Tag Archives: money

Creflo Dollar responds to critics

About a month ago prosperity preacher Creflo Dollar set up a website to collect money from his followers to help him finance the purchase of a $65,000,000 Gulfstream 650 jet. That’s right. I said $65,000,000. The site was taken down after media criticism.

Here’s the original video.

Check out this video criticizing Pastor Creflo Dollar.

Pastor Dollar is upset over the criticism he has received from the media. As he puts it “The devil has blocked his dream.”

Prosperity gospel pastor Creflo Dollar responded recently to critics of his campaign to buy a very pricey Gulfstream G650.

Dollar noted in a recent address to his congregants that the devil was attempting to discredit him in regards to his campaign seeking $300 from 200,000 people globally to help buy the luxury jet.

In a newly posted five-minute clip on YouTube, the Atlanta-area pastor speaks to his followers at World Changers Church International, tackling his critics and allegations about tithes, his real name and reports alleging members of having to reveal their W2 statuses to come into the church’s sanctuary.

“(The devil thinks) I got to discredit that man before he starts showing people Jesus!” Dollar preaches to loud applause.

Creflo Dollar currently owns a 1984 Gulfstream G-1159A which is falling apart. He wants to purchase a new plane so he can help spread the word of Jesus all over the world. My question is why can’t he just fly commercial like everyone else? If he needs his own plane that badly then he should use his own money and pay on an installment plan. From what I’ve read his net worth is over $27,000,000. And he’s trying to scam money off others who aren’t as fortunate financially as he is? Why is it necessary for everyone else to pay for his extravagance?

University of Maryland leaves the ACC

Can you believe this?  The University of Maryland is leaving the Atlantic Coast Conference and joining the Big Ten Conference.  All for the love of money.  Geez!!!  The basketball tradition of trying to kick Duke’s ass will be gone, lol.  Guess we’ll have to find a new rival.  Watch out Ohio State!!

Big Ten Expansion:  Maryland leaves ACC, joins conference in financial move

By Barry Svrluga and Alex Prewitt, Published November 19

For nearly 60 years, the University of Maryland’s most highly anticipated athletic events have come against schools such as North Carolina, Duke and Virginia. The Terrapins’ athletic identity was linked to the South and a tradition-rich affiliation with the Atlantic Coast Conference, with its core of schools from Florida through the Carolinas and into the Mid-Atlantic.

On Monday, the university system’s Board of Regents voted to abandon that past for what university officials vigorously touted as a more secure financial future. Beginning with the 2014-15 school year, Maryland’s athletic department — which has faced debilitating financial woes in recent years — will compete in the powerful Big Ten, a conference with deep roots in the Midwest. It is the latest upheaval in the landscape of college athletics, which no longer conforms to traditional geographic boundaries.

Not sure if Maryland can compete against the Big Ten football teams, but they could give the basketball teams some competition. It’s gonna take me awhile to get use to this.

Anyway go Terps and fear the turtle you Big Ten folks!!

The Wealthiest Black Americans

Forbes Magazine has created it’s first list of the wealthiest black americans. Not surprisingly Oprah Winfrey lands in the top spot. She’s also the only billionaire on the list. The list seems to be dominated by entertainers and sports stars but there are others who made their money in other fields including real estate, investments, CEO executive and the restaurant business. The top ten include the following:

Oprah Winfrey
Tiger Woods
Robert Johnson
Michael Jordan
Earvin “Magic” Johnson, Jr.
William Henry Cosby, Jr.
Sheila Johnson
Don Peebles
Berry Gordy, Jr.
Quintin Primo III

oprah_winfrey

michael_jordan

d_donahue_peebles

The Wealthiest Black Americans
Matthew Miller

Oprah Winfrey tops the inaugural Forbes list of the Wealthiest Black Americans, as recession cuts into the fortunes of others.

Oprah Winfrey is one of the most lucrative brands in the world. Today The Oprah Winfrey Show airs in 144 countries, drawing 44 million U.S. viewers each week. Her Harpo Productions helped create the likes of Dr. Phil and Rachael Ray. She’s produced Broadway shows and has her own satellite radio channel. For all of this, she consistently earns more than $200 million a year.

And unlike many others on our list, her business is weathering the recession well. Winfrey continues to entice viewers with money-saving tips, celebrity interviews and relationship advice. She’s debuting a new show this fall, which will be hosted by frequent guest Dr. Oz, and is planning to launch The Oprah Winfrey Network early next year.

With a net worth of $2.7 billion, Winfrey tops the inaugural Forbes list of the Wealthiest Black Americans. She is the only billionaire on the list of 20 tycoons, all of whom are self-made. The group built their fortunes across a spectrum of industries spanning athletics and entertainment, media, investments, real estate, construction and restaurants.

