It’s crazy that irresponsible people always find a reason to be mad at everybody but themselves for being irresponsible. On Wednesday, sports business reporter Darren Rovell told boyz in a tweet that Derek Fisher has joined a company called Luxury Asset Capital, which basically lends money to athletes that have gotten into financial trouble.
In other words, when players are reckless with their bread they’ll loan them money by using their assets as collateral. So what his company is doing is no different than what banks all over the world are doing or no worse than what the payday loan joints set up in every hood in America are doing.
However, duns like Baron Davis and other former and current players are upset with ole boy for running a legitimate business. “You need bread we got it and if you don’t pay us back we’re taking what you put up as collateral.”
Derek Fisher sold us out in the CBA now he selling us out again. Athletes going broke .. let’s make money off of that. #Slapyourself #buster #sellout #BANsyndrome https://t.co/twVJDGBoN7
— Baron Davis (@BaronDavis) December 13, 2018
Let’s keep it real or all the way 100, whichever comes 1st! Why are boyz mad at Fisher for being smart enough to see a market and capitalizing on it no differently than any other business people do?
Is it his fault that players are reckless with their bread? No!! It’s no different than Michael Jackson buying the Beatles Catalog when it came up for sale. Should Prince or any other recording artists been mad at Mike for buying what the Beatles loss? Not at all.
If players are crazy enough to spend all of their money, then need a loan and he’s got the capital to loan them the money then why not? And if they default on the loan then they lose whatever they put up as collateral. That’s called doing business! It’s capitalism and why shouldn’t Derek Fisher be able to profit because he’s a former player.
Were the other music moguls mad at Sun Trust for taking Jermaine Dupri’s masters of all of his SoSo Def artists when he defaulted on the $2 million loan he borrowed from them? Not at all. Why? Because he defaulted on the loan.
Don’t get mad at the institution for getting what belongs to them in the event a dun defaults. Be mad at the dun for taking out the loan and defaulting in the first place.
In March of 2009 Sports Illustrated published an article entitled “How (and Why) Athletes Go Broke” and in it is stated that:
- By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
- Within five years of retirement, an estimated 60% of former NBA players are broke.
So therefore, Derrick Fisher isn’t the problem here Playas. The irresponsible athletes sprinting through their money is. There is no reason for boyz to need a loan when they’re making that type of bread especially when the NBA provides a plethora of programs to keep this foolishness from happening. Stop me when I start lyin’!