“In my summation, this is the single largest set of investment losses in the history of the NFL at the hands of one investment adviser.”
This past Sunday, 60 Minutes took an interesting look at how NFL players, "Supermen" to many of us, can be victims too.
The letters B-I-N-G-O cost NFL players $43 million.
The one constant in this whole story is INCENTIVE.
- Players' Incentive: To be "crazy rich"
- Financial Advisor's incentive: Get out of being underwater, by not working in the best interests of his NFL clients, among others.
When a client's interest and their advisors are not aligned, is it any surprise this happens?