CRAZY_4_NAZZY Posted November 20, 2014 Share Posted November 20, 2014 How can he be responsible for money someone else borrowed? It makes no sense, doesn't he have to sign something at the very least. Can I go to the bank and get a loan on Bill Gates' future earnings? If the answer is yes everyone should meet me at the bank! We'll go for lattes after and everyone gets a new car! I read an article saying when he was traded from Carolina to LA he parted ways with his first agent, thus he left his parents to deal with his finances and contracts and etc. Thus I guess he gave them full access to his finances Link to comment Share on other sites More sharing options...
Monteeun Posted November 20, 2014 Share Posted November 20, 2014 From the sounds of it, his parents seemed to think he turned into the president, not an nhl hockey player. Seems so crazy maybe I didn't read it right. Blowing 15 mill on a 800k reno and traveling to watch his games mostly. Thats like 10 mill + on hotel rooms and flights in 5 years. What kind of room service did they get? Link to comment Share on other sites More sharing options...
Baka Posted November 20, 2014 Share Posted November 20, 2014 That's fair, But that's just you... Obviously Jack trusted his parents and they betrayed him. That's not his fault. I am actually with Sabre on this one. People are people. It doesn't matter if they are blood related, friends, or strangers. Each person has their own intelligence level and motives. If anything families exploit each other more than strangers it seems. But on what sabre said I also refused to tie any big financial responsibilities to family members. The stereotype that things are different with family is a bad one. Link to comment Share on other sites More sharing options...
Monteeun Posted November 20, 2014 Share Posted November 20, 2014 I am actually with Sabre on this one. People are people. It doesn't matter if they are blood related, friends, or strangers. Each person has their own intelligence level and motives. If anything families exploit each other more than strangers it seems. But on what sabre said I also refused to tie any big financial responsibilities to family members. The stereotype that things are different with family is a bad one. No that's fair, Nothing wrong with that. I just think calling him a dumba** is a bit too much. Obviously he trusted his family and they let him down. Of course it depends on what kind of family situation you come from. But i don't get the feeling they were evil, just got consumed and put their son in a difficult position. Foolish i guess. Link to comment Share on other sites More sharing options...
Jack Fig Posted November 20, 2014 Share Posted November 20, 2014 Money the root of all evil? Nah...... Link to comment Share on other sites More sharing options...
CALGARY! Posted November 20, 2014 Share Posted November 20, 2014 I just wonder exactly what mom needs with THAT much money. geez, even if he gave her 100k a year that should have been more then sufficient for her to live a pretty lavish lifestyle. Link to comment Share on other sites More sharing options...
nuckin_futz Posted November 20, 2014 Share Posted November 20, 2014 That was reportedly the case with Johnson, according to the Dispatch: Sources close to Johnson have told The Dispatch that his own parents — Jack Sr. and Tina Johnson — are among the “wrong people” who led him astray financially. 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. … Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults. Johnson has cut off all contact with his family, a source said. “I’ve seen lots of instances of parents riding their kid’s coattails around,” an NHL executive familiar with the case said. “I’ve never seen a case as ugly as this one, where the parents took such advantage of their kid.” It got to the point where Johnson’s paychecks were being consumed before he even received them, but Johnson was reportedly initially unaware of what his parents were doing. In 2011, his parents took out a loan of $1.56 million with a 12% interest rate against Johnson’s contract and used that money to buy a Manhattan Beach home near their son. Johnson thought his parents got the money from the will of a deceased relative, according to a Dispatch source. That’s just one example of the loans that were taken out on his behalf and it wasn’t even the single biggest loan. Blue Jackets president John Davidson knows about Johnson’s situation and said the team is with him as he gets through this. complete article here ......... http://prohockeytalk.nbcsports.com/2014/11/20/jack-johnson-filed-for-bankruptcy-parents-allegedly-took-advantage-of-him/#comments *********************** re the last bolded part. What kind of a complete idiot does this? 12%? This is what you'd expect to pay guys named Vinnie and Guido. I cannot shake my head enough on this one. Sounds like they misrepresented where the money came from for the beach house. Could be a case of fraud right there. Link to comment Share on other sites More sharing options...
