Damon Dash Speaks on Jay Z Screwing Him Over Again

by Minority Fortune

(Damon Dash whining starts at 6:00 mark)

The man who once boasted excessively about his wealth, had over 1300 pair of shoes, wore his clothing only once, had multiple properties and offices is no more. Damon Dash, most famously recognized as the former CEO of Rock-A-Fella Records and the guy that was screwed by his friend/partner Jay Z, has been humbled. Instead of owning up to his hardly-wealthy, un-CEO like behavior, he remains stuck in the past. In 2005, he claims that he was conned out of ownership of the company he, Jay, and Biggs founded. Since then, he hasn’t been riding high.

It is now 2010, and he remains clinging to the past. The YBF reports the following:

Spotted out walking in Tribeca yesterday, one can see Damon Dash is a changed man. Gone is the arrogant Champagne swilling media hog of the early Roc-A-Fella days. Nowadays, Dash is focusing on his new Tribeca art gallery DD172 and nurturing new music
talent, a new magazine, America Nu, and other artsy projects.

In a recent Village Voice interview, Dash came clean about the last few years of his life. He won’t discuss their current relationship status but he still refers to Rachel Roy as “my wife.” On his financial woes, he admits he made some bad financial decisions but the recession hit everyone. Even the moguls.

But what was most revealing was why he says he and Jay-Z stopped working together. Dash says
Jay decided to sever business ties with his fellow founders (Biggs and Dash) and their stake in the company was sold back to Island Def Jam for a reported $10 million.

Their controlling interests in the remaining clothing, film, and alcohol ventures were sliced up.

It’s never a happy moment when we hear of a minority’s fortune diminishing. It’s wealth that has evaporated from our hands and into that of the majority once more. It’s returning to the same position we were once trying to escape. But we cannot let Damon simply shift all blame to his old friend Jay Z. He fell for the gimmick hook, line, and sinker. He gave up all his ownership shares to Def Jam. As a founding member of Rock-A-Fella, how did he not get with an attorney and make sure he had solid assurance in case of any label coup?

Dear Dame,

You’ve seen the good and the ugly side of money. Money changes people. The same money that had you arrogantly parading champagne bottles in front of camera, wearing clothes only once, having a butler, having numerous homes, etc., it’s the same money that led you to be what you proclaimed yourself to be: an asshole. You may not even realize it, but you were a slave to money. You claim Jay Z screwed you over. He too conceded to the power of money. If he’s as grimy and power hungry as you claim, he too will fall due to his greed of money. Our point is that you too were blinded by money.

But, Damon, we cannot excuse your poor financial behaviors. You did not plan in advance for the rough days. Instead of preserving your net worth of over $50 million, you spent it all. Unless you’re going to exclaim that Jay Z stole all of that too, then you must own up to your own faults. In the words of Jay Z, why don’t you “make another Hov”? Why don’t you create another hip-hop empire? Furthermore, why didn’t you prosper off of the glory of the Rock-A-Fella fallout and create something with all your creativity?

In our humble opinion, you should have negotiated much more money from Def Jam. You shouldn’t have thrown away your business savvy in the name of friendship. You should have looked out for your interests. You knew how shady the music industry was. You played the game yourself. So, admit to your own shortcomings.

Overall, it may shock you to hear this, but we think you’d be broke regardless of how the Rock-A-Fella deal went down. Your spending was out of control, and you simply weren’t taking care of business. You were a slave to money, so it was bound to blow up in your face one day. Instead of reliving 2005 over and over again, learn the lesson and wise up.


Minority Fortune

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