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After $154M, Allen Iverson may be broke (One Time NBA Scoring Champ Can't Pay his Bills)
CBS News ^ | 02/16/2012 | Joshua Norman

Posted on 02/16/2012 8:21:54 AM PST by SeekAndFind

At one time, there was no more famous nor more sought-after basketball player than Allen Iverson. Dubbed "The Answer" to a Michael Jordan-less NBA, Iverson scored numerous record-setting deals and endorsements.

In NBA salary alone, he earned about $154 million, according to basketball-reference.com.

Now, a judge in Georgia has ordered Iverson to pay the $860,000 he apparently owes a jeweler, The Philadelphia Inquirer reports. The problem is, he didn't have the cash to pay the jeweler, so the judge has ordered his bank accounts commandeered and his earnings garnished.

Rumors about Iverson's insolvency began as far back as 2010, when an Inquirer reporter visited the guard in Turkey, where he was apparently playing on a two-year $4 million contract for a non-elite team.

"The 76ers' former all-everything guard is broke - by all accounts except his own - and playing here in Istanbul for a number of reasons, none of which is to become an ambassador for Turkey's solid, but often overlooked, professional league," wrote reporter Kate Fagan in November, 2010.

Iverson's financial woes are rather common among former big-earning NBA players. The NBA Players' Association reportedly reminds its rookies every year that 60 percent of NBA players go broke five years after their last basketball-related paycheck, reports The Toronto Star.

Scottie Pippen, Antoine Walker, Kenny Anderson, and Derrick Coleman are just a few of the bigger names to have had major financial woes after leaving the NBA, according to Yahoo! Sports. Even the great Julius "Dr. J" Erving reportedly has struggled with money in his post-basketball life.

Iverson fame went well beyond having the most devastating crossover dribble in NBA history, and he spent money like the superstar he was.

(Excerpt) Read more at cbsnews.com ...


TOPICS: Business/Economy; Society; Sports
KEYWORDS: alaniverson; athletes; iverson; nba
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1 posted on 02/16/2012 8:21:58 AM PST by SeekAndFind
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To: SeekAndFind

No pity here. Solly Chahlie


2 posted on 02/16/2012 8:24:21 AM PST by Shimmer1 (No matter how cynical I get, I just can't keep up.)
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To: SeekAndFind
I remember him scoring over 50 points several times early in his career and leading Philadelphia to the NBA finals. even Michael Jordan had a hard time trying to stop him.


3 posted on 02/16/2012 8:24:44 AM PST by SeekAndFind
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To: SeekAndFind

He can fall back on his Harvard education. Oh,wait.....


4 posted on 02/16/2012 8:25:49 AM PST by Dr. Ursus
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To: SeekAndFind

How can one NOT enjoy some schadenfreude over this?

A detestable thug goes down the tubes financially. Makes me smile.


5 posted on 02/16/2012 8:28:14 AM PST by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: Dr. Ursus

RE: He can fall back on his Harvard education. Oh,wait.....

Well, it isn’t Harvard but Iverson went to Georgetown.

I know that Jeremy Lin majored in a non flaky degree — ECONOMICS and had a GPA of 3.2.

Don’t ask me what Iverson majored in and what his GPA was because I don’t know.


6 posted on 02/16/2012 8:32:08 AM PST by SeekAndFind
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To: SeekAndFind

Somehow, you just know this is “George Bush’s Fault!”(tm), right?


7 posted on 02/16/2012 8:32:52 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: SeekAndFind

Multi-Millionaire? Warren Buffett says you want to pay MORE Taxes, to share your wealth with the parasites, Alvin?


8 posted on 02/16/2012 8:32:52 AM PST by traditional1
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To: brownsfan

It would be hard to feel sorry for *anyone* that goes broke on a $860,000 jewelry bill.

You spent your last million dollars on what?


