THE WORST PERSON IN THE WORLD
(apologies to Keith Olbermann)
Tina and Jack Johnson, Sr.
Columbus Blue Jackets defenseman Jack Johnson has filed for Chapter 11 bankruptcy and, according to a Columbus Dispatch report, claims that his parents are responsible for helping lead him “financially astray.”…. According to the Dispatch story, before Johnson signed his seven-year, $30.5 million deal in 2011, he granted power of attorney to his mother, Tina Johnson, that gave her full control of his finances. According to documents filed in the United States Bankruptcy Court in the Southern District Court of Ohio that were obtained by ESPN.com, the 27-year-old Johnson has little left of the almost $18 million he has earned throughout his nine-year NHL career. His future earnings also appear compromised because of a tremendous amount of debt incurred, with court documents showing a list of creditors with unsecured claims totaling more than $1.68 million. In the filing, Johnson claims assets of less than $50,000 and total debts of more than $10 million.
We marvel at the astronomical amounts some professional athletes are paid- millions of dollars per year in many cases- yet we never really think about how an athlete manages their money. We exalt athletes because of their skill and talent on the field of play, yet many of them arrive at the highest level of their sport with absolutely no financial acumen. Imagine having millions of dollars dumped into your bank account. What do you DO with that much money? How do you handle taxes, expenses, and other obligations? What most athletes are totally unprepared for are the volumes of responsibilities and problems that comes with fabulous wealth.
Most athletes work with financial advisers whose job is it to help them manage their money and maximize it. Some are savvy enough to have at least a basic understanding of the business world and financial management, so they’re able to have some idea of what’s being done in their name and with their money. All too often, athletes simply don’t want to be bothered with those details. They want to play their game and devote their attention and energy to improving and being successful. Some of these folks will find someone they can trust and allow them to handle the details.
And there are the cautionary tales….
Jack Johnson thought he’d found someone he could trust- his parents. He granted power of attorney to his mother; when he asked her about his finances, she told him not to worry and to concentrate on playing hockey, which he happily did. After all, who’s not going to trust their mother? Who’d have your best interests at heart and be more protective of you than Mom?
Turns out that Mama Bear developed a taste for the good life and used her son as an ATM. After monetizing his contract (which most any financial advisor will tell you is a supremely bad idea) and taking out numerous questionable high-interest loans, she bankrupted her son. Johnson’s made nearly $18 million over the course of his career, but as of the date of his bankruptcy petition, he had barely $8500 in liquid assets between his checking and savings accounts.
I’d say that I suspect Thanksgiving dinner at the Johnson may be a bit on the awkward side, but to his credit Johnson’s cut off all communication with his parents. I can’t begin to imagine the pain and agony of realizing that your mother, someone you had no qualms about trusting implicitly, took advantage of you in the way Tina Johnson did. There’s something seriously wrong with a parent who’d violate the trust of their child so thoroughly, completely, and brazenly. Both she and her husband did something that would make any parent worth of the appellation recoil in horror- they violated the trust of their child…and in Jack Johnson’s case robbed him blind. It’s unclear whether Johnson’s parents committed a crime- at least in any legal sense- but what the Johnsons did to their son is something arguably unforgivable.
I can only hope there’s a reserved parking spot waiting for Tina Johnson and her husband in Hell.
The next time you think you’re having trouble with your family, be thankful your parents aren’t Tina and Jack Johnson, Sr….and if they are, hide your wallet.
