kjkbear said:

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If this were an SEC player or a Furd or SC player, this board would want prison time. Mickelson wouldn't be mentioned.

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Fandom is great, isn't it?

kjkbear said:

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If this were an SEC player or a Furd or SC player, this board would want prison time. Mickelson wouldn't be mentioned.

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Welcome to internet sports fandom. Shockingly, there's bias!

pingpong2 said:

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If he went to an SEC school, the crime probably would have been getting into a fight at a nightclub or some sort of weapons charge instead of a white-collar crime.

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If he had done this while playing football at an SEC school, the SEC town cops would have hushed up any misdeeds and none of this would have ever become public.

wifeisafurd said:

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Unit2Sucks said:

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wifeisafurd said:

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I'm glad someone gets the difference between income inequality and wealth inequality. We tax income, not wealth (or at least not very much). The top 5% of income earners starts around $350K (Kendiricks probably is higher). But does some professional (engineer, accountant, lawyer doctor) making around $350 K in a high cost state like California or New York (like a lot of Cal grads) deserve to get creamed on his income taxes, while the wealthy pay more limited income on passive investments such as capital gains, and no tax on assets other than maybe property tax. There are certain European countries that do tax wealth, and as a result have relatively less income tax. Just something to think about.

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I think people get it - especially Republicans and their wealthy donors. That's why the estate tax limit was doubled this year to make sure it didn't actually catch couples with less than $22M. Now it only applies to people with more than that but not enough estate planning.


For people less familiar, here's a nice article.

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The letter of the law allows slightly more than $11 million per person to be passed to kids or other noncharitable heirs free of federal gift or estate tax. But by employing aggressive techniques, New Jersey estate lawyer Martin Shenkman figures, a couple could use their combined $22 million tax exemption to transfer more than a quarter-billion of assets into an irrevocable dynasty trust, where that wealth can continue to grow and pass, estate-tax-free, to an unlimited number of future generations. "This is phenomenal. The numbers are beyond comprehension," says Shenkman. Is this legally risky? Less so than it used to be. In October, Trump's Treasury withdrew proposed Obama-era regulations cracking down on certain of these aggressive techniques, which, when done right, have been upheld by the courts.

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The joke in our law office by tax heads was that anyone with estate tax was as dumb as a rock or hated their kids (tax heads are not exactly ready for SNL). In any event, i better go do some estate tax planning.

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Yah, the idiots. I don't plan on paying any estate taxes:

A. I'll be dead
2. I'll have nowhere near 22 mil.

Easy.

Who wouldda thunk someone from Goldman Sachs would be involved in something illegal?

In about 5 years Kendricks is going to have a great job with the NFL talking to rookies about pitfalls to avoid

dajo9 said:

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NVBear78 said:

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dajo9 said:

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okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

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And it sounds like he had investment results similar to Hillary when she traded them commodities!

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Clinton released her financial records. Trump has hidden his. He is the actual President. What do you think we'd find in his records?

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I'm not sure the Clintons have been quite that transparent about their quarter billion dollar foundation operation. As far as their cattle futures though, the trades are public, so it's not like they've volunteered that info.

Kendricks' rate of return wasn't nearly as astonishing as Hillary's, who managed to get a 10,000% return on her cattle futures investment in less than a year. Bill and her should have been convicted of fraud for this, it's a clear-cut case of a payoff to an elected politician.

Unit2Sucks said:

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Cal88 said:

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I'm not sure the Clintons have been quite that transparent about their quarter billion dollar foundation operation. As far as their cattle futures though, the trades are public, so it's not like they've volunteered that info.

Kendricks' rate of return wasn't nearly as astonishing as Hillary's, who managed to get a 10,000% return on her cattle futures investment in less than a year. Bill and her should have been convicted of fraud for this, it's a clear-cut case of a payoff to an elected politician.

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The fact that you think the Clinton cattle future trades were a clear-cut case of a payoff or fraud says more about you than it does about them. For something to be clear-cut, you would need facts and not just innuendo.

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A 10,000% return in less than a year says all you need to know. No need for innuendo.

calbear80 said:

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He is acknowleding his error, taking FULL responsibility and offering to make it right. He is a far superior man than so many of our politicians and Wall Street folks. He should be given every leninancy possible.

Go Bears!

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Not to mention guys hired by Mike Williams

Big C said:

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Unit2Sucks said:

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Cal88 said:

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I'm not sure the Clintons have been quite that transparent about their quarter billion dollar foundation operation. As far as their cattle futures though, the trades are public, so it's not like they've volunteered that info.

Kendricks' rate of return wasn't nearly as astonishing as Hillary's, who managed to get a 10,000% return on her cattle futures investment in less than a year. Bill and her should have been convicted of fraud for this, it's a clear-cut case of a payoff to an elected politician.

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The fact that you think the Clinton cattle future trades were a clear-cut case of a payoff or fraud says more about you than it does about them. For something to be clear-cut, you would need facts and not just innuendo.

