Comments about ‘Former Weber State, current Arkansas coach John L. Smith facing bankruptcy’

"At that point, the bank was willing to give away money. We got in over our head with land, and then the bubble burst and all this land value dropped and we couldn't sustain it."

Uhmm, yes, Smith should have know better from this quote. Seems to me he became greedy, took on debt, more than he could sustain even before the bubble burst and then lost it all. I don't think bankruptcy should bail out millionaires.

3 grandslams--It is not just millionaires who should not be bailed out, it is everyday Americans who take advantage of this. We have family who received an inheritance. Within one year they had spent it all. Then, they continued to spend. Before long they had to refinance their mortgage. The next step was bankruptcy. Oh, the wailing and moaning we had to hear! Life just wasn't fair!

I've noticed most of our friends who file bankruptcy blame it on medical expenses. That trip to Disneyland, the cruise, the new cars, new wardrobe, liquor purchases etc. was never the problem.

Our society is about entertainment with little responsibility. Smith used his investments as a form of entertainment, yet he called it a business.

re: sally...agreed.

So there is such a thing as karma...

To each of you that are so quick to judge ... so what would you say about the 100's of thousands who did the same thing John L Smith did but did it 10 years earlier, made a ton of money, paid their debts and in turn further stimulated the economy making banks money and contributing to the job force.

Were these people irresponsible? Or simply taking advantage of the American dream by doing what U.S. law and banks allowed them to do?

I'm not saying I agree with what banks were doing all along, and I'm not saying people should get themselves into risky situations regardless of laws and banking situations ... but it's a pretty judgmental thing to be pointing fingers at the people that get tripped up by bad economic timing and especially when they haven't done anything illegal.

If banks will loan, and laws will allow for bankruptcy ... don't stone the person that goes after the dream, start doing what you can to change the system.

I love coach Smith. I could care less if he's bankrupt. His improprieties is his business. I wish they would've reported on his success as a football coach. I've some stones of my own sitting in my pocket that I can't throw them out.

to motorbike: Sorry John L Smith and others were greedy!

Well I guess we can now understand why John L. skipped town so quick...it wasn't necessarly going to a better program as much as it was going to a bigger paycheck.

I hope the $800,000 plus pay check will go to his creditors and not hid in a bankruptcy ploy...He can stay back east as far as I care.

I don't understand why people who make millions feel the need to invest all of it. Stick most of it in the bank and enjoy retirement.

Re; motorbike. Life lesson needed here...just because people let you do something doesn't make it the right thing to do. Please don't hold up the atandard, "Hey they let me do it!" as justification for poor behavior.

Ernest T.: I agree and have thought the same thing on many occasions. Same goes with older folks with, say, $750,000 in life savings who feel the need to "invest" it in some scheme promising fantastic annual returns. Then not only don't the returns materialize, first thing you know the principal has also vanished, leaving the investors with little to sustain them in retirement.

Put the money in a safe place that will earn modest returns: You won't be able to buy a new Caddy every year, but at least you'll be able to live somewhat comfortably.

3grandslams

Life lesson needed here: Judge not.

And tell me, have you ever taken a loan from a bank or otherwise? Because if you have, then you my friend are the pot calling the kettle black.

No tears. It's ok. It happens but needn't. He tied up his personal assets in a speculative deal and that is not smart. Tie up a small percentage in risk portfolio, but be able to lose it all and not lose sleep. "Going for broke" usually does.

A good question surrounds his $800,000 a year. He can live on $200,000 and use the remainder after taxes to pay off his debts. That is the honorable thing to do.