest your money otherwise it loses purchasing power over time. $1 million dollars used to have the purchasing power of $5 million dollars back in the 80s. In the next 40 years, $1 million dollars will have the purchasing power of $400,000. So instead of just picking up a book (or 30 books) and educating yourself on money, you'll just be cool with your money dwindling in value over time? That's silly. Just pick up a damn book and learn. There's so many SAFE things you can do with your money that doesnt involve trying to play Wall Street. You can just park it in an index/mutual fund (put it in Vanguard) or buy treasury bonds. So now you're earning a safe 5% or more instead of nothing in a savings account. These players losing their money aren't doing that. They're being manipulated by shady investors who're promising them 20% returns, investing in the next "Facebook" or a new property development that's going to make tons of money. And I doubt they got fleeced by a money manager from Goldman Sachs because people managing billions of dollars don't have time to steal from athletes with $50 million. They got fleeced by some shady ass cac like Andy Garcia off Ballers who promised them crazy deals they should have known were too good to be true. You basically saying not to learn how to have basic financial literacy because other people made stupid decisions with their money. That's like not learning to drive because your friends drove drunk and died in a car crash.

You don't have to explain inflation and why one should go to Goldman Sachs, Merrill Lynch or JP Morgan to me....I'm aware of all of this.

What you said is certainly what I would do.......but your average NFL player or boxer isn't the sharpest knife......If putting their money in a savings account helps them keep their wealth (even with the purchasing power dwindling due to inflation) as opposed to having someone else look over it, then who am I to knock it? I don't personally have 123 million to put into "One Account" nor do I have 50 million. I think you're coming in unaware of how little the average NFL player knows outside of their actual sport......and unaware that the knowledge that you have that's common sense isn't common for these athletes.

Also do we know if their agents aren't the ones hooking these athletes up with these shady characters?


But yes, you're right.......

 

[<<TheStandard>>]

Mayweather been playin with millions for yeeeeeeeeeears, and still cakin.... you callin him stupid?


How much are you managing in your portfolio?

Don't get it twisted, Mayweather has been conned out of millions too


@MalikX is right

Assuming alot of these athletes are like some people in here, too scared or too lazy to learn about money, that's probably how they end up losing it. I'mma keep it in a savings account and never invest. Yea right. The first slick talking cac that sweet talks them with a good cant lose investment and they gonna hand that bread right over. Would be straight easy pickings for any shady MBA type...when if you were proactive about learning how to handle your bread, you'd become savvy and learn to smell bullshyt a mile away. And if you still couldn't grasp it, throw it in an index fund and go play football. It's literally the safest thing you can do.

The worst of his problems came in 2008 when Mayweather faced a series of financial disasters.

That same year the sportsman publicly announced his retirement from boxing - only to be sensationally duped by a conman called 'Three comma Joe' in an elaborate scam.

The alleged fraudster convinced Mayweather to hand over a staggering $15million to him for a get quick rich scheme.

Mayweather was told it would make him a $5 billion return. Unsurprisingly the man ran off with his cash.

Weeks later burglars robbed his luxury mansion in Vegas stealing an estimated $7million in jewelry alone.

The IRS were also chasing him for an unpaid $6.2 million tax bill.

Tasha said: 'It was a tough time for Floyd. The biggest blow was being scammed out of $15million.



'Floyd met with a group of middle-men who introduced him to a guy called Three Comma Joe.

'He was impressed by Joe, he came in with the flossy blonde girl, he wore a nice big icy watch, he had the flash and Floyd was like, 'that's my kind of guy'.

'After the deal was done they shook hands and began to hang out a lot, they were inseparable.

'Floyd wired $15million to a Canadian bank account and he was told to see a return very soon.

'But eventually Joe left Vegas and stopped returning phone calls, and the money train came to an abrupt halt. Nobody could find Joe, and no one could find Floyd's money.

'Not the $15 million Floyd originally invested, and definitely not the $5 billion he was promised to make in return. Life in the Mayweather camp got really nasty for everybody.'

Tasha tells how furious Mayweather hired a team of private investigators to look for Three Comma Joe.

And she says at one point he took her, his girlfriend and two burly security men on a failed mission to retrieve his missing cash from Joe's attorney's office in Vancouver.

By the time she stopped working for him, Mayweather had not seen a cent of the $15million.

Around the same time, in August 2008 Mayweather's home was robbed and the thieves stole $7 million in jewelry.

The series of events deeply affected Mayweather – voted the world's highest-paid athlete for 2011, 2012 and 2013 by Forbes - and he was forced to come out of retirement to 'maintain the lifestyle he had', says Tasha.



Read more: Bizarre world of Floyd Mayweather, by his right hand woman | Daily Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook

 

[MalikX]

You don't have to explain inflation and why one should go to Goldman Sachs, Merrill Lynch or JP Morgan to me....I'm aware of all of this.

What you said is certainly what I would do.......but your average NFL player or boxer isn't the sharpest knife......If putting their money in a savings account helps them keep their wealth (even with the purchasing power dwindling due to inflation) as opposed to having someone else look over it, then who am I to knock it? I don't personally have 123 million to put into "One Account" nor do I have 50 million. I think you're coming in unaware of how little the average NFL player knows outside of their actual sport......and unaware that the knowledge that you have that's common sense isn't common for these athletes.

Also do we know if their agents aren't the ones hooking these athletes up with these shady characters?


But yes, you're right.......