9 posted on 02/16/2012 8:35:28 AM PST by Triple (Socialism denies people the right to the fruits of their labor, and is as abhorrent as slavery)
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To: SeekAndFind

He was known for having an entourage as big as 50 people. He helped popularize in the NBA the hip hop fashion sense of neck tattoos and absurdly large diamond jewelry. He traveled with a hair stylist, and spent lavishly on everyone around him.

...maybe one of his 50 “peeps” will help him? Or he can work in a tatoo parlor? Or sell his big gold dollar signs he wore around his neck? Lots of stuff!


10 posted on 02/16/2012 8:37:07 AM PST by albie
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To: SeekAndFind
...60 percent of NBA players go broke five years after their last basketball-related paycheck...

It's not just in basketball, either. Look at professional boxing. I don't get it. Do they think their career will go one forever and they don't have to plan for when the paycheck stops? Stupid...

11 posted on 02/16/2012 8:39:42 AM PST by econjack
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To: SeekAndFind

I think more NBA players should take notes from Jamal Mashburn. Not only has that guy not lost his NBA fortune, he’s increased it dramatically. Mashburn owns about 100 restaurant franchises (split about equally between Papa John’s Pizza and Outback Steakhouse) and owns four successful car dealerships in his home state of Kentucky.


12 posted on 02/16/2012 8:40:54 AM PST by DemforBush (Six o'clock in *Berlin*. They were having lunch in Cleveland.)
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To: albie

RE: He was known for having an entourage as big as 50 people

If you win the $300 Million Powerball, you’ll suddenly have lots of friends and family you never even knew you had...

If you lose all that money somehow, all of these people suddenly disappear.


13 posted on 02/16/2012 8:40:54 AM PST by SeekAndFind
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To: SeekAndFind

And taxpayers are still being robbed by communities, using tax money, to build playgrounds for these grossly overpaid alleged professionals.

I wonder how much he would have made if the owners had to build their own playgrounds with their own money and used what was left over for salaries.

I would not care one iota if he made $100 BILLION as long as I was not forced to pay taxes to build his playground.


14 posted on 02/16/2012 8:41:18 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: traditional1
Warren Buffett says you want to pay MORE Taxes...

To those who feel that way, just sit down, pull out your checkbook, write a check to the IRS that's big enough to clear your conscience, then STFU.

15 posted on 02/16/2012 8:42:53 AM PST by econjack
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To: econjack
RE: Look at professional boxing. I don't get it. Do they think their career will go one forever and they don't have to plan for when the paycheck stops?

George Foreman is richer now than when he was the heavyweight boxing champ.


16 posted on 02/16/2012 8:43:28 AM PST by SeekAndFind
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To: SeekAndFind; Dr. Ursus

Allen Iverson was the first (and I believe only) player to leave Georgetown without playing through his eligibility during John Thompson’s reign as coach. People may have issues with Thompson, but he put a lot of resources into making sure the young men who were behind academically would be able to leave Georgetown with an earned degree in hand. Although the official lines were “pursuing career in NBA, we wish him the best, etc.,” I wonder how hard Thompson pushed to keep Iverson. He gave the kid a second chance and maybe saw that he wasn’t going to improve his decision making enough to be successful beyond regular play.


17 posted on 02/16/2012 8:45:11 AM PST by PrincessB (Drill Baby Drill.)
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To: SeekAndFind

I quit watching NBA basketball the year they went to the Finals. There is no question that the NBA wanted the Iverson/Kobe match up in the finals that year and screwed the Milwaukee Bucks out of the Finals with biased officiating.

Since then I’ve taken the NBA for exactly what it is - fixed.


18 posted on 02/16/2012 8:45:30 AM PST by MNlurker
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To: SeekAndFind
60 percent of NBA players go broke five years aonsfter their last basketball-related paycheck

I've never understood why teams don't insist on putting a reasonable chunk of change right off the top into a lockbox that would pay former players a reasonable stipend. If 60% of the players in fact do go broke, one would think both the league and the players union would insist on it. It should be part of the standard contract.

