The Tragedy Of Allen Iverson

[jlip]

Don't know if this has been posted already. If so, mods, please delete. I did find it to be a rather interesting read.


The Tragedy Of Allen Iverson
"MILWAUKEE - JANUARY 27: Allen Iverson #3 of the Philadelphia 76ers looks on from the bench during the game against the Milwaukee Bucks on January 27, 2010 at the Bradley Center in Milwaukee, Wisconsin. The Bucks won 91-88. (Photo by Gary Dineen/NBAE via Getty Images)

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By Bomani Jones - Contributor

After a judge garnished Allen Iverson's bank account to pay a debt, it became clearer that his tragedy is coming full circle. And that's heartbreaking to someone who grew up at the peak of his stardom.

Jan 31, 2012 - From the second the NBA left Allen Iverson, I wondered what in the world he would do without basketball. It seems "paying his bills" wasn't on his to-do list.

The gumshoes at TMZ say Iverson's bank account has been garnished to pay an exorbitant jewelry bill. Per American custom, that's brought out snickers and finger wagging. Iverson made over $150 million, according to basketball-reference.com. Now, he's 36-years-old and can't even come up with the money to pay for bling he's too old to wear.

People laugh when rich folks struggle. In this case, I see two levels of tragedy. There's the predictability of it all. Even the best adjusted athletes have a million factors to fight when their careers are done, from divorces to simply trying to fill the hours of each day without practices and games. Plus, athletes, figurative lottery winners, are like the literal ones -- they often find a way to blow all their cash..."

More at Link (http://www.sbnation.com/nba/2012/1/31/2761217/the-tragedy-of-allen-iverson)

[Shepseskaf]

A "tragedy"? More like someone who didn't appreciate the money he was making while playing a game and wasted most of it.

How can someone earn over $100 million and then end of broke a few years after the paychecks stop. Just dumb.

[AMISTILLILL]

Iverson deserves everything he gets. Living a lofty lifestyle came back to bite him in the ass... a lifestyle he may have been able to perpetuate had he deferred to the will of coaches and played team ball. Instead, he's wound up exactly where he belongs.

Anybody who feels sorry for this guy must also feel sorry for those corporate executives taking Caribbean vacations on government bailout money.

[oh the horror]

Why would you buy that jewelry if you werent going to pay for it immediately?

Or, why buy sh*t like that at all?


Jesus christ, some of these players.... :facepalm

[DMV2]

I'm betting it cost him a quarter to a half million a year on house maintenance alone for his $5-$10 million dollar mansion. Personal butler, housekeepers, bodyguards, etc... (just a general opinion on rich athletes and celebrities, I don't really know Iverson's lifestyle but I'm guessing he was spending carelessly if he's lost 150 million)

Then add 10-15% fee to his agent, some money for his homeys, a dozen or so cars and motorcycles, etc...

Some people would rather spend carelessly just to show off their rich and famous status instead of budgeting their income wisely.

[The Iron Fist]

The thing is, these athletes don't realize that they really aren't wealthy to sustain that type of lifestyle unless they make great business decisions.

They get a large lump of money, and then go off and show the world.

A smart man doesn't even want you to know he has money. A smart man doesn't even talk about his money.

Many of these athletes, aren't really all that smart. They just play sports better than most.

[zay_24]

Well I mean 100 million isn't a lot of money today.

[RaininTwos]

I'm not gonna make any judgements because I've heard so many stories of accounts and such basically robbing players.

[FireDavidKahn]

Well I mean 100 million isn't a lot of money today.
Yes it is.

[Poodle]

not surprised at all AI can't manage his money. i also get a lot of wealthy before the recession lost a lot of investment money probably, but it just seems like such a weak scapegoat to cover the stupid expenditures or stupid stuff they've done. most of them got baby mama's and child support payments too. thing is tho i think a lot of them have a good amount of hidden money like cash somewhere where they can file bankruptcy to get rid of the debts, and live on cash for a good while. i swear when most filthy rich end up having financial issues they somehow keep living lavishly.

[v1ncelis]

How is Latrell Sprewell doing? I heard he had hard time feeding his family back in 2005 ...

[IGOTGAME]

I just don't understand how some of these athletes can be so dumb. I will never get it, especially a guy like AI that came from a poorer background. You know how bad things can get and you still act stupid. What an ignorant man.

