+ University of Arkansas football coach John L. Smith is trying to wipe out $25.7 million in debt in backruptcy court. He is also trying to hang onto $1.2 million in retirement accounts. Coach Smith invested in real estate, which he said was profitable until land values took a nose dive. This year Coach Smith is scheduled to make $850,000 for coaching young men football for the Razorbacks. He claims he has just $300 in cash on hand and $500 in a checking account.
+ Former University of Texas star quarterback Vince Young, who was the third person taken in the 2006 NFL draft, is broke. Young played for three teams over six years, going to the Pro Bowl twice for the Tennessee Titans. At one time he had $26 million in guaranteed salary from his contract, and another endorsement deal with Nike worth $30 million. News stories about his financial situation cite a raft of NFL, NBA and major league baseball stars who have little or nothing to show for their gaudy contracts, after wasting money lavishly on exotic cars, oversized McMansions, and crazy get-rich-quick schemes. By the way, Young was cut from the Buffalo Bills just before the season started. He is looking for a job outside of football.
+ A 1,000 foot tower under construction in Midtown Manhattan will be New York's tallest building with residences. It will also host the largest number of billionaires. One57 overlooks Central Park with fabulous 360-degree views of the region. Its nine full-floor apartments go for a cool $90 million each -- before furnishings. Seven other apartments range in price from $45 to $50 million. The real estate agent said that contracts for more than $1 billion (with a "B") have been signed over the last year. Fewer than 40 of the 92 apartments remain unsold, although two potential billionaires from China were "circling" two full-floor units. One New York property appraiser said in The New York Times, "The scale of wealth in this building is just unheard of. Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened."
+ As of last Friday total television ad spending on the presidential race has passed the $500 million mark. According to a story in the Washington Post on September 19, Republicans had spent $314 million on ads (27% going to support Gov. Romney -- $86 million). Democrats had spent $277 million on ads (80% going to support President Obama -- $222 million). Both presidential candidates raised about $125 million in the month of August alone. I have seen estimates as large as $3 billion for money raised and spent in the entire 2012 "election cycle," including the primaries, national presidential race and all U.S. Senate and House of Representative races.
When I read about these huge sums of money, I remember what a friend of mine years ago told me. At the time she was working in the "wealth management" section of one of the largest banks in Pittsburgh. She said, "Frank, you would not believe the amount of money people have. People you have never heard of, people who never get their names in the newspapers. The money people have is beyond imagination."
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