Not that I expect the NBA to ever do the right thing.

19 posted on 02/16/2012 8:46:01 AM PST by sphinx
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To: SeekAndFind
Iverson's financial woes are rather common among former big-earning NBA players.
I know a former NBA player quite well - he played for seven years ('96-'04) and made good money, albeit, not superstar millions.
As a rookie, the NBA POUNDED into them that their new found riches would soon disappear thanks to family, friends, hangers-on, shady business deals and not least of all - their own stupidity.
He was lucky that he listened, and also that he listened to many a veteran player who steered him away from trouble.
20 posted on 02/16/2012 8:47:00 AM PST by oh8eleven (RVN '67-'68)
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To: MNlurker

RE: Since then I’ve taken the NBA for exactly what it is - fixed.

Are you telling us that the recent Jeremy Lin obscurity-to-fame story is SCRIPTED? Now I’m disappointed....

I think I’ll go watch a movie instead...


21 posted on 02/16/2012 8:47:53 AM PST by SeekAndFind
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To: SeekAndFind

This is what happens when you support a huge “posse” and their families.


22 posted on 02/16/2012 8:49:50 AM PST by Lancey Howard
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To: SeekAndFind

23 posted on 02/16/2012 8:50:23 AM PST by Baynative (Please check this out - http://www.youtube.com/watch?v=fFIcZkEzc8I)
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To: SeekAndFind

It’s too bad he couldn’t have had some ‘practice’ managing money...:-)


24 posted on 02/16/2012 8:50:58 AM PST by BADROTOFINGER (Life sucks. Get a helmet.)
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To: sphinx

RE: I’ve never understood why teams don’t insist on putting a reasonable chunk of change right off the top into a lockbox that would pay former players a reasonable stipend.

If the NBA did that and operated like Uncle Sam, that money will be spent for current league expenses and the lockbox will be filled with IOUs, with part of the salaries of current players taken to pay for retired former players.


25 posted on 02/16/2012 8:51:27 AM PST by SeekAndFind
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To: SeekAndFind

-—60 percent of NBA players go broke five years after their last basketball-related paycheck, reports The Toronto Star.-—

Wooooow...


26 posted on 02/16/2012 8:51:39 AM PST by St_Thomas_Aquinas (Viva Christo Rey!)
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To: SeekAndFind

Just proof that the exception proves the rule. Look at Tyson, Spinks, and a host of other boxers.


27 posted on 02/16/2012 8:52:55 AM PST by econjack
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To: econjack
"Warren Buffett says you want to pay MORE Taxes...

To those who feel that way, just sit down, pull out your checkbook, write a check to the IRS that's big enough to clear your conscience, then STFU."

WORKS FOR ME !

28 posted on 02/16/2012 8:54:19 AM PST by traditional1
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To: sphinx
"...putting a reasonable chunk of change right off the top into a lockbox"

The old USFL offered big money contracts to lure players away from the NFL. They didn't have the money to back it up so they paid in annuities.

29 posted on 02/16/2012 8:56:05 AM PST by Baynative (Please check this out - http://www.youtube.com/watch?v=fFIcZkEzc8I)
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To: SeekAndFind

Here is that “famous crossover dribble”:

http://www.youtube.com/watch?v=y3X274lz3wY


30 posted on 02/16/2012 8:56:05 AM PST by Lancey Howard
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To: SeekAndFind

Here is that “famous crossover dribble”:

http://www.youtube.com/watch?v=y3X274lz3wY


31 posted on 02/16/2012 8:56:14 AM PST by Lancey Howard
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To: SeekAndFind
The NBA Players' Association reportedly reminds its rookies every year that 60 percent of NBA players go broke five years after their last basketball-related paycheck, reports The Toronto Star.

I find that to be pretty shocking. I read once that the NBA has the best "how to handle sudden wealth" curriculum in professional sports, specifically developed to counteract this problem.

I guess there's no fix for "stupid" after all.

