OT - Outside the lines - Prof. athletes' "charities"

[mainerhuski]

http://espn.go.com/espn/story/_/id/9125446/rethink-giving-athlete-charities

 

[uconnfan68]

http://espn.go.com/espn/story/_/id/9125446/rethink-giving-athlete-charities

Lamar Odom and the Kardashians aren't on the up-and-up? I'm shocked!

 

[Icebear]

Lamar Odom and the Kardashians aren't on the up-and-up? I'm shocked!

Stunning isn't it.

 

[vtcwbuff]

The charity reportedly raised $2.2 mil and not a cent went to cancer causes.

From the Fox report - "So what does Odom think of the controversy? When the reality star basketball player was questioned by an ESPN camera crew outside the locker room with regarding to the charity, Odom responded: “It’s my money.”
Is he that stupid, that arrogant or both?

 

[meyers7]

The charity reportedly raised $2.2 mil and not a cent went to cancer causes.

From the Fox report - "So what does Odom think of the controversy? When the reality star basketball player was questioned by an ESPN camera crew outside the locker room with regarding to the charity, Odom responded: “It’s my money.”
Is he that stupid, that arrogant or both?

I vote both.

 

[UcMiami]

Good article ... but ... I think the largest culprit here is not the athlete but the agents/tax advisors/money managers, as it is with a lot of the athletes who go bankrupt. When you look at the ways financial advisors in any one of those three groups has advised athletes to invest it is just criminal. Almost without an exception athletes would be better off selecting a standard financial firm like Fidelity and just funneling all their money into a single account that uses a very conservative investment philosophy and charges a 1% per annum management fee.
The same goes for all these charities - athletes can be pretty stupid and they are being led by their advisors to create these things for stupid reasons - pay your taxes and save your money - simple formula for success.

 

[alexrgct]

Athletes would be far better served giving their names and their time to existing charitable organizations with an operating model that's shown to do good and work financially. Maybe have a specific initiative attached to their name that they could help spearhead?