[senelcoolidge]

It's silly that Iverson did not want to be a reserve in the NBA, I guess hasn't realized he's way past his prime. He could still make great money coming off someone's bench. Oh well.

[millwad]

Don't these guys have any financial advisors or anything? The guy's not even retired yet and already he's short of money after making way more money then what his paycheck at basketball-reference shows, which is more than 150 million dollars.. Just think about the money he got from shoe deals, commercials etc..

This fool will probably live on the streets in a couple of years..

http://www.celebritysentry.com/wp-content/uploads/2011/06/1307491512-28.jpg

[AMISTILLILL]

It still blows my mind this guy can't find an NBA team to play for. You're telling me the Charlotte Bobcats can't throw this guy the MLE to toss 15 PPG up and put asses in the seats?

[Xiao Yao You]

Before this season he said he was ready to come off the bench and do whatever is asked. Apparently no one thinks he has anything left to offer.

[Rose]

It still blows my mind this guy can't find an NBA team to play for. You're telling me the Charlotte Bobcats can't throw this guy the MLE to toss 15 PPG up and put asses in the seats?
Blackballed.

I don't even like AI, but I totally 100% believe he's being blackballed by stern

[brisbaneman]

Blackballed.

I don't even like AI, but I totally 100% believe he's being blackballed by stern

More like he blackballed himself by being a fuccking idiot.

[hoopaddict08]

Maybe he should have practiced smarter investing

[GOBB]

Not shocking news. I read a better piece on AI financial woes awhile back. 1-2 yrs or so. He was supporting quite a few people in his circle. Too generous.

Also how is $100mil is a lot of money today? AI that you?

[AMISTILLILL]

Blackballed.

I don't even like AI, but I totally 100% believe he's being blackballed by stern

I think the whole blackballing thing gets blown out of proportion. Iverson doesn't need Stern's influence when it comes to his struggles to land an NBA contract... he's demonstrated that he's more than capable of mucking things up himself. He's a PR disaster and you can't take anything he says seriously. All the tearful press conferences, admissions of "things will be different, I've changed"... in his mind, the guy probably thinks he's some sort of martyr who never got a fair shake in the league. Truth is, he was afforded every opportunity and blew it in spectacular fashion.

I don't think Stern has any invested interest in keeping Iverson out of the league. Certainly not for any personal reasons at least... if anything maybe because AI hastily threw together excuses to leave those last three teams. Perhaps he's tired of Iverson wasting front offices time only to make waves and get waived soon after signing.

[swi7ch]

How can someone earn over $100 million and then end of broke a few years after the paychecks stop.
Black people.

Oops, I said it! :mad:

[Rose]

I think the whole blackballing thing gets blown out of proportion. Iverson doesn't need Stern's influence when it comes to his struggles to land an NBA contract... he's demonstrated that he's more than capable of mucking things up himself. He's a PR disaster and you can't take anything he says seriously. All the tearful press conferences, admissions of "things will be different, I've changed"... in his mind, the guy probably thinks he's some sort of martyr who never got a fair shake in the league. Truth is, he was afforded every opportunity and blew it in spectacular fashion.

I don't think Stern has any invested interest in keeping Iverson out of the league. Certainly not for any personal reasons at least... if anything maybe because AI hastily threw together excuses to leave those last three teams. Perhaps he's tired of Iverson wasting front offices time only to make waves and get waived soon after signing.
I think it does too some extent as well, but I can't see how a guy who's talented and keeps himself at least in somewhat good shape can't get a shot in the NBA again, yet guys like Eddy Curry, Larry Highes, etc etc do. He was more talented in the first place, came with issues yes. But how many teams need a guy just to sell tickets/jerseys?

Personal reasons? Absolutely,he changed the culture of the NBA. Came with his own entourage before others did it, and certainly before anyone else did that way. He started the gangster basketball and tarnished the image of the NBA when he sat courtside injured in what's considered "gangster" by the eyes of Stern. That's why everyone has to wear suits now when they show up to the games and not playing. Talent wins at every level, surely someone would take a chance on him.

[lakerfreak]

Unfortunately, Iverson was nowhere near the first, nor will he be the last to make this mistake. People take having a lot of money granted. It happens to the best of us.