Like our signature rich lists, The World’s Billionaires and Forbes 400, the Wealthiest Black Americans list is a compilation of net worth–not income.

Check out the entire article here and the top 20 by pictures here.

Eighty-two year old great grandfather is Powerball jackpot winner

Yes folks, the lawyer representing an 82 year old great grandfather from Southeast D.C. has claimed the $144 million Powerball jackpot. The drawing was held on April 8. The widower with 10 children and 47 grandchildren and great grandchildren notified his family last night that he was the Powerball jackpot winner. Last week I mentioned that a lawyer had contacted D.C. lottery officials claiming to represent the winner.

Elderly Southeast Man Is Powerball Jackpot Winner
Corporation Is Created to Shield Claimant’s Identity

By Nikita Stewart
Washington Post Staff Writer

A lawyer for an 82-year-old Southeast Washington man claimed the $144 million Powerball jackpot today on behalf of a corporation set up to shield the winner’s identity.

The man, a widower with 10 children and 47 grandchildren and great grandchildren, told his family last night that he was the holder of the lucky ticket for the April 8 drawing. The ticket was purchased at the Giant supermarket on Alabama Avenue in Southeast Washington.

David Wilmot, the lawyer, said the man will take the lump sum payment of $79.6 million. Wilmot, who said he has known the man for several years, accepted the winnings on behalf of the Rockson LLC at a news conference today at the lottery claim center.

The winner has formed three different trusts, Wilmot said. One is an education trust for his grandchildren and great grandchildren, another to provide healthcare for his family and another will give money to charitable causes.

Wilmot said often when families suddenly come into large sums of money that “it’s intense and acrimonious. In this case . . . All I have seen at this point is love.”

I can see why he took his time claiming his lottery prize.  He probably wanted to think things over as to how to handle his winnings.  I’m glad to see he created a trust for his grandchildren and great grandchildren and he’s providing healthcare for his family.  And great move waiting until last night to tell the family.

Congrats to the 82 year old great grandfather!!

D.C.’s Powerball jackpot winner comes forward

Well sort of. A lawyer representing a D.C. couple has come forward to claim the $144 million Powerball jackpot won on April 8. Apparently a lawyer got in touch with lottery officials claiming to represent the mystery couple. But lottery officials would prefer to have the mystery couple claim their prize in person so they can have a big celebration.

D.C. Couple Comes Forward to Claim Powerball Jackpot

By Petula Dvorak and Nikita Stewart
Washington Post Staff Writers

A D.C. couple has at last come forward to claim the city’s largest Powerball lottery win ever, a $144 million jackpot won more than three weeks ago. But we may never know the identity of the lucky winners, who are exploring legal avenues to protect their anonymity.

“An attorney got in touch with us, and we’re pretty legit on this one,” said D.C. Lottery spokeswoman Athena Hernandez.

The couple purchased the ticket at the new Giant grocery store on Alabama Avenue in Southeast Washington. The April 8 drawing verified where the winning ticket was bought, but no one knew who bought it. For weeks, the city has been abuzz with talk of who the nation’s newest multimillionaires might be.

An attorney finally got in touch with the lottery office this week to claim the winnings on behalf of his clients. Hernandez said the money will be handed over at 11 a.m. on Monday, but the lottery commission and the attorney are still wrangling with details about the handover.

“They physically may not come,” Hernandez said. The attorney said his clients want to remain anonymous and are trying to have him claim the prize for them.

This is not necessarily what a lottery commission wants. They love the big smile, the press conference, the giant check and dreams made palpable in the form of a real person everyone can relate to.

But in many cases, the winners have formed trusts and claimed the prize as an entity, concealing their identities. Attorneys for the D.C. Lottery are working with the winners’ attorney to try and negotiate for their appearance, she said. “We’re trying hard to get them there,” Hernandez said.

You know what? I don’t blame the couple for remaining anonymous. In these trying times who wants the whole world to know you’re $144 million dollars richer. Can you imagine the long lost relatives coming out of the woodwork begging for money? Or just regular folks and organizations having their hands out begging for money or donations. Forming a trust and claiming the prize as an entity is probably the best way to go. If you check out the winners page at the Powerball website you’ll see that a few of the previous jackpot winners have formed a trust or L.L.C’s to claim their prize so they could remain anonymous.

Anyway congrats to the mystery couple.

