Annie Leibovitz could loose portfolio

I am still stunned at the decision Annie Leibovitz made in order to secure a $24 million loan to pay off her debts. She put up as collateral the copyrights of ALL her work and any future work. (Who relinquishes the rights to future works?)  I find that so mind boggling. I’m sure the pressure of her debts was mounting hard and sometimes financial pressure causes you to make choices and concessions you would normally not consider.

But if you are a famous photographer and your copyrights are your goldmine and future copyrights are your future earnings why make that collateral?  She puts herself in a position that copyrights of her works and her future works especially may over the course of her lifetime be worth more than the $24 million loan. If that’s the contract then it’s never “paid off”. Everything she ever makes Art Capital Group gets the copyright too. Ten years from now or twenty years from now. I can’t get past that.

Oh not only did she put up her copyrights but also all her real estate. Huh??  This woman will be left with only her name. Now I know Tina Turner made a comeback with only her name but at least she kept the earnings from her future works.

For more on the story of Annie Leibovitz check out this CNN article.

Madoff gets 150 years

He deserves it.

I have read the stories of people, couples and families whose lives have been terribly impacted because of the snake oil salesman by the name of Bernard Madoff. They have lost all their financial security, had to sell homes, move in with family and when some should be living their golden years in retirement theare trying to find a job in THIS economy.

I truly do not understand people like Madoff. How does greed or maybe it was pride cause this man to ruin the lives of people so that his life is propped up on an unstable house of lies? Who raised this man to be non-violently cruel anyway? Sure some people will take advantage of others. That’s just life an it will happen. But he turned this into a colossal conglomerate of misleading people.

I can’t imagine saving my money, investing it conservatively and wisely, living within my means and then wake up and realize I’m broke all because of a con man. And then having to tell the family WE are broke. How sad is that?

150 years in prison will not bring back the livelihood of his victims. But at least Madoff spends the rest of his life as a convicted criminal. The real brunt of his shame will be carried by his wife, sons and family. They are the ones every day having to wear this dishonor and face the shame Madoff brought to his family. Not to mention his family is now just as broke as the families his cheated. (We think.)

Personally I question two things. 1) Where did all that money go? Is it really all gone or is it stashed somewhere waiting to be collected in an ingenious way by his family. 2) You will never convince me this man did this all by himself. He’s the front man and the fall guy but others somehow were involved.

Alisay