Forget 100 million dollars, thats nothing compared to his endorsements he was getting. He had a lot of commercials and shoes made. He had way more than that.

[Shepseskaf]

Black people.

Oops, I said it! :mad:
Jack Clark says hello...
http://upload.wikimedia.org/wikipedia/en/thumb/8/85/Jack_Clark_2008.jpg/449px-Jack_Clark_2008.jpg


Clark was driven into bankruptcy in 1992 by his appetite for luxury cars. According to his bankruptcy filing, he owned 18 luxury automobiles, including a $700,000 Ferrari and a Rolls Royce. Clark was trying to pay 17 car notes simultaneously, and whenever he got bored with a car he would get rid of it and just buy another one. He ended up losing his 2.4 million-dollar home and his drag-racing business because of his extravagant spending habits.

[returnofthemack]

anyone else think this will be lebrons story in 10 years? lebron and his strawberry mom will be back on the streets of akron in no time. all they will have is memories of giant cakes and ugly houses in miami to keep them warm. maverick carter will be laughing all the way to the bank.


sigh i can dream cant i?

[Shepseskaf]

anyone else think this will be lebrons story in 10 years? lebron and his strawberry mom will be back on the streets of akron in no time. all they will have is memories of giant cakes and ugly houses in miami to keep them warm. maverick carter will be laughing all the way to the bank.
I don't think there's any chance of that happening. LeBron seems to be very smart with his money, and I haven't heard about any outrageous spending sprees, etc. from him.

In 10 years, he'll probably still be playing. He'll be fine for life.

[returnofthemack]

I don't think there's any chance of that happening. LeBron seems to be very smart with his money, and I haven't heard about any outrageous spending sprees, etc. from him.

In 10 years, he'll probably still be playing. He'll be fine for life.

i hope your wrong sir

[woshiftren]

i never like this guy, totally overrated, inefficiency, and a ballhog, do not want to see him come back

[alwaysunny]

Although he basically screwed himself over, the fact that he was the reason I started watching NBA makes me sad.

[Scholar]

Over $100 million and A.I didn't even bother saving a large sum of it? Hell, I'd have opened up several businesses in his shoes, just to be on the safe side in case the NBA career didn't pan out for as long as desirable.

[iamgine]

It's the classic case of underestimated spending, overestimated earning, overestimated future earning and unchecked balance.

[jlitt]

People know he has lifetime contract w/ reebok right. No reporter knows an athletes finances, AI is good man. Relax.

[chocolatethunder]

People know he has lifetime contract w/ reebok right. No reporter knows an athletes finances, AI is good man. Relax.
You are so misinformed it's hilarious. He's definitely not "good" and it's not hard to get an idea of his finances with a little investigation. This latest jewelry incident isn't his first problem when it comes to money. I don't think you really know what his "lifetime" contract with Reebok means. Welcome to the real world buddy. There are no "lifetime" contracts.

[magic14]

60% of NBA players go bankrupt after they retire. Just goes to show how important a basic education actually is.

[bizil]

It seems AI has truly been blackballed. The EXACT reason why is up for debate. But if anything he's a first ballot HOFer (at least should be), redefined a position, and was other than Shaq the most transcendant (hell arguably THE most transcendant at least till Bron got going) star of his era. And he is arguably as high as number 5 on a GOAT SG list. He had damn good longevity as a great player. He just had that weird season with Memphis and Philly. Even with Detroit he was still in backend prime phase. So im sad he didn't end his career with a ring or in the L. But I'm glad he was great for a long time. I feel worse for guys like Penny, Hill, and TMac. AI put in enough work and stayed healthy enough to leave a huge mark on the L.

In terms of financial, I guess that's different. I feel AI felt he would always have a place in the L. But that seems it isn't the case. So in that sense, it makes the financial woes tougher. He felt he would be in the L till his late 30's or maybe till even 40 and still make millions. Ya he blew hella money, but he figured he would make millions back.

[Shepseskaf]

60% of NBA players go bankrupt after they retire. Just goes to show how important a basic education actually is.
Education doesn't have a damn thing to do with this, common sense does. For your info, more and more college graduates are declaring bankruptcy -- a 20% increase since 2006.

Being a graduate means you have a piece of paper with your college and degree on it. It doesn't mean that you can employ common sense in taking care of daily business.

