Ed McMahon in forclosure

samclem said:
Well, he'd still have a broken neck. But, your point is well taken.
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Eh, he could have done a couple of cheap commercials for personal injury lawyers and that'd have made more than enough to keep the lights on and pay for some hamburger helper.
 
I don't think anyone can approach Mickey Rooney in the race for most pathetic case. The last commercial I saw him in he didn't say a thing, they just said "Isn't that right, Mickey?" He nodded, vacantly I guess paying alimony to every actress in Hollywood and the mileage those marriages put on him have taken their toll.
But, it was probably fun while it lasted.
 
Boy, what an idiot Ed McMahon is! Just look at the moronic answers he gave in this interview transcript. Um, yeah.

http://www.cnn.com/2008/SHOWBIZ/TV/06/06/lkl.mcmahon/index.html

Here's a highlight:
King: And the payments, you can't make -- what's the problem?
Ed McMahon: Well, if you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen. You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together.


Right, so you squandered all your money and this is all you have to say for yourself? Wife not much better:

Pam McMahon: I think over the years, you know, it's just a kind of a combination of maybe Ed working so hard and not kind of looking at proper management, which happens a lot. ... Because you're a celebrity, people think you have a lot more than you have. And you always want to take great care of all of your friends and your family and everybody, and you do. And you don't, and I think, you know, we didn't keep our eye on the ball.
 
And because of that interview on Larry King Live last night, people in this country with no brains will send him money to bail him out. Why else would he make his financial business public and then go on an interview show?

He has made millions over the years and threw it all away. Do I feel sorry for them? I think not!
 
Article in today's WSJ said that up to 60% of pro athletes eventually file for bankruptcy. Reasons are that they aren't equipped with knowledge to handle the money, they live it up, they feel obligated to help their family, friends, etc, and they feel pressure to compete with their athlete peers in lifestyle. So when the income goes down their expensive lifestyle depletes their money rapidly.


I'll add another politically incorrect speculation. Business people who get rich probably have a much better chance of knowing enough to make smarter financial decisions. But your average athlete, rock star, or actor/actress - how bright are they? I know we've all seen the kids in school that couldn't do math to save themselves and struggled with grades, yet sometimes they had a real gift of athleticism, or performing ability, etc. Those people turn into some of the superstars but they are not bright and/or educated enough to handle the big money.
 
Want2retire said:
What a dreadful life. First his ear was bit off by Tyson, and then his mansion gets foreclosed upon. So now he is just a has-been with no ear and no home. How the mighty have fallen!
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Hilarious!


I agree with Worried in FL.

I know quite a few people who have done hard labor all their lives and saved and had maybe 1-5000th of what ED does...no one should be bailing him out. It's not like what he did was hard labor either!!

I remember Evander saying how he had the lord to thank for winning his boxing matches. I and was thinking yeah I'm sure the lord was helping you beat some other human unconscious so you can get 30 million!

If anyone does have enough money to give to one of these guys I hope they have a change of heart and buy some poor guy or girl living under a bridge something to eat.

Jim
 
Surfdaddy said:
Article in today's WSJ said that up to 60% of pro athletes eventually file for bankruptcy. Reasons are that they aren't equipped with knowledge to handle the money, they live it up, they feel obligated to help their family, friends, etc, and they feel pressure to compete with their athlete peers in lifestyle. So when the income goes down their expensive lifestyle depletes their money rapidly.


I'll add another politically incorrect speculation. Business people who get rich probably have a much better chance of knowing enough to make smarter financial decisions. But your average athlete, rock star, or actor/actress - how bright are they? I know we've all seen the kids in school that couldn't do math to save themselves and struggled with grades, yet sometimes they had a real gift of athleticism, or performing ability, etc. Those people turn into some of the superstars but they are not bright and/or educated enough to handle the big money.
Click to expand...

Another thing is that in sports or entertainment, most people hit it big while they are quite young and simply have no experience to draw on; and they tend to attract people who want to fleece them. A lot of people have been ripped off by their managers/relatives.
 
