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Lets all say a prayer for Jose...
Old 05-02-2008, 08:30 AM   #1
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Lets all say a prayer for Jose...

Former baseball star Jose Canseco has Calif. home foreclosed - Yahoo! News

"You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let's assume it is $35 million.' People have to understand that $35 million, you're paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you're taking care of your whole family."

Maybe we can all take up a collection.
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Old 05-02-2008, 08:51 AM   #2
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Wow.
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Old 05-02-2008, 08:58 AM   #3
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and maybe, if you are making , let's say $35 million, your family is way bigger than we can imagine. (Cat juggling! I have heard of this ugliness!)
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Old 05-02-2008, 09:04 AM   #4
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I remember Terrell Owens making the same complaint a few years ago when he was with the Eagles about how he couldnt feed his family on the measly $40 million he was getting.

I'm simply dripping with sympathy.
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Old 05-02-2008, 09:06 AM   #5
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I also heard someone like that complain about the January paycheck, because it was so much lower with FICA being taken out.
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Old 05-02-2008, 09:09 AM   #6
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$17 million just ain't what it used to be!
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Old 05-02-2008, 10:24 AM   #7
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I have a tear, right...uh, where did it go?
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Old 05-02-2008, 10:26 AM   #8
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I read an article were Tori Speling was upset because her father only left her $800,000 . She thought it was an insult .
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Old 05-02-2008, 10:32 AM   #9
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but let's not forget that he likely had a highly paid financial advisor, or team of advisors, as do most of those high earners ... no doubt worth every penny of their fees. (is it a problem of feeding the family, or feeding the advisors?)
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Old 05-02-2008, 10:46 AM   #10
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It sounds like he had probably leveraged the house so there was no equity. It probably lost 1/2 million or a million in value, and he decided he could save himself a quick .5 to 1 million by walking away. Doesn't California have that wacky consumer friendly law where the creditor can't seek a deficiency judgment against a debtor for mortgage debts secured by a principal residence after the foreclosure sale doesn't fully satisfy the outstanding debt? And thank goodness we have that new fed tax law that allows one to not realize discharged home loan debt as income. I'm glad we are protecting these multi-millionaire athletes from the long arm of the tax man.

It's a great state of affairs where one can buy a house and pay tons of interest, most or all of which is tax deductible. Then sell it and have most or all of the gains be tax free. Or if you sell at a loss, you don't have to pay back what you borrowed to buy it. And they don't even treat the amount of debt discharged as income!
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Old 05-02-2008, 10:51 AM   #11
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You guys are sooooo mean and unsympathetic. Why, the pharmaceutical costs alone are probably enormous!
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Old 05-02-2008, 10:55 AM   #12
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Maybe he can write a book to talk about steroids in baseball..
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Old 05-02-2008, 10:56 AM   #13
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It is such a cruel, cruel world out there. And now, food and gas prices are rising, too. Poor Jose.

He had to try to survive on more money than about 6.99billion of the other inhabitants of the earth.
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Old 05-02-2008, 11:58 AM   #14
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I've fallen into a state of depression over the matter.

Fortunately I have enough cooked dry cure thick cut bacon in the fridge to make a nice BLT wrap. That oughta pull me out of it.

In fact, I think I have enough to make two. I'll send one to Jose.
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Old 05-02-2008, 12:01 PM   #15
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Originally Posted by cute fuzzy bunny View Post
I've fallen into a state of depression over the matter.

Fortunately I have enough cooked dry cure thick cut bacon in the fridge to make a nice BLT wrap. That oughta pull me out of it.

In fact, I think I have enough to make two. I'll send one to Jose.
The ultimate sacrifice. You are a dear one, Bunny.
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Old 05-02-2008, 12:08 PM   #16
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I try.

In fact, as soon as Jose obtains a permanent mailing address, I say we all pull together and start mailing him random sandwiches.

Hey, wouldnt that make a nice bumper sticker? "Practice random sandwiches and senseless acts of cured meat infused alcohol"

We'd all need to buy hummers to have that much bumper space, but it'd be worth it. We could change the world.

No more would our sports heroes have to walk away from the homes they scrimped and saved and worked so hard to buy.
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Old 05-02-2008, 12:25 PM   #17
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Originally Posted by cute fuzzy bunny View Post
Former baseball star Jose Canseco has Calif. home foreclosed - Yahoo! News

"You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, `OK, let's assume it is $35 million.' People have to understand that $35 million, you're paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you're taking care of your whole family."

Maybe we can all take up a collection.
According to baseball-reference.com, Canseco made $45M in salary alone in his playing days. Plus whatever endorsements, book deals, autograph shows, etc. Not that he claimed it was $35M, but that's what he implies.

And his math is a bit off -- 59% of $35M is over $20M. I guess it can be hard to do math in your head with a needle in your butt.

It doesn't sound like he can't make the payments, he is just choosing not to, because it doesn't make sense for him since he has negative equity on it. Well, it's not like anyone should be surprised that Canseco is a slimeball.
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Old 05-02-2008, 12:31 PM   #18
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According to baseball-reference.com, Canseco made $45M in salary alone in his playing days. Plus whatever endorsements, book deals, autograph shows, etc. Not that he claimed it was $35M, but that's what he implies.

And his math is a bit off -- 59% of $35M is over $20M. I guess it can be hard to do math in your head with a needle in your butt.

It doesn't sound like he can't make the payments, he is just choosing not to, because it doesn't make sense for him since he has negative equity on it. Well, it's not like anyone should be surprised that Canseco is a slimeball.
Most athletes are very bad with money. A fair number of them use whatever guy their agent uses, and most of those guys are yutzes themselves.........
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Old 05-02-2008, 12:32 PM   #19
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Well, it's not like anyone should be surprised that Canseco is a slimeball.
I think he's making the same "prudent" financial decision that thousands of other Californians are making. Prudent, that is, based on a purely financial decision that is completely allowed/encouraged by California state consumer protection laws and recently enacted federal tax laws.

But he's still probably a slimeball.
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Old 05-02-2008, 12:37 PM   #20
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The photos of the house don't make it look very attractive. It looks as though it's about 6 feet from the street, and sort of odd dull California casua-victoriany style.
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