32 posted on 02/16/2012 9:00:42 AM PST by Future Snake Eater (Don't stop. Keep moving!)
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To: econjack
I don't get it.

A fool and his money...

33 posted on 02/16/2012 9:01:03 AM PST by the_devils_advocate_666
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To: BADROTOFINGER

“It’s too bad he couldn’t have had some ‘practice’ managing money...:-)”

LOL!


34 posted on 02/16/2012 9:01:47 AM PST by Cheeks
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To: BADROTOFINGER

“It’s too bad he couldn’t have had some ‘practice’ managing money...:-)”

LOL!


35 posted on 02/16/2012 9:02:14 AM PST by Cheeks
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To: SeekAndFind
I know just how Iverson feels...I don't have enough money to pay my jeweler $860,000 either. Bummer!
36 posted on 02/16/2012 9:07:45 AM PST by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: SeekAndFind
He completely wasted $154 million? I think I can set him up for a $196,700 per year job. The only requirement is that he can spend money like crazy and has either paid his taxes or can say "oops!" really sincerely and write a check to the IRS for some of the taxes due.

Can you say Secretary of Treasury Allen Iverson?

37 posted on 02/16/2012 9:11:45 AM PST by KarlInOhio (You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
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To: SeekAndFind

He thought about his money like he thought about practice.


38 posted on 02/16/2012 9:16:24 AM PST by AU72
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To: Future Snake Eater
I find that to be pretty shocking. I read once that the NBA has the best "how to handle sudden wealth" curriculum in professional sports, specifically developed to counteract this problem. I guess there's no fix for "stupid" after all.

Interesting that the NBA is that proactive on the issue. My impression of the league just inched up, from zero to about 0.3 on a scale of 1-10. Good for them.

My suggestion, again, would be to build something into the standard player contract. Take half the signing bonus and 25% of salary off the top to fund an annuity. (Make up your own percentages; use whatever numbers seem to work to you.) The withholding could be stopped once the annuity was funded up to a level adequate to provide a reasonable middle class income. This need not be extravagant; $50,000/a year would do. The point is to keep the guys off the street.

Big time sports has become incredibly exploitative. It grabs ghetto kids with every socioeconomic/educational/cultural/attitudinal deficit in the book, punches their ticket in a completely fraudulent college experience, and markets the heck out of them when they reach the pros. Yes, the kids are just as irresponsible on their end of the bargain, but they're kids who are too often from bad backgrounds, who lack the basic grounding and mentoring that most of us take for granted, and who may be none too bright to begin with. The teams, the league, and the union should perhaps be much more prescriptive, in recognition of the shaky material with which they're working.

39 posted on 02/16/2012 9:16:43 AM PST by sphinx
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To: albie
spent lavishly on everyone around him.

On a much smaller scale, it reminds me of Steeler running back, "Frenchy Fuqua", in the mid 70s.

He was a good back, never a super star and never made large money, but spent like he really had some.

I'd be in some of the downtown clubs when Frenchy and his entourage, consisting of a couple of brothers and 3 or 4 hookers would come into the place.

Regardless of how many were in the place {when he came in the night, usually several hundred} he would set up drinks for every one.

When his career was over he was delivering newspapers in Detroit, after he had declared bankruptcy.

Living large with the Detroit Free Press.

40 posted on 02/16/2012 9:21:11 AM PST by USS Alaska (Nuke the terrorists savages.)
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To: SeekAndFind

I’m sure Obama is working on an NBA player bailout at the taxpayers expense.

Hussein loves giving our money to his buddies, especially the formerly 1% who spent themselves into destitution.


41 posted on 02/16/2012 9:25:41 AM PST by Retired Greyhound (.)
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To: SeekAndFind

I used to work with a lady whose backyard abutted the basketball courts where Iverson would show up to play in the old ‘hood in Hampton. She told me Iverson exhibits the most arrogant, hood-rat type of behavior she’d ever seen. He acts and talks just as “street” as any gangbanger. Iverson is a real POS.