Jack Fig Posted November 20, 2014 Share Posted November 20, 2014 That was reportedly the case with Johnson, according to the Dispatch: Sources close to Johnson have told The Dispatch that his own parents — Jack Sr. and Tina Johnson — are among the “wrong people” who led him astray financially. 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. … Tina Johnson borrowed at least $15 million in her son’s name against his future earnings, sources told The Dispatch, taking out a series of high-interest loans — perhaps as many as 18 — from nonconventional lenders that resulted in a series of defaults. Johnson has cut off all contact with his family, a source said. “I’ve seen lots of instances of parents riding their kid’s coattails around,” an NHL executive familiar with the case said. “I’ve never seen a case as ugly as this one, where the parents took such advantage of their kid.” It got to the point where Johnson’s paychecks were being consumed before he even received them, but Johnson was reportedly initially unaware of what his parents were doing. In 2011, his parents took out a loan of $1.56 million with a 12% interest rate against Johnson’s contract and used that money to buy a Manhattan Beach home near their son. Johnson thought his parents got the money from the will of a deceased relative, according to a Dispatch source. That’s just one example of the loans that were taken out on his behalf and it wasn’t even the single biggest loan. Blue Jackets president John Davidson knows about Johnson’s situation and said the team is with him as he gets through this. complete article here ......... http://prohockeytalk.nbcsports.com/2014/11/20/jack-johnson-filed-for-bankruptcy-parents-allegedly-took-advantage-of-him/#comments *********************** re the last bolded part. What kind of a complete idiot does this? 12%? This is what you'd expect to pay guys named Vinnie and Guido. I cannot shake my head enough on this one. Sounds like they misrepresented where the money came from for the beach house. Could be a case of fraud right there. It's bizarre that a loan can be secured against Jack's contract, but he doesn't need to sign off on it? Link to comment Share on other sites More sharing options...
Baka Posted November 20, 2014 Share Posted November 20, 2014 No that's fair, Nothing wrong with that. I just think calling him a dumba** is a bit too much. Obviously he trusted his family and they let him down. Of course it depends on what kind of family situation you come from. But i don't get the feeling they were evil, just got consumed and put their son in a difficult position. Foolish i guess. It probably depends on how aware he was of the situation. I didn't read the whole article or know how much it reveals but it sounded like this has been going on for years and involves a series events. In which case you would imagine he had some vision as to what was going on in which case him letting it continue would be on his shoulders. He clearly is a victim and his parents did a rotten thing and exploited him but for it to get this bad you would think he could have done more. Link to comment Share on other sites More sharing options...
nuckin_futz Posted November 20, 2014 Share Posted November 20, 2014 It's bizarre that a loan can be secured against Jack's contract, but he doesn't need to sign off on it? They went through unconventional lenders. So anything is possible, especially if they are the acting agent with power of attorney. Link to comment Share on other sites More sharing options...
Monteeun Posted November 20, 2014 Share Posted November 20, 2014 It probably depends on how aware he was of the situation. I didn't read the whole article or know how much it reveals but it sounded like this has been going on for years and involves a series events. In which case you would imagine he had some vision as to what was going on in which case him letting it continue would be on his shoulders. He clearly is a victim and his parents did a rotten thing and exploited him but for it to get this bad you would think he could have done more. I"m making alot of assumptions here but i hear stories like this from time to time and in alot of cases, it came down to the pressure on the son and how convincing his parents were. I don't know if this is the case but... Link to comment Share on other sites More sharing options...
prana16 Posted November 20, 2014 Share Posted November 20, 2014 It's bizarre that a loan can be secured against Jack's contract, but he doesn't need to sign off on it? he did sign off on it.. when he gave his mother power of attorney Link to comment Share on other sites More sharing options...
prana16 Posted November 20, 2014 Share Posted November 20, 2014 if the house was only like 1.5 and the reno 800k how are his debts 15 m.. where did that other money get spent? thats a lot of money to blow threw in a couple of years, you could live pretty comfortably on the interest alone from 10 m Link to comment Share on other sites More sharing options...
canuktravella Posted November 20, 2014 Share Posted November 20, 2014 sounds like a tool who goes bankrupt when they make 6 mill a yr wow thats so funny Link to comment Share on other sites More sharing options...
Jack Fig Posted November 20, 2014 Share Posted November 20, 2014 he did sign off on it.. when he gave his mother power of attorney If that's the case, yes. Is it clear that mom/dad had power of attorney? Link to comment Share on other sites More sharing options...
Jack Fig Posted November 20, 2014 Share Posted November 20, 2014 They went through unconventional lenders. So anything is possible, especially if they are the acting agent with power of attorney. Yeah, unconventional lenders. Great guys. Mom and dad probably tried proper institutions and were told to go away without having Jack's approval on any documentation. Link to comment Share on other sites More sharing options...
TheTruthHurts Posted November 20, 2014 Share Posted November 20, 2014 I couldnt spend a million that fast if I tried. Link to comment Share on other sites More sharing options...
etsen3 Posted November 20, 2014 Share Posted November 20, 2014 Makes me grateful for my parents who have heavily supported me in my life and education and ask for little in return. I can't believe his parents would take such advantage over their own kid. Although I have to admit, even if your parents are trustworthy individuals, it's probably still best to leave the management of such large sums of money to professional investors and accountants. Link to comment Share on other sites More sharing options...
Sir Lord Baltimore Posted November 20, 2014 Share Posted November 20, 2014 I couldnt spend a million that fast if I tried. I could. I don't have expensive tastes and if I had it I wouldn't but I easily could. Link to comment Share on other sites More sharing options...
Hugor Hill Posted November 20, 2014 Share Posted November 20, 2014 Never said it was, but he's still a dumbass for doing it. He learned a lesson about his family and the selfish nature of many human beings. It cost him more than just money, and for that reason, he has my sympathies. Word. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.