AI, and the players who go broke, lack the common sense to pare down and spent less as the end of their careers approach. On the other hand, some players do this, and live quite well.

Jamaal Mashburn didn't get a degree from Kentucky, I don't believe, yet dude owns all kinds of franchises and is doing great financially.

[jlitt]

You are so misinformed it's hilarious. He's definitely not "good" and it's not hard to get an idea of his finances with a little investigation. This latest jewelry incident isn't his first problem when it comes to money. I don't think you really know what his "lifetime" contract with Reebok means. Welcome to the real world buddy. There are no "lifetime" contracts.


Look is AI liquid, doubtful. I guarentee you he has a variety of assets that are put away whether it be investments, life insurance policies, retirement funds, etc. etc. Also he receives a pension since he was a NBA vet for 10 years. So while an investigator may be able to get his income tax fillings, those taxes do not however report investments that have not been taking out. Alot of these stories about an nba's players income is exaggerated completely.

[Shepseskaf]

I guarentee you he has a variety of assets that are put away whether it be investments, life insurance policies, retirement funds, etc. etc.
Half of that, or a good portion of it, will go to Tawanna.

It will not end well for AI.

[jlitt]

Half of that, or a good portion of it, will go to Tawanna.

It will not end well for AI.

I agree, it may not end well for AI ( not talking about finances)

[chocolatethunder]

Look is AI liquid, doubtful. I guarentee you he has a variety of assets that are put away whether it be investments, life insurance policies, retirement funds, etc. etc. Also he receives a pension since he was a NBA vet for 10 years. So while an investigator may be able to get his income tax fillings, those taxes do not however report investments that have not been taking out. Alot of these stories about an nba's players income is exaggerated completely.
He's going broke and it's definitely not going to end well. If he had money he wouldn't be bothered by jewelry problems and car problems, etc. I don't just "guarentee" it. I guarantee it.

[jlitt]

He's going broke and it's definitely not going to end well. If he had money he wouldn't be bothered by jewelry problems and car problems, etc. I don't just "guarentee" it. I guarantee it.

Look I live in philly, i've seen his house in Ardmore. I have a friend who did an internship with his agent. These agents now a days protect these players from themselves, Investing alot of money and putting players on allowances. They run into money problems because they arent as liquid as you might imagine. Its not like they put 150 mill in a checking acct. They have allowances, a variety of checking accts and these players spend spend spend until their agent gives them next month's allowance.

[JMT]

I think it does too some extent as well, but I can't see how a guy who's talented and keeps himself at least in somewhat good shape can't get a shot in the NBA again, yet guys like Eddy Curry, Larry Highes, etc etc do. He was more talented in the first place, came with issues yes. But how many teams need a guy just to sell tickets/jerseys?

.

Both Hughes and Curry are significantly younger than AI. Allen's 36 and overcame his lack of size with speed and athleticism. That stuff goes away with age and lack of diligence in keeping in shape.

Look at the minutes being played by Hughes and Curry. Think AI wouldn't be griping if that was his role? He's always contrite after the fact, but that doesn't stop the public bitching and moaning.

I'm a Sixer fan who loved AI but let's face it: he's a dick. A headache wherever he's been. He goes out of his way to find ways to be a distraction. The same chip on his shoulder that made him a great player...the whole world's against me...makes him more high maintenance than he's worth at this stage.

[JMT]

Look I live in philly, i've seen his house in Ardmore. I have a friend who did an internship with his agent. These agents now a days protect these players from themselves, Investing alot of money and putting players on allowances. They run into money problems because they arent as liquid as you might imagine. Its not like they put 150 mill in a checking acct. They have allowances, a variety of checking accts and these players spend spend spend until their agent gives them next month's allowance.


Yes. Look what a great job those agents have done for Lenny Dykstra, Mike Tyson, Lawrence Taylor, Evander Holyfield, Antoine Walker, Latrell Sprewell, Jack Clark, Johnny Unitas, Bjorn Borg, Kenny Anderson, Scottie Pippen, David Akers, Chris McAllister, Muhsin Muhummad, Deuce McAllister, Rollie Fingers...

Point is, it can happen to anyone, even those that apparently had good sense and wise spending habits. AI can never be accused of either of those.