42 posted on 02/16/2012 9:27:14 AM PST by ScottinVA (GOP, meet Courage... Courage, meet GOP.)
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To: USS Alaska
I'd be in some of the downtown clubs when Frenchy and his entourage, consisting of a couple of brothers and 3 or 4 hookers would come into the place.

I remember Frenchy. If I remember correctly, he had a pair of platform shoes with a goldfish in the platform.

43 posted on 02/16/2012 9:29:53 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Baynative
The old USFL offered big money contracts to lure players away from the NFL. They didn't have the money to back it up so they paid in annuities.

Yep... the most glaring example of that was Steve Young, who signed for "$43 million," most of which didn't exist, with the USFL's LA Express. IIRC, the Express ceased to exist after a year or two.

44 posted on 02/16/2012 9:32:44 AM PST by ScottinVA (GOP, meet Courage... Courage, meet GOP.)
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To: SeekAndFind
George Foreman is richer now than when he was the heavyweight boxing champ.

That 10-year hiatus, during which he found God and did a LOT of maturing, was the best thing that could've happened to Foreman. His is a prime example of how to positively market himself for his athletic career and afterward.

BTW, I met Foreman when he came to Yorktown, VA in 2004. He strikes me as a humble and decent guy, with an almost meek persona. He's been through some serious ups and downs in his life and has made the most of the opportunities given him. He has my admiration.

45 posted on 02/16/2012 9:39:47 AM PST by ScottinVA (GOP, meet Courage... Courage, meet GOP.)
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To: SeekAndFind

This person grew up in my area. He was a loser with a terrible attitude even before he got his B-ball contract. He and his “associates” served time at a local prison farm for getting in a fight with some white guys and tearing up a bowling alley.

Doug Wilder, the Gov of VA at the time, shortened his sentence so he could enter Georgetown.


46 posted on 02/16/2012 9:43:00 AM PST by HalfFull ("Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery?" -PHenry)
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To: SeekAndFind
Must be the last man standing who is not on government run obama welfare!
47 posted on 02/16/2012 9:45:44 AM PST by paratrooper82 (We are kicking Ass in Afghanistan, soon we will be home to kick some more Asses in Congress!)
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To: SeekAndFind

ESPN4 needs to run a telethon to help feed this guy, so sad.

NOT


48 posted on 02/16/2012 9:59:12 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: sphinx

“Big time sports has become incredibly exploitative.”

I’ve never liked the term “exploitation,” mostly because of its slipperiness. You can use it for everything from enslavement to fair exchange. It can mean you’re getting the better of someone or simply utilizing something, like how I exploit my spoon to deliver breakfast. No doubt exploiters of the word want you to think of it always and forever in the negative sense. Which is why perfectly just and mutually beneficial exchanges can so easily be painted as immoral, and why nonsensical phrases like “wage slavery” aren’t laughed out of hand.

Certainly when the exploited party gets 100 mil out of the deal it’s not the bad kind of exploited. Even if you know beforehand they’ll fritter it away. Unless you manage to grab it from the other end, which is very, very true I suppose of the agent/management department of the sports industrial complex. But we’re needlessly complicating things. Iverson still made way, way more take money than he’d ever be able to earn doing anything else. Therefore, the vast sports conspiracy’s exploitation was also his gain.

“It grabs ghetto kids with every socioeconomic/educational/cultural/attitudinal deficit in the book”

Bear in mind that this is not done so as to get the most exploitable players. It happens to be, and always will be, that the best athletes are largely poor, aggressive, and stupid. Blame God or all of human history for that, not greedy basketball Fat Cats.


49 posted on 02/16/2012 10:01:15 AM PST by Tublecane
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To: econjack

These people have been coddled since middle school, they didn’t have to crack a book in college and now look...


50 posted on 02/16/2012 10:02:08 AM PST by GeronL (The Right to Life came before the Right to Pursue Happiness)
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