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Kevin Garnett sues accountant after $77mill is stolen

Discussion in 'NBA Dish' started by TMac'n, Sep 7, 2018.

  1. B-Bob

    B-Bob my celli weighs a ton
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    How true this is. Definitely more than he would ever you. J/K, and it's a great point.
     
  2. MorningZippo

    MorningZippo Member

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    When you have as much as KG, things like counter party risk and liquidity become issues.

    You’re investing in a significantly longer timeline, since you’ve got enough money to worry about what happens after your lifetime, and your asset allocation should reflect that.
     
    dmoneybangbang and BigShasta like this.
  3. Mazulis

    Mazulis Member
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    So this guy Banks stole over 100 mill from TDuncan and KG21.
     
    BigShasta likes this.
  4. Air Langhi

    Air Langhi Contributing Member

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    If Treasury bonds go bad well then you are looking at a worldwide depression. The point is to minimize idiosyncratic risk. You can't do much about systematic risk.
     
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  5. Air Langhi

    Air Langhi Contributing Member

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    We all think TD is smart. You just never know some players are just better with their money.
     
  6. ferrari77

    ferrari77 Contributing Member

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    Apparently, KG testified FOR Banks in Duncan's lawsuit against the accountant! That's how KG in all his scumminess felt about Duncan.
    I would normally feel even slightly bad for someone in this situation but I don't feel a thing for KG. He's an asswipe and a douche and he gets what he gets in this situation.
    Duncan must be chuckling to himself while chilling in the USVI.
     
    Mazulis and macho GRANDE like this.
  7. macho GRANDE

    macho GRANDE Elvis, was a hero to most but................
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    Wow if true.
     
  8. ipaman

    ipaman Contributing Member

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    Why would you steal that much though... I mean 77 million, somebody gonna notice! Could have stolen 8-10 and probably got away with it.
     
  9. Exiled

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    maybe he started with 8-10 millions, and needed the additional 67-69 millions for cover up
     
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  10. ferrari77

    ferrari77 Contributing Member

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    https://www.mysanantonio.com/news/l...ormer-accountant-in-latest-legal-13211669.php

    They decided to sue the accountant not even the wealth manager he supported during the Duncan case. Alleging the accounting firm/accountant was complicit. The wealth manager is the one who took the dough.
     
    #30 ferrari77, Sep 12, 2018
    Last edited: Sep 12, 2018
  11. MorningZippo

    MorningZippo Member

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    True, but I doubt KG would be exclusively in T bonds in his 30’s, needs better return/yield.

    + he’s got enough money to be in a delta neutral long/short hedge fund. First thing I’d do if I was a gazillionair.
     
  12. Easy

    Easy Contributing Member
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    I guess the reasoning is that if you have that much money, why would you want to risk it for "better return"? And I agree. I'd just sit on the money with minimal risk and have a good life.
     
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  13. MorningZippo

    MorningZippo Member

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    For sure.

    A lot of people don’t want to give up their lifestyle when they finally get where they want in life, but their careers are inherently short (sports at least).

    Also the people that have so much money that they don’t really need additional security, and are trying to grow wealth for future generations of their family.

    At least, those are the 2 main types I’ve seen. Most self made guys are either hedge fund managers themselves, or reinvest capital into whatever got them rich.
     
    Easy likes this.
  14. Jake Tower

    Jake Tower Member

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    What a shame.
     
    Swiss Roll likes this.
  15. DonkeyMagic

    DonkeyMagic Contributing Member

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    [​IMG]
     
  16. heypartner

    heypartner Contributing Member

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    Why is the man who invests all your money called a broker?
     
  17. Jake Tower

    Jake Tower Member

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    cos he makes you broker
     
  18. Rocket River

    Rocket River Member
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    Ba dum dum!

    I'd say more athletes are broke because of brokers
    than
    from hookers and blow and entourages and baby mommas

    Rocket River
     
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