The privileged are pissed

This week’s issue of New York Magazine has a cover story on the anger going on amongst the privileged few on Wall Street. They’re feeling picked on by the majority in America. With the economy in the tank right now Main Street is outraged by the greed on Wall Street. The Wall Street folks are expressing how they feel about being the target of the anger coming from Main Street USA.

rage_of_the_rich

But as Andrew Cuomo stoked public outrage by threatening to release the names of the bonus recipients, it became clear that the game was changing. When AIG employees had arrived at their desks that morning, they found a memo from Liddy asking them to return 50 percent of the money. The number infuriated many of the traders. Why 50 percent? It seemed to be picked out of a hat. The money had been promised, was the feeling. A sacred principle was at stake, along with, not incidentally, their millions.

Everyone on Wall Street is prepared to lose money. Bankers have expressions for disastrous losses: clusterfuck, Chernobyl, blowing up … But no one was prepared to lose money this way. This felt like getting mugged.

Jake DeSantis, a 40-year-old commodities trader at AIG, was an unlikely face of Wall Street greed. Stocky and clean cut, with an abiding moral streak, he’d worked summers for a bricklayer in the shadow of shuttered steel mills outside Pittsburgh; he was valedictorian of his high-school class and attended college at MIT. Compared with the way many of his Wall Street brethren lived, with their Gulfstreams, Hamptons mansions, and fleets of luxury cars, his life wasn’t one to invite scorn. He had canvassed for Obama in Scranton on Election Day and drove a Prius. His division at AIG was profitable. And since joining the company in 1998, he had never traded a single credit-default swap.

Now his boss was selling him out. DeSantis left work that day feeling that his world was falling apart. The next day, the House passed—by a wide margin—a bill that would levy a 90 percent tax on bonuses at firms that were bailed out. The Connecticut Working Families Party planned to bus protesters to the homes of AIG executives in Fairfield County. There were death threats. “It’s been terrifying,” says his wife’s mother, Lynnette Baughman. “It’s like a witch hunt.”

It was in this environment that DeSantis sent his remarkable resignation letter to the New York Times. In the letter, which ran as an op-ed on March 25, he compared himself to a plumber (“None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house”) and announced that he would quit AIG and donate his bonus to charity. The letter, passionate and wounded and oddly out of touch with ordinary Americans, put a human face on Wall Street’s anger. When DeSantis arrived at the office the morning his letter appeared in the paper, the AIG traders gave him a standing ovation. In some quarters of the press, he was vilified. (As Frank Rich put it in the Times, “He didn’t seem to understand that his … $742,006.40 (net) would have amounted to $0 had American taxpayers not ponied up more than $170 billion to keep AIG from dying.”) But the fracas was useful: DeSantis had succeeded in opening up an honest conversation—as typically emotional and awkward and neurotically charged as is any conversation on the subject—about money, the first this town has had in years.

rage_of_the_rich2

The rage continues:

“No offense to Middle America, but if someone went to Columbia or Wharton, [even if] their company is a fumbling, mismanaged bank, why should they all of a sudden be paid the same as the guy down the block who delivers restaurant supplies for Sysco out of a huge, shiny truck?” e-mails an irate Citigroup executive to a colleague.

“I’m not giving to charity this year!” one hedge-fund analyst shouts into the phone, when I ask about Obama’s planned tax increases. “When people ask me for money, I tell them, ‘If you want me to give you money, send a letter to my senator asking for my taxes to be lowered.’ I feel so much less generous right now. If I have to adopt twenty poor families, I want a thank-you note and an update on their lives. At least Sally Struthers gives you an update.”

“All the rich people I know took George Bush for granted,” says an analyst at a midtown hedge fund. “I’m a Democrat, but I agree with Rush Limbaugh on a lot of this stuff,” rails the wife of a former AIG executive.

The article goes on to talk about the different types of rage coming from Wall Street and who they’re angry with:

Their anger takes many forms: There is rage at Obama for pushing to raise taxes (“The government wants me to be a slave!” says one hedge-fund analyst); rage at the masses who don’t understand that Wall Street’s high salaries fund New York’s budget (“We’re fucked,” says a former Lehman equities analyst, referring to the city); rage at the people who don’t “get” that Wall Street enables much of the rest of the economy to function (“JPMorgan and all these guys should go on strike—see what happens to the country without Wall Street,” says another hedge-funder).

And check this out:

To Wall Street people who have grown up in the bubble, the meaning of the crisis is only slowly sinking in. They can’t yet grasp the idea of a life lived on less. “Without exception, Wall Street guys have gotten accustomed to not being stuck in the city in August. So it becomes a right to have a summer home within an hour or two commute from Manhattan,” says the Goldman vet. “There’s a cost structure of going with your family on summer vacation that’s not optional. There’s a cost structure of spending $40,000 to send your kids to private school that is not optional. There’s a sense of entitlement, that you need that amount of money just to live, that’s not optional.”

“You can’t live in New York and have kids and send them to school on $75,000,” he continues. “And you have the Obama administration suggesting that. That was a very populist thing that Obama said. He’s being disingenuous. He knows that you can’t live in New York on $75,000.”