And his "lifetime contract" with Reebok? That means he can't endorse anyone else's products, not that he gets paid for the rest of his life. What endorsement value does he have to them now or any time in the future?

[chocolatethunder]

Look I live in philly, i've seen his house in Ardmore. I have a friend who did an internship with his agent. These agents now a days protect these players from themselves, Investing alot of money and putting players on allowances. They run into money problems because they arent as liquid as you might imagine. Its not like they put 150 mill in a checking acct. They have allowances, a variety of checking accts and these players spend spend spend until their agent gives them next month's allowance.
Well, I live in Delaware and have seen his house as well but I'm not sure what this has to do with the conversation. I know an Nba agent who was on my summer league team and also know people who play and have played in the NBA. All that being said, agents are scummy crooks and you're very naive. Investments? People were falling over themselves just for a chance to invest with Bernie Madoff and look how that turned out. Again, that dude is obviously going broke. You do realize that Eddy Curry was having his house foreclosed and got a pay advance for an upcoming season two years ago? Do you not think that he had a competent agent? I know it's hard for you to admit that your favorite player who kept things so real is really an idiot, but unfortunately he is. It has nothing to do with him having a big heart, it has to do with him being an insufferable moron. But that's ok because he's not alone Antoine Walker can keep him company.

[TaLvsCuaL]

How a player with such talent could be so stupid? :banghead:

He has what he deserves.

[Shepseskaf]

How a player with such talent could be so stupid? :banghead:
Basketball talent has absolutely nothing to do with being smart in financial matters.

Not giving AI a pass here, but his thought process is obviously very different from anyone on this board. Since he was in his mid-teens he's been coddled, entitled, and given pretty much anything he wanted.

Now, after nearly 20 years of living it up on millions of dollars in salary and endorsements, he's finding it tough to adjust to the fact that the gravy train has left town.

From the stories about his frequent drunkenness and the loss of his family, AI is going to be forced to deal with reality sooner rather than later.

[TaLvsCuaL]

Basketball talent has absolutely nothing to do with being smart in financial matters.

Not giving AI a pass here, but his thought process is obviously very different from anyone on this board. Since he was in his mid-teens he's been coddled, entitled, and given pretty much anything he wanted.

Now, after nearly 20 years of living it up on millions of dollars in salary and endorsements, he's finding it tough to adjust to the fact that the gravy train has left town.

From the stories about his frequent drunkenness and the loss of his family, AI is going to be forced to deal with reality sooner rather than later.
You're right about that.

Many people when they succeed too soon end up having serious problems later when their careers begin to decline.

[jlitt]

Well, I live in Delaware and have seen his house as well but I'm not sure what this has to do with the conversation. I know an Nba agent who was on my summer league team and also know people who play and have played in the NBA. All that being said, agents are scummy crooks and you're very naive. Investments? People were falling over themselves just for a chance to invest with Bernie Madoff and look how that turned out. Again, that dude is obviously going broke. You do realize that Eddy Curry was having his house foreclosed and got a pay advance for an upcoming season two years ago? Do you not think that he had a competent agent? I know it's hard for you to admit that your favorite player who kept things so real is really an idiot, but unfortunately he is. It has nothing to do with him having a big heart, it has to do with him being an insufferable moron. But that's ok because he's not alone Antoine Walker can keep him company.

Look I dont have a favorite player. Im not a fan like i was when i was a teenager. I work with athletes and know how these things work. Agents can be scummy and crooks but Leon Rose is a legitimate agent in the league. These agents, their only crediabiilty comes from other athletes. Once one athlete bad mouths you its can cost you your whole Buisness. So these guys really make sure to take care of the athletes they work with nowadays.

And besides the fact. Lets say for instance he is broke, which he isnt. His NBA pension will pay him over 200,000 the rest of his life. Who is anyone to judge him on his spending habits. He is a self made man, One of the greatest people to do what he did and is known worldwide for it. Who are we to judge him? Lets not be so self righteous eh.

[chocolatethunder]

Look I dont have a favorite player. Im not a fan like i was when i was a teenager. I work with athletes and know how these things work. Agents can be scummy and crooks but Leon Rose is a legitimate agent in the league. These agents, their only crediabiilty comes from other athletes. Once one athlete bad mouths you its can cost you your whole Buisness. So these guys really make sure to take care of the athletes they work with nowadays.

