IT’S NOT ONLY MADOFF: ATHLETES AND INVESTMENT SCAMS.
IT’S NOT ONLY MADOFF: ATHLETES AND INVESTMENT SCAMS. This article from Sports Illustrated by Pablo Torre says that 78% of National Football League players have either gone bankrupt or are under financial stress within two years of retirement. For National Basketball Association players, an estimated 60% are broke within five years of retirement. Many of these men made millions of dollars during their careers. The biggest factor is bad investments (including real estate). Just as a number of Madoff’s victims were social friends, many of the bad investments by athletes result from investing with friends.
How did Bjorn Borg lose his money? I remember seeing him on tv recently, during a big tennis event. He looked just the same, only his hair was gray. (What a shock to me!) And, when he was interviewed, he sounded very happy, talking about the satisfaction of being a family man, which is a very nice ending for someone who seemed like a nice young man. But I wonder how he came to lose his fortune. Also, how did he make sufficient recovery?