That was an argument I heard over and over: that the high cost of living like a wealthy person in New York necessitates high salaries. It was loopy logic, but expressed sincerely. “You could make the argument that $250,000 is a fair amount to make,” says the laid-off JPMorgan vice-president. “Well, what about the $125,000 that staffers on Capitol Hill make? They’re making high salaries for where they live, maybe we should cut their salary, too.”

You can read the entire article in all it’s glory here.

Hat tip to Post Bourgie.

Cash for gold

Are there certain commercials that leave you wondering is this thing legit? Those cash for gold commercials have me wondering if this gimmick is for real. I know times are difficult for many folks and folks who are employed are watching their wallets just like those who are unemployed.  But is it a wise idea to mail in your jewelry for cash?

Black Enterprise magazine has an interesting column titled Fools Gold. The article mentions folks like Ed McMahon and MC Hammer, who are representing the cash for gold companies such as Cash 4 Gold, Get Gold Cash and Dollars For Gold.

Fools Gold?
Determining if Cash4Gold is worth its weight

By Renita Burns

Out of all the cash for gold companies shilling on television, Cash4Gold has managed to ascend the ranks from late night informerical-esque advertising to ubiquitous primetime spots featuring Publishers Clearing House pitchman Ed McMahon and too-legit-to-quit rapper MC Hammer – who are both ironically notorious for their financial woes. Promising quick and easy cash for your scrap gold, the company has been a go-to gold buyer for folks seeking to bring in extra money.

There’s something about mailing in gold jewelry for “cold hard cash” that doesn’t sit well with me, especially when there are pawnshops and jewelers in just about every downtown, USA. Well, earlier this month the fine people over at Good Morning America confirmed my suspicions, by conducting their own cash-for-gold test, sending off three packets of jewelry all appraised at $350 to mail-in gold companies. Get Gold Cash offered $206 and later raised its offer to $275. Dollars 4 Gold offered a measly $89.71, claiming some of their pieces were only 10 or 12 karats.

So, what did the Grand Puba of this burgeoning industry offer? A whopping $66.05! When GMA asked for its gold back, an option available to dissatisfied customers they were made another offer of…$137. The company later explained that it reevaluated the packet and one of the pieces could be sold “as-is” instead of being melted down, giving it more value.

The article also provides a link to the National Association of Jewelry Appraisers which can find jewelry appraisers in your area.

You can read the entire article here.

Michael Vick’s spending spree

After reading about former Atlanta Falcon quarterback Michael Vick and his serious spending spree before he went to jail, all I can say is wow.

Records show how Vick burned through fortune

By ALAN JUDD
The Atlanta Journal-Constitution

The day he went to jail, Michael Vick bought a $99,000 Mercedes.

He cashed four checks that totaled $24,900. He gave $28,000 to the mother of his oldest child. He paid a public relations firm $23,000 and gave a friend $16,000.

Altogether on Nov. 19, 2007, Vick spent $201,840. But for the former Atlanta Falcons quarterback, the day was most remarkable for how it ended: behind bars, beginning what would be a nearly two-year sentence in a notorious dogfighting case.

The day’s spending, in fact, was but a small part of the $18.2 million that flew out of Vick’s hands from 2006 to 2008, according to documents filed recently in U.S. Bankruptcy Court in Norfolk, Va. Nearing the end of his time in federal prison, Vick, 28, is seeking the court’s protection from his creditors.

They are particularly interested in his increased spending in the three months before he reported for jail.

The documents provide a detailed look at the privileged lifestyle of an athlete who rarely offered more than a glimpse of himself off the playing field. They show how Vick, who grew up poor in Newport News, Va., bought houses and cars, farms and horses, boats and jewelry, all at the height of a spectacular career that shattered after he was identified as the key figure in an illegal dogfighting ring.

The bankruptcy filings also reveal Vick at his most vulnerable. Financial advisers, Vick’s lawyers claim, took advantage of him. He poured money into businesses that failed. He took care of the needs of his relatives, paying for satellite television and cellphone service, for instance, and his mother’s offerings to her church. He even gave each of his three co-defendants in the dogfighting case $150,000 for legal bills.

For his own expenses, Vick seems to have relied heavily on cash.

In 2007, documents show, he used cashier’s checks to withdraw $908,500 from his bank accounts. During a two-year period, he wrote checks payable to “cash” totaling almost $1.1 million.

His spending escalated as his prison sentence neared.

From Aug. 27, 2007, the day he pleaded guilty in a Richmond federal courthouse, until Nov. 19, the day he bought the new Mercedes before reporting to jail, Vick shelled out $3,627,291.

You can read the entire article here.

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