I guess it just makes me frustrated because these guys keep getting manipulated. And the only way they gonna fix that is by becoming knowledgeable about their finances. That's the tradeoff of having a job that pays you millions every year. People who work in the financial world for a living are going to see you as a mark. They can say they'll never invest and keep it all tucked away in a savings account but, somebody will eventually convince them to part ways with their money and at that point it would have been beneficial for them to have had years of experience to make them more savvy. Understanding how to manage and grow this large sum of money they have is the only way they're going to protect themselves. You see athletes start taking steps to do that AFTER they've been ripped off once or twice (if they luckily still have money left) but, they could have just did that before and would have been maybe savvy enough to avoid some of that. It sucks they have all this money and they don't know what to do with it but, they HAVE to learn otherwise they're like a kid with a blank check and they're hoping the professional types they meet are honest enough not to play them.

 

[Leonard Washington]

He got rain made




When he found out this is what really happened

Spoiler

I had the face the first time I saw this scene

 

[MalikX]

Three Comma Joe

Giving a cac named Three Comma Joe $15 million dollars

Believing $15 million will turn into $5 billion dollars

I can see this cac now with his off the rack chopper suit and a bad greasy comb over telling Floyd about the can't miss opportunity Thank God Floyd is so in-demand that he can clear $50 million a fight.

 

[MikelArteta]

Or you can invest in real estate in certain cities or art.

A Andy Warhol, Michael Angelo, da Vinci , Picasso etc. Will always hold value

I'd rather buy a painting for like 20 mill and let it sit in a art museum and when I need the money sell for like 30 mill

Nah, breh. Keeping $123 million dollars in a savings account is hilariously stupid. Not only is it a security risk in terms of having that much money in one account, a bank only secures up to $250K IIRC. And pays ridiculously low interest rates. So he's giving the bank $123 million dollars to loan out and he's getting in return an abysmal interest rate and imo, an uneasy feeling as commercial banks aren't set up to have that much cash from retail non-enterprise customers. This is why they have private wealth departments at Goldman Sachs, Merrill Lynch and JP Morgan. For people like Floyd. Just waltz your ass up to New York, demand to see the top portfolio manager at Goldman and let him manage your fund. Not some dinky shady ass guy you met at an NFL party. The guy whose already managing nine figures and servicing clients 10x richer than you. And if you scared of risk, have that manager park all your money into US bonds. That's about as safe as it gets and it pays better than a freaking savings account. If US bonds fail, than we all have bigger problems to worry about in that scenario, especially Floyd with all his money parked in a savings account in a bank in a country that just defaulted.

You have to invest your money otherwise it loses purchasing power over time. $1 million dollars used to have the purchasing power of $5 million dollars back in the 80s. In the next 40 years, $1 million dollars will have the purchasing power of $400,000. So instead of just picking up a book (or 30 books) and educating yourself on money, you'll just be cool with your money dwindling in value over time? That's silly. Just pick up a damn book and learn. There's so many SAFE things you can do with your money that doesnt involve trying to play Wall Street. You can just park it in an index/mutual fund (put it in Vanguard) or buy treasury bonds. So now you're earning a safe 5% or more instead of nothing in a savings account. These players losing their money aren't doing that. They're being manipulated by shady investors who're promising them 20% returns, investing in the next "Facebook" or a new property development that's going to make tons of money. And I doubt they got fleeced by a money manager from Goldman Sachs because people managing billions of dollars don't have time to steal from athletes with $50 million. They got fleeced by some shady ass cac like Andy Garcia off Ballers who promised them crazy deals they should have known were too good to be true. You basically saying not to learn how to have basic financial literacy because other people made stupid decisions with their money. That's like not learning to drive because your friends drove drunk and died in a car crash.

 

[MalikX]

Or you can invest in real estate in certain cities or art.

A Andy Warhol, Michael Angelo, da Vinci , Picasso etc. Will always hold value

I'd rather buy a painting for like 20 mill and let it sit in a art museum and when I need the money sell for like 30 mill

They should take maybe 50 grand...you know the money they was going to stunt in the club with and start investing with that. A small amount of money to get their feet wet and learn how to invest. Then when they get comfortable and more knowledgeable, increase the amount.

First thing I'd do is go lock up a huge amount in a trust that you can't touch until a certain period. That way regardless of what happens, you're safe. From your own foolishness.

Second, I'd buy real estate, gold and silver. US bonds & British bonds. Keep some in cash. Some in blue chip stocks that arent going anywhere. And a large amount in an index or mutual fund. All of that would make me feel safe. Third, then with a small portion, I would go crazy in tech stocks and directly investing in tech companies. Floyd gave that cac $15 million dollars. Had he given $100,000 to 150 different tech companies at least 1-3 of those companies would have become a billion dollar one.

 

[Big Boss]

According to a series of lawsuits filed by Portis between 2011 and ’13, Rubin and his associates first persuaded the running back to sink $1 million into a southern Alabama casino. In ’12, local authorities shut down that casino’s lifeblood, a digital bingo operation, after it ran afoul of state regulations.


One suit also alleges that Rubin’s company opened an account for Portis at BB&T BankAtlantic using a forged signature card that gave power of attorney to some of Rubin’s employees. Rubin’s firm, Portis says, made withdrawals without his knowledge, bleeding more than $3.1 million from his account, some of it funneled to the casino project. (Rubin’s lawyer did not respond to requests for comment on this story.)


Simultaneously, Brahmbhatt steered Portis and other NFL players to invest with Success Trade Securities, overseen by his former Stratton Oakmont colleague Fuad Ahmed, whose Ponzi scheme would unravel in 2013. Nearly $14 million of those investments vanished.


Portis won’t reveal exactly how much he lost through these alleged misdeeds, but among the assets in his 2015 bankruptcy filings he included a $1 million note from Ahmed’s firm as well as “potential” claims of $2 million and $8 million against Brahmbhatt’s and Rubin’s firms, respectively.




Clinton Portis's public bankruptcy, private fury