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July 2, 2009

Jackson's Money Woes Can Teach Us About the Dangers of Entitlement

Posted: 12:28 AM ET

By Michelle Singletary via Washington Post

Long before his death, we heard more about Michael Jackson's financial troubles than his incredible music. The singer was reportedly more than $300 million in debt.

...A large part of the reason that Jackson was slated to make a 50-show comeback tour was to generate more income. This global superstar may not have been technically bankrupt, but he continued to be cash-strapped. Jackson reportedly borrowed heavily against his assets.

In the same week that Jackson was pronounced dead at UCLA Medical Center after collapsing at his rented mansion in an upscale Los Angeles suburb, Ed McMahon, the longtime pitchman and Johnny Carson sidekick, died at 86. Like Jackson, McMahon had earned millions during his lifetime yet fell into financial trouble because of his overspending.

In an interview on CNN's "Larry King Live," McMahon acknowledged his poor handling of his money.

"Well, if you spend more money than you make, you know what happens. And it can happen," McMahon said.

But what leads so many people to a financial fantasyland?

(Read More)

Filed under: Larry King Live • Michael Jackson


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Linda   July 2nd, 2009 12:31 am ET

Why not have Michael Jackson funeral at Disney Land?


carol   July 2nd, 2009 12:40 am ET

The man and the music will forever live in our hearts. R.I.P. Michael


Armant   July 2nd, 2009 12:41 am ET

Michael Jackson passed away but he will not be forgotten his legacy will live on forever. His music has inspired people throughout the world. May his soul R.I.P.Long live the king of pop


cc   July 2nd, 2009 12:41 am ET

I am only 13 and but I am the new #1 fan. This is how I know Michael Jackson will now be even bigger because of this generation. R.I.P Michael Jackson


Beth   July 2nd, 2009 12:44 am ET

Will someone please tell Joe Jackson and Al Shapton to sit down and stop speaking on behalf of Michael. MJ was much classier than that! And I can not believe Joe attened the BET awards days after his son died. I could not even sit through the show without crying and he didn't display one emotion the whole show. The Jackson family needs to hire an educated and professional attorney to speak for them.


Alvin   July 2nd, 2009 12:46 am ET

All this discussion about Michael Jacksons' medical topic; isn't it a violation to the HIPAA laws? This is not worth it. TMI I thought it supposed to be an investigation.


nancy whitehead   July 2nd, 2009 12:46 am ET

MICHAEL'S DEATH IS A TERRIBLE, I AM STILL IN SHOCK. I HAVE FOLLOWED HIS CAREER SINCE HE WAS A SMALL BOY. LEAVE THE NEGATIVES OUT AND CONCENTRATE ON HIS MUSIC AND KINDNESS. RIP MICHAEL, I KNOW THAT YOU ARE THRILLING THE ANGELS ABOVE WITH YOUR MUSIC.. MAY GOD WATCH OVER YOUR FAMILY, AND YOU OF COURSE WILL ALWAYS BE ON THEIR SHOULDERS AND FOREVER IN OUR HEARTS.
NANCY


L Green   July 2nd, 2009 1:01 am ET

To The Jackson Family; May God Be With You
I also would like to share with all the negative people Today it's the Jackson's that has a great loss tomorrow it very well might be you so please don't be judgemental. Show me a family that 's not going through something and I'm tell you when the world will end. Okay my point, I furthermore would like to say to the Jackson Family I know what they or going through I too loss my 26year old daughter that was murder stabbed 17 time by someone deranged she didn't know, she left behind her 19mos. son I'm raising. So take one day at a time Mr. & Mrs. Joe Jackson and Family


Bas   July 2nd, 2009 2:46 am ET

I would like to share my thought about Michael Jackosn's assets and debts. As we all know that he was not married at time of his death, a big portion of whatever was owned by Michael has to be paid as Estate tax before the executors of his will can manage the estate. I am wondering how they will come up with the money to pay this huge tax and it might end up that not too much money left after paying this tax and Michael's debts.


detroiter   July 2nd, 2009 4:32 am ET

MJ was brilliant in his early years. Equally since he was bizzare. He was an admitted drug abuser who on camera said he shared beds with young boys. Those are facts. Long live the essence from his early years and long live the behavior since to serve as an example of how to squander an absolute gift.......


