I liked it better when our millionaire baseball players could pay their bills. Ken Rosenthal shares the following bit of news about two Yankee outfielders:
Johnny Damon, earning $13 million this season, cannot pay his bills.
Xavier Nady, earning $6.55 million, cannot purchase an apartment in New York.
The Stanford Financial Group scandal extends to Major League Baseball.
issues facing Damon and Nady — both New York Yankees outfielders and
both clients of agent Scott Boras — stem from the alleged $8 billion
fraud scheme involving billionaire financier Robert Allen Stanford.
35, and Nady, 30, told FOXSports.com on Friday morning that their
finances are frozen because of money they have with a Stanford company.
"I can't pay bills right now," Damon said at the Yankees' spring
training facility in Tampa. "That started on Tuesday. I had to pay a
trainer for working out during the offseason. I told him, 'Just hold on
for a little bit and hopefully all this stuff gets resolved.'"
Nady faces similar concerns.
affected in some ways. I have the same (advisor) as Johnny," Nady said.
"He said I didn't have money with Stanford (investments). But all my
credit card accounts are frozen right now because of that situation.
I'm trying to get an apartment in New York. I can't put a credit card
down to hold it."
I'm no economist, and all this talk about financial collapse is confusing to me, but maybe this is an indicator of sorts, even more telling than the Dow Jones Industrial Average. Is that the sky falling?