Quote:
Originally Posted by disneysteve
I heard on the news this morning that Ed McMahon, long-time co-host of the Tonight Show, is facing foreclosure of his multimillion dollar mansion. It really goes to show that financial problems and poor money management plague people of all incomes. Here's a guy whose career spans 6 or 7 decades and has probably earned tens or hundreds of millions over his lifetime who is now in his 80s and can't make his mortgage payments. The report blamed it on the fact that he got injured last year and has been unable to work. So what? What happened to all of his money? Does he have no savings? Has he no disability insurance? Why does a guy in his 80s still have a mortgage anyway?
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I read a really good article on CNN Today written by Glenn Beck. I was reading some of the web comments that people can leave on the article, and someone mentioned that he has been married 3-4 times.
Apparrently California has some pretty strict divorce laws where spouses automatically get 50% of the estate.
No matter what, he should still have money. That said, if he has been divorced 2-3 times over the years, that most likely means that his fortune was also halved that many times as well, considerably lowering the amount of money he otherwise would have.
Certainly not an excuse in any way for him, but something to think about.
Edit: Here is the CNN Link to the Glenn Beck article I was referring to. Very well writen and hits the nail on the head if you ask me.
Commentary: McMahon shouldn't be the face of foreclosure - CNN.com