And besides the fact. Lets say for instance he is broke, which he isnt. His NBA pension will pay him over 200,000 the rest of his life. Who is anyone to judge him on his spending habits. He is a self made man, One of the greatest people to do what he did and is known worldwide for it. Who are we to judge him? Lets not be so self righteous eh.
Well let me tell you a little story about Leon Rose. The agent I know worked for Leon Rose. Leon Rose treated him like shit and he wasn't making any money so he left and went out on his own and took his athletes with him. Leon Rose didn't like this and tried to have him blackballed and tried to take him to court and stop this from happening. Unfortunately for Leon, he wasn't in the right and the agent I know was able to keep his clients. Rose has done everything in his power to smear this dudes name. The dude I know is a scumbag too but lemme tell you Leon Rose is no saint. As far as Iverson getting a pension, that's great but it won't save him from bankruptcy. It'll be a big hanger of pace trying to live off of what's left of $200k after taxes and child support. Iverson is and has always been his own worst enemy. He could have been a lot more if he was coachable. The whole "practice" fiasco sums him up. Literally almost all of the greats were first in, last out of the gym. He was unable to understand this. This self made "man" barely practiced. You do know that don't you? He really like almost never showed up to practice. You should have heard Billy King talk about his time in Philly with Iverson. You would not believe the things that went down that were never made public at the time. Really. This "man" also tossed his naked wife out on to the lawn of their home and locked her out of the house. Yeah, he's a classy guy. Reebok can't find enough ways to use him and his lifetime contract.

[jlitt]

Well let me tell you a little story about Leon Rose. The agent I know worked for Leon Rose. Leon Rose treated him like shit and he wasn't making any money so he left and went out on his own and took his athletes with him. Leon Rose didn't like this and tried to have him blackballed and tried to take him to court and stop this from happening. Unfortunately for Leon, he wasn't in the right and the agent I know was able to keep his clients. Rose has done everything in his power to smear this dudes name. The dude I know is a scumbag too but lemme tell you Leon Rose is no saint. As far as Iverson getting a pension, that's great but it won't save him from bankruptcy. It'll be a big hanger of pace trying to live off of what's left of $200k after taxes and child support. Iverson is and has always been his own worst enemy. He could have been a lot more if he was coachable. The whole "practice" fiasco sums him up. Literally almost all of the greats were first in, last out of the gym. He was unable to understand this. This self made "man" barely practiced. You do know that don't you? He really like almost never showed up to practice. You should have heard Billy King talk about his time in Philly with Iverson. You would not believe the things that went down that were never made public at the time. Really. This "man" also tossed his naked wife out on to the lawn of their home and locked her out of the house. Yeah, he's a classy guy. Reebok can't find enough ways to use him and his lifetime contract.


Agent Vs Agent is cut throat as anything out there. Agents know how competitive the industry is and to try to establish one's credibility is virtually impossible. The only way to do that is to basically start with a group like octagon establish creditably and then open up your own agency.
What made iverson great led to his demise. The game was so easy so natural to him that he never had to practice. There are some crazy stories about AI out there. Stories of playing inebriated , playing after a 48 hour casino binge, etc etc. And the thing is it never affected his play. Yeah he had some domestic disputes, but he provided for his wife and kids the only way he knew how. Kobe raped a woman, yet he is everyone's angel. AI reminds me of one of those paul newman charachters from the 60's. A flawed hero who beats to his own drum, where you can just tell how it ends , yet nothing can be done.

[Joshumitsu]

The majority of poor people don't know how to handle their money. Because of their circumstances, they're conditioned to spend their next paycheck as soon as they get it. It's a "spend now and keep working to pay off next month" mentality rather than a "I've got money for the next 6 months of bills" attitude.


This is why many athletes from poor backgrounds go broke after their career is over. Like the author said, it's a tragedy.

[greymatter]

Can't feel sad at all for the likes of stupid athletes. I was fairly certain that Shaq was going to be in the same boat. Still a high chance that he is since that TNT job sure as hell isn't going to pay 18+ million a year.

Some stuff dated 2008.

http://www.cbssports.com/columns/story/10599168
http://ohnotheydidnt.livejournal.com/19680124.html