Godswill Otomewo   July 2nd, 2009 5:47 am ET

A lot has been said about Michael Jackson debts vaguely. can any one just tell us who these debtors are?


Jazzie   July 2nd, 2009 6:02 am ET

Please preserve his attires and costumes especially his albums that pirated copies are now being sold like hot cakes around the world especially Malaysia, China, Thailand.


chio   July 2nd, 2009 8:20 am ET

R.I.P micheal. we will always love you and would never forget you. you brought so much joy to God's children in this world. you have sung for us here and brought so much joy, sing now for the almighty ,the one who alone loves you unconditionally. rest well beautiful soul.........


Sherry Worthington   July 2nd, 2009 10:14 am ET

This is a very sad deal, however I can't believe how Micheal Jackson father. Going to the music awards advertising his new record label. The man is always been about the money at all cost of anyone. Including his own family. He is truly a evil man. Trying to make money no matter what the cost.
The old saying money is the rule of all evil.
That man is a perfect example


Beth   July 2nd, 2009 12:49 pm ET

PLEASE BURY MICHAEL JACKSON AT NEVERLAND! THAT WAS HIS HOME AND IT WILL FOREVER BE. WE HAVE A GRACELAND AND THERE SHOULD BE A NEVERLAND AS WELL. BLESSING TO ALL THAT LOVE THE TRUE KING OF MUSIC.


Sharon B   July 2nd, 2009 4:22 pm ET

Larry, please verify if Michael Jackson had Lupus and the impact Lupus has on the body. I would like to see a Lupus expert speak on the amount of pain Lupus patients experience.

thank you


Linda St Julian   July 2nd, 2009 7:19 pm ET

I hope the courts can see threw Debbie, she is not interested in Michaels children. It is so very sad that anytime someone passes away, there's always someone waiting to see what they can get from the deceased, If she really cared for the children ,why didn't she at least try an have a relationship with them..I am a african American women, my mother is the rock of our family , she is 81 years old and still going strong. katherine will do very well with Michaels children. I pray that Debbie doesn't get custody. Dianna Ross will be a wonderful mother, and Dianana should fill very honored.


derrick   July 3rd, 2009 12:04 am ET

Mr. King, find some way to get this email to the Jackson Family. Michael have helped so many charities and people around the world, if the Jackson Family, would ask the people would give back to the man who have given much to us all spiritually and financially. I do not believe that God if He is a just God would allow a charitable soul like Michael Jackson who has given millions upon millions of dollars to starving men women and children, sick men women and children, to UNCF and scores of other would not answer the call to give. Michael Jackson is the gift that keeps on giving! Even in death millions of people and companies are benefiting from his passing in CD sales magazines those of us who loved Michael Jackson should press these companies to pay off his so called 400 million dollar debt that the least we all can do. As for the the final practice recording of Michael perform for the London shows there is a way to benefit all the people involved with that whole project make a movie documentary of it and release it to movie theaters all over the world, millions will go to see the movie. As for many of the dancers that was there big break and I'm sure Michael would have wanted it that way if he's able to do it himself that way the world could view the concert that never happened.