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Okay, how about the time she had Vince Foster killed? Is that good enough?!? That's almost as bad as those emails.

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Still no facts...try again.

Washington Post article today: WaPost re Kendrick's Insider Trading

MSaviolives said:

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Washington Post article today: WaPost re Kendrick's Insider Trading

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And this is why he was released, right? Seems like there's no way this should prevent him from pursuing his NFL lively hood, unless he is unable to play because he is incarcerated. Sure, he should've known better, but imagine how easy something like this would be able to slip into for a 27 yr old. He was probably thinking that this is the way the world works, for rich people. Lesson learned. Pay it back. Educate others.

Looks like he might play this year.

B.A. Bearacus said:

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Looks like he might play this year.

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And he wouldn't likely report to his confines until after the post-season... What a mistake young man.

Cal89 said:

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B.A. Bearacus said:

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Looks like he might play this year.

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And he wouldn't likely report to his confines until after the post-season... What a mistake young man.

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Queue Martin Sheen's closing Wall Street scene as he talks to his son, Bud Fox, on their way to sentencing. "Quit living off the buying and selling of others and create".

Seahawks sign Kendricks.

https://www.sfchronicle.com/sports/article/Seahawks-sign-LB-Mychal-Kendricks-despite-legal-13231089.php

If you read "Rich Dad/Poor Dad", and you should, it will tell you all you need to know about capital, income, business and taxes.

But beware, you might be inspired to start a business, in which case you could get taken advantage of like Mychal and I. I trusted a real estate investment training group, but when I need them most, they renegged on their promises and I am now moving out of state because I have no money to live here any more.

I'm sure Mychal was trying to do something similar, not fully realizing the implications. In life, there are a lot of unintended consequences that come with trying to improve your life. Starting a business, owning a home etc. are just a couple of ways folks try to invest in their lives but don't really improve them.

A home, for example, is 3 times the price because interest on a 30 year mortgage is about the same as the price. And maintenance over those 30 years is about the same as the price.

Starting a business usually involves quite a bit of start up costs but you can't deduct a cent of it until you have revenue. By that time, competition may be too stiff and you will never recoup your losses.

FYI, calculate your appreciation on your home as a % ROI. For example, I bought my home for $250,000 down and it has appreciated about $125,000 in 10 years. That is a rate of 5%/yr. ROI, subtract the interest of 3.625% and I am netting under 2% ROI on my home. This is in coastal California in a hot market. And yet everyone thinks California real estate is about the best investment possible. Well, my credit union in Tennessee is paying 3%.

Unintended consequences of trying to do wise things based on myths about what is wise can and will bankrupt you. The lesson is, don't invest in something unless you already know it will pay off. But that is how Kendricks got in trouble. So, you can't win unless you already have money to lose. Most of us don't. That is the big lie of "Rich Dad..." Not everybody can do it. You have to have enough money to start with so you can absorb all of the unintended consequences.

Chapman_is_Gone said:

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It's funny how, with one exception, everyone on this board is coming up with every excuse in the book why this crime wasn't a big deal, without knowing any details, just because this guy is a Bear. "Like a good Bear...". LOL.

He did the crime, now he gets the punishment. He sure was OK with it all when the gains were accruing.

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It's looking like he may not have to actually go to jail. His fully admitting he screwed up does mitigate the offensiveness of the crime imo. Contrast this with the all too often reports of sexual assault, domestic violence or worse, accompanied by denials. Though you're right, I am biased in Kendrick's favor.

Yup, people often go to prison for the coverup (Martha Stewart), not the crime. Kendricks coming clean immediately makes a difference.

As far as Bears fans being easier on Kendricks, that's not true. Regarding insider trading as a crime, and from reading reactions around the internet, this is my impression:

When Wall Street guys and corporate CEOs and politicians get caught, people get annoyed because it reinforces the idea that the rich and powerful have an unfair advantage that the average person doesn't have. But it's still seen as a relatively victimless crime. There's no dead body to feel sorry for, and no one saying they lost their life savings because someone else bought or sold a stock just before some big announcement or financial report.

Despite his high salary, Kendricks is still seen as a "regular guy," not a corporate or political insider. Kendricks is seen as doing something stupid, he's not seen as one of the "bad guys." The reaction of non-Cal fans is pretty much the same as Cal fans. Actual quotes:

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Since we're so used to violent crimes from nfl players, I actually kinda impressed with this one.

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Just glad we now live in a world where our athletes are being charged with white collar crimes

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Mr. Kendricks picked the wrong profession. Had he been a Congressman, he'd be fine.

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Now this is different. I think it's the first instance in a long time of an NFL player being charged with white collar crime instead of violent crime.

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Well at least it isn't a cliche NFL crime like beating a woman or something.

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I am active in the market and hate insider trading. But it's so selectively prosecuted it's ridiculous. It's also non-violent.

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Hell, if the SEC were truly adamant about rooting it out, 99% of DC would be under investigation. Insider trading is essentially how all of the US Congress makes its money.

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No one will be outraged if Kendricks escapes prison time or NFL punishment.