Khan said:
Another thing is that in sports or entertainment, most people hit it big while they are quite young and simply have no experience to draw on; and they tend to attract people who want to fleece them. A lot of people have been ripped off by their managers/relatives.
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It's such a jungle out there. Anyone who isn't on their toes is going to get fleeced by somebody like that. What is really shameful is the number of jerks who try to (and often do) rip off the life savings of the elderly. And they don't even have millions, usually. Imagine the scum that multimillionaires with no financial acumen must attract.
 
cute fuzzy bunny said:
Maybe someone was giving him good advice on how to avoid bankruptcy, but he didnt hear them...

oh, just shoot me now.
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BOOM!!! Glad to oblige. ;)

Holyfield was such a fantastic boxer. Every muscle seemed to be optimized, and I loved watching him box. Now he's just another earless, homeless, old fart. Guess that's what happens if you don't read off the diehards book list!

(Re-reading "All About Asset Allocation" by R. Ferri this week... good stuff!!)
 
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It's understandable I suppose to see someone in their 20's do something that stupid, they think the ride will never end. By mid 30's he should have seen it coming. I wonder if it's just the personality type that is so optimistic that they just can't conceive of things going wrong.
 
cute fuzzy bunny said:
Maybe someone was giving him good advice on how to avoid bankruptcy, but he didnt hear them...

oh, just shoot me now.
Click to expand...


BANG!!!


DANG.... I was all ready to pull out one of those 'gun' emoticom and shoot the bunny... but we don't have them here and I am not willing to go search for one... so you got this crap above... :(


Edit to add after reading more posts....
DANG..... I am TOO LATE... HE WAS SHOT BEFORE ME!!!! I am shooting a dead bunny :)
 
Texas Proud said:
BANG!!!


DANG.... I was all ready to pull out one of those 'gun' emoticom and shoot the bunny... but we don't have them here and I am not willing to go search for one... so you got this crap above... :(


Edit to add after reading more posts....
DANG..... I am TOO LATE... HE WAS SHOT BEFORE ME!!!! I am shooting a dead bunny :)
Click to expand...
That's OK. Since mine was a BOOM!!! I probably just blew him up with a cherry bomb, stunning him temporarily until you arrived with your gun. :D
 
Wow! Ed cannot list FIRE among his acomplishments !

"If you spend more money than you make, you know what happens," McMahon said Thursday night on CNN's "Larry King Live." "You know, a couple of divorces thrown in, a few things like that. And, you know, things happen."
McMahon, 85, appeared with his wife, Pamela. The couple said they are $644,000 behind on their mortgage payments and are in negotiations with lender Countrywide Home Loans Inc. to set a foreclosure date.
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Ed McMahon talks about possible home foreclosure: Financial News - Yahoo! Finance
 
We are not talking brain surgery here.

If you make $200 million or so during your career, don't you want to say to yourself during that career, "Hmmm, maybe I should put $5 million in a money market account or tax-free muni as my emergency money in case the well dries up some day."

Even a measly 3% now would give you a guaranteed $150K a year to live on.

Just goes to show you that in the case of people like Mike Tyson, Holyfield, Ed McMahon, Gary Coleman, Bobbey Brown, Whitney Houston, and Lindsay Lohan, "a fool and his/her money are soon parted."
 
Maybe he could knock on his own door, and announce that he was the winner of the Publisher's Clearinghouse Sweepstakes...
 
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Hey HFWR...is the edit reason 'speling' a second part of the humor or just a bit of accidental irony? ;)


I think he ran out of money because he paid out of his own pocket to have all those huge checks made. He probably had to buy 900 ink jet cartridges to get those done.
 
Humor, Pt 2...

Actually, my typing is more to blame for my spelling errors than my spelling ability...
 
I wonder if this is all a political puffery rather than just saying:
"Hey it is a non-recourse state, and dumping it on Countrywide is a good financial decision to further improve my net worth!"... Ed

In April 2002, McMahon sued his insurance company, insurance adjusters, and several environmental cleanup contractors over breach of contract related to negligence in cleaning up water damage after a broken water pipe was repaired in his Beverly Hills, California house. The lawsuit alleged that moisture from the pipe break caused toxic mold to spread, sickened his wife, Pamela, and members of the household staff, killed the family dog, Muffin, and ruined his priceless memorabilia collection. The case was reported to have been settled out of court for US$7.2 million.
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It is amazing that after a life of high yearly income Ed has to be a pimp at 85 years of age, and still he can't pay his bills. I suppose it doesn't bother him because there are so many other so called "celebrities" that have lowered themselves to being little more than pimps after their careers have ended or on the down-slide.
 
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