Tim Duncan Comments on Losing More Than $20M Due to Financ (转载)# Stock
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发信人: OKMSDN (风险控制), 信区: NBA
标 题: Tim Duncan Comments on Losing More Than $20M Due to Financ
发信站: BBS 未名空间站 (Thu Jun 18 11:44:25 2015, 美东)
San Antonio Spurs legend Tim Duncan stated this week that misplaced trust in
a financial adviser caused him to lose more than $20 million, but it won't
impact his decision-making process about whether to continue playing or
retire.
Scott Soshnick of Bloomberg notes the power forward has made around $220
million in salary throughout his career. He filed a lawsuit earlier in the
year against the adviser, Charles Banks, on the basis of being pushed into
bad investments because of conflicts of interest.
Duncan, 39, told the outlet the loss won't have a major impact on his life
moving forward, though: "Luckily I had a long career and made good money.
This is a big chunk, but it's not going to change my life in any way. It's
not going to make any decisions for me."
He also talked about learning from the mistake:
I thought, for the most part, I was keeping an eye on things. You have to
have people checking on people checking on people. I did that for a while.
Obviously, I got to a point where the people I trusted were checking on
themselves. The bottom line is this: You can't be angry at yourself. I keep
going back to this word, but I trusted someone. I was wrong about it. I got
screwed over for it. I'm not mad at myself for that. That's a lesson learned
. I'll never put myself in that situation again.
Bloomberg reached out to Banks' lawyer, Antroy Arreola, for comment, and he
said his client was surprised by the lawsuit: "The note specifically
discussed in Mr. Duncan's complaint is current, Mr. Duncan is receiving 12
percent interest on that note, and Mr. Duncan's investments as a whole have
performed well. We are confident that when all the facts are heard, it will
be clear that the claims presented lack foundation."
Regardless of how the situation plays out, Duncan told the outlet he's "not
going to go on a circuit trying to warn people" about properly handling
their finances. Knowing the quiet manner in which he's conducted himself
throughout his career, that's not a surprise. He said hopefully the story
gets out enough to educate others.
The main reason for the longtime Spurs superstar to return to the NBA next
season isn't money—it's the fact he's still playing at an incredibly high
level despite pushing 40. He averaged 13.9 points and 9.1 rebounds while
playing less than 29 minutes per game to protect his health last season.
Duncan's career is in its twilight, but he can still provide San Antonio
with another year or two of reliable post play unless he's simply tired of
the grind and wants to walk away.
发信人: OKMSDN (风险控制), 信区: NBA
标 题: Tim Duncan Comments on Losing More Than $20M Due to Financ
发信站: BBS 未名空间站 (Thu Jun 18 11:44:25 2015, 美东)
San Antonio Spurs legend Tim Duncan stated this week that misplaced trust in
a financial adviser caused him to lose more than $20 million, but it won't
impact his decision-making process about whether to continue playing or
retire.
Scott Soshnick of Bloomberg notes the power forward has made around $220
million in salary throughout his career. He filed a lawsuit earlier in the
year against the adviser, Charles Banks, on the basis of being pushed into
bad investments because of conflicts of interest.
Duncan, 39, told the outlet the loss won't have a major impact on his life
moving forward, though: "Luckily I had a long career and made good money.
This is a big chunk, but it's not going to change my life in any way. It's
not going to make any decisions for me."
He also talked about learning from the mistake:
I thought, for the most part, I was keeping an eye on things. You have to
have people checking on people checking on people. I did that for a while.
Obviously, I got to a point where the people I trusted were checking on
themselves. The bottom line is this: You can't be angry at yourself. I keep
going back to this word, but I trusted someone. I was wrong about it. I got
screwed over for it. I'm not mad at myself for that. That's a lesson learned
. I'll never put myself in that situation again.
Bloomberg reached out to Banks' lawyer, Antroy Arreola, for comment, and he
said his client was surprised by the lawsuit: "The note specifically
discussed in Mr. Duncan's complaint is current, Mr. Duncan is receiving 12
percent interest on that note, and Mr. Duncan's investments as a whole have
performed well. We are confident that when all the facts are heard, it will
be clear that the claims presented lack foundation."
Regardless of how the situation plays out, Duncan told the outlet he's "not
going to go on a circuit trying to warn people" about properly handling
their finances. Knowing the quiet manner in which he's conducted himself
throughout his career, that's not a surprise. He said hopefully the story
gets out enough to educate others.
The main reason for the longtime Spurs superstar to return to the NBA next
season isn't money—it's the fact he's still playing at an incredibly high
level despite pushing 40. He averaged 13.9 points and 9.1 rebounds while
playing less than 29 minutes per game to protect his health last season.
Duncan's career is in its twilight, but he can still provide San Antonio
with another year or two of reliable post play unless he's simply tired of
the grind and wants to walk away.