Steely Dan Posted October 14, 2010 Share Posted October 14, 2010 (edited) http://sports.yahoo.com/nfl/blog/shutdown_corner/post/John-Elway-invested-15-million-in-a-Ponzi-schem?urn=nfl-276931 Edited October 14, 2010 by Steely Dan Link to comment Share on other sites More sharing options...
Fan in San Diego Posted October 14, 2010 Share Posted October 14, 2010 (edited) You can't trust anybody these days. I would only invest with a person, with them knowing that if they !@#$ me on the deal I'm going to have them killed. That should reduce fraud. Edited October 14, 2010 by Fan in San Diego Link to comment Share on other sites More sharing options...
Chef Jim Posted October 14, 2010 Share Posted October 14, 2010 Looks like he's only out $3mil. Link to comment Share on other sites More sharing options...
jr1 Posted October 14, 2010 Share Posted October 14, 2010 Like Colin Cowherd says, invest with Smith Barney not Barney Smith Link to comment Share on other sites More sharing options...
erynthered Posted October 14, 2010 Share Posted October 14, 2010 I've read this somewhere before. Link to comment Share on other sites More sharing options...
Phil Hansen Forever Posted October 14, 2010 Share Posted October 14, 2010 It sucks to be him. Now he knows how the REST of the population feels after our retirement and savings accounts went under. Too bad, but I'm not crying about him losing 15 mil, when I lost my entire savings to a bank guaranteed by the US f'ing government. Link to comment Share on other sites More sharing options...
truth on hold Posted October 14, 2010 Share Posted October 14, 2010 Now that he needs money he may be willing to make a come back. And we do need a proven NFL QB badly. hmmmm .... Get er done Buddy !!! Link to comment Share on other sites More sharing options...
JohnC Posted October 14, 2010 Share Posted October 14, 2010 It sucks to be him. Now he knows how the REST of the population feels after our retirement and savings accounts went under. Too bad, but I'm not crying about him losing 15 mil, when I lost my entire savings to a bank guaranteed by the US f'ing government. How can you lose your savings in a government guaranteed bank? Link to comment Share on other sites More sharing options...
playman Posted October 14, 2010 Share Posted October 14, 2010 Now that he needs money he may be willing to make a come back. And we do need a proven NFL QB badly. hmmmm .... Get er done Buddy !!! Link to comment Share on other sites More sharing options...
gobillsinytown Posted October 14, 2010 Share Posted October 14, 2010 Looks like he's only out $3mil. I'm sure Elway's got the money to lose, but even so....getting screwed out of any amount of money sucks. I think it would be similar to one of us getting screwed out of 50 or 100 dollars. Sure, it's not the end of the world, but it's not something you're going to forget. Not feeling sorry for him though... Link to comment Share on other sites More sharing options...
prissythecat Posted October 15, 2010 Share Posted October 15, 2010 (edited) How can you lose your savings in a government guaranteed bank? The FDIC insures upto 250k per depositor per bank. And I believe transaction accounts (non-interest bearing) are fully insured right now. So am not sure how one could lose their entire savings either. Edited October 15, 2010 by prissythecat Link to comment Share on other sites More sharing options...
MarkAF43 Posted October 15, 2010 Share Posted October 15, 2010 Seems like his life has really gone down the tubes since he left the NFL..... Man these scream as warning signs for all the young guys for the possible pitfalls of life after football. Link to comment Share on other sites More sharing options...
bbb Posted October 15, 2010 Share Posted October 15, 2010 The FDIC insures upto 250k per depositor per bank. And I believe transaction accounts (non-interest bearing) are fully insured right now. So am not sure how one could lose their entire savings either. I'd like to know the answer to this, too. Link to comment Share on other sites More sharing options...
ieatcrayonz Posted October 15, 2010 Share Posted October 15, 2010 This is obviously definitely a case of another defintely obviously smart QB from a defintiely good school like Stanford obviously. Link to comment Share on other sites More sharing options...
aristocrat Posted October 15, 2010 Share Posted October 15, 2010 The FDIC insures upto 250k per depositor per bank. And I believe transaction accounts (non-interest bearing) are fully insured right now. So am not sure how one could lose their entire savings either. you can get around the 250k limit as well so you dont have to split money between different banks...so i dont know how this guy lost his cash Link to comment Share on other sites More sharing options...
ieatcrayonz Posted October 15, 2010 Share Posted October 15, 2010 The FDIC insures upto 250k per depositor per bank. And I believe transaction accounts (non-interest bearing) are fully insured right now. So am not sure how one could lose their entire savings either. Maybe the teller dropped it and it rolled under the vending machine. Link to comment Share on other sites More sharing options...
Hplarrm Posted October 15, 2010 Share Posted October 15, 2010 you can get around the 250k limit as well so you dont have to split money between different banks...so i dont know how this guy lost his cash In general the financially controlled media spin machine with all of its talk about death taxes and the like gace a lot of folks convinced that the guvmint is gonna take all your money in taxes and the rest when you die when actually the system is set up so that with only a modicum of knowledge and not heavy lifting by lawyers one can fairly easily avoid losing all your money if your bank goes elfoldo or even when you die you have to be a fool not to arrange your estate so that you controlled how it is divided evem though you are dead. Such is the case with the Bills and Mr. Ralph. If he chooses to arrange things to meet his desires from beyond the grave there are several different methods he can chose between for giving his heirs big bucks, giving Buffalo fans a team to root for (if he wishes), builds whatever legacy he chooses, leaves control of the team with whom ever he dictates etc, While Mr. Ralph has clearly shown that he has little clue as to how to build a good football team (as shown by our 0 for a decade playoff less streak) no one can mistake Ralph for not being a financial wizard. Unless he so dictates there is no way this team will simply go too the highest bidder. Link to comment Share on other sites More sharing options...
JohnC Posted October 15, 2010 Share Posted October 15, 2010 I'd like to know the answer to this, too. Simply a false claim. There are many ways to lose money. Having money in a federally insured bank is not a way to do it. Link to comment Share on other sites More sharing options...
dayman Posted October 15, 2010 Share Posted October 15, 2010 Lol dude is probably 20 years old...losing the $500 in his bank account to a week of drinking. Link to comment Share on other sites More sharing options...
akm0404 Posted October 15, 2010 Share Posted October 15, 2010 It sucks to be him. Now he knows how the REST of the population feels after our retirement and savings accounts went under. Too bad, but I'm not crying about him losing 15 mil, when I lost my entire savings to a bank guaranteed by the US f'ing government. I'm certain this is just a lie. What he probably meant is that he lost a good portion of his poorly allocated retirement investments when the market went south, which correlated closely with the time of his retirement. Bummer, for sure, but let's not let factual information be a burden here. Link to comment Share on other sites More sharing options...
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