Since we recently covered the triumphs and applauded Grade A moves of the year 2009. It’s only fair that we cover the tragedies as well. Afterall, it’s a good way to learn lessons from the mistakes of others. This is a year that had numerous tragedies within it, and we hope that they can all be left in this year and not carried into the next one.
• Michael Jackson’s Passing:
The King of Pop’s passing on June 25th of this year sent the world into a state of shock. The internet was almost brought to a screeching halt with the massive volume of searches in his name. He made a significant impact on the world with his philanthropy and music. He nor his international brand will be forgotten.
• Nicholas Cage’s Financial Incompetency:
$6 million in the hole and blaming it on his manager is the epitome of irresponsibility and cowardice.
• Antoine Walker’s Over Spending:
It was reported this year that Walker lost his entire $110 million dollar fortune and ended up $4 million in the hole. His problem got more humiliating when he had to be escorted out of a casino in handcuffs.
• Wall Street Bailout:
Government decides to bail out Wall Street and banks to the tune of $700+ billion dollars in bailout and TARP funding. Yet, lending is at an all-time low.
• The CARD Act:
It was passed in May, but banks aren’t obligated to implement it until February of 2010. While it will put some serious restrictions on banks, it hasn’t stopped banks from wreaking havoc for these last few months via interest rate hikes and lowered balances. We wish that it would have been implemented and effective immediately after its passing.
• Lady Gaga files for her fourth bankruptcy :
It hasn’t been addressed much in mainstream media, but apparently Lady Gaga is the queen of crappy financial habits since she’s filing for her fourth bankruptcy. Her pathetic excuse was that all her money went back into her shows and wardrobe. Well, if you’re spending multi-millions on wardrobe and losing money, it’s a liability and not an asset. Time to brainstorm on how to cut costs and maximize impact.
• Lil Boosie’s jail time:
Lil Bossie’s jail sentence for violating parole was the culmination for his financial stupidity. Now he’s jeopardized his career and potential earnings. Actually, he was jeopardizing his money before he went to jail with his bad spending. So, nevermind.
• Cheap Black Diamond Chain Sales:
Souljah Boy with his remote control Lamborghini chain and Rick Ross with his $600K shopping spree set urban media ablaze with their flimsy, factory manufactured black ice chains. We admit that we covered their stories, but not in the feel-good way that you might think. While they view these chains as social assets, the financial joke is on them.
• The Balloon Boy Hoax:
The fame hungry parents schemed their way across America’s screens by declaring their son missing and possibly hiding in a floating balloon. Their plans all came to a crashing halt when their son admitting on live television that the stunt was all for a show. While they got the national attention that they were seeking, it wasn’t of the good kind. It looks like this cost them much more than they expected.
• Chris Brown’s Physical Attack on Rihanna:
This was the biggest mistake Chris Brown could have ever made for himself and his brand. As a result, he’s been blacklisted by some stations and stores and will stand to lose future endorsements and roles due to his tarnished reputation.
• Tiger Woods and His Million Mistresses:
It’s just downright tacky how bold Tiger became to habitually cheat on his wife. He was on the brink of billionaire status. Now he stands to lose money from endorsements and possibly a divorce due to his thoughtless actions.
*Images courtesy of Your Network, Picapp, Gambling 911, Best Week Ever, Consumer Credit Card Guide, Follow the Fashion, the Source, Wohoo, Boston Globe, and the Sydney Morning Herald.
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