Maria   July 3rd, 2009 1:15 am ET

Michael Jackson's death is extremely shocking.
With a doctor 24/7 why did he have to leave
us so soon. The greatest singer and dancer
of the world. Miss you much! The Neverland
looks like a peaceful place. Jermaine is full
of optimism and strength. What a brother!


julie   July 3rd, 2009 11:13 am ET

Larry, HELP!!!!!! ,
You are a very respected man!, and I wanted to know if you could use your power to help me get a message to the Jackson family. I watched your peogram yesterdqay from Neverland Ranch and I heard
Jermaine say that he wanted M


julie   July 3rd, 2009 11:13 am ET

Larry, HELP!!!!!! ,
You are a very respected man!, and I wanted to know if you could use your power to help me get a message to the Jackson family. I watched your peogram yesterdqay from Neverland Ranch and I heard
Jermaine say that he wanted M


julie   July 3rd, 2009 11:29 am ET

GET MICHEAL BACK TO NEVERLAND!!!!!!!!!!!!!!!!!!!!!!!!


julie   July 3rd, 2009 11:36 am ET

Sorry about the first 2 messages ran out of room. please help get Micheal back to the place he loved. Neverland ranch. Elvis has Graceland, Micheal has Neverland. Both Kings should have a special place to be visited by their fans! Please help Larry!!!


julie   July 3rd, 2009 11:37 am ET

anyone else feel the same??? Please let larry and others know


judy   July 3rd, 2009 12:03 pm ET

larry king i watch your show every night you are the best to listen to

this is a comment on michael jacksons will
i ask what is the point of making your wishes in a will if some people will not let your wishes be carried out now remember we will all be leaving this world some day some earlier than others do they want their wishes to be carried out

i say what is the point of making a will if some will fight it i think if that is the case they should say no one make a will let everyone battle it out
one last comment leave michael jacksons will alone he made his wishes clear and they should be all granted because that is what he wanted remember we will be in the same place someday

let michael jackson rest in peace knowing his kids are going to his mother and then to diana ross if needed THAT IS WHAT MICHAEL JACKSON WANTED

DEBBIE ROWE DID NOT WANT ANYTHING TO DO WITH HER KIDS KIDS WHEN MICHAEL WAS ALIVE SHE IS NOT CONCERNED WITH HER KIDS SHE JUST WANT MORE MONEY IF SHE GETS HER KIDS THAT IS WRONG AND I HOPE YOU MEDIA HOUND HER LIKE YOU HOUNDED MICHAEL THANK YOU


Marla   July 3rd, 2009 4:18 pm ET

My should be buried at Neverland............his children and his mother should reside there! Let's get Micheal back to Neverland!


Marla   July 3rd, 2009 4:20 pm ET

RIP peace Micheal!!!!!


jazerane france   July 3rd, 2009 5:38 pm ET

just a few words to tell you how much this saddens us!
thank you for your émisssion! it will remain in our memories! good luck to the family Jackson! who knew how to dance the entire planet which moves today! I regret all this just journalistic frenzy! a little respect for decency! Larry King thank you for your program that I am regularly!


James 'Sharpie' Sharpensteen   July 3rd, 2009 5:49 pm ET

Heros – 4th of July
What is a hero? To me, a hero is someone who has shown uncommon valor and sacrifice to achieve things that benefit other people or the world. One of these people is a young man that I know personally. His name is Mike and he is in the National Guard and normally is a weekend warrior once a month to serve our country. His unit got called up to fight in Iraq and he has now served two tours.

Now on the 4th of July I was scheduled to work and was upset that I couldn’t ride my motorcycle down to the lake for the yearly barbecue with my friends; then I thought “Mike can’t go either, and is in harms way with snipers shooting at him, roadside bombs and other dangerous things.” I wrote this from his point of view and tried to see through his eyes. Feel free to re-use my poem.

Workin on the 4th of July

I’m proud to be an American
Workin’ on the 4th of July

Chasin’ that almighty dollar
I don’t even know why

Uncle Sam’s gonna take
Most of it in the end

Send me to Iraq
And tell me to defend

Defend America
And the American way of life

I do it for our kids
And I do it for my wife

We’re all Family,
That is why I’m here

In my heart
They’re what I hold close & dear

In the news
If you hear that I die

Just remember I’m an American
Workin’ on the 4th of July
James Sharpensteen

Dedicated to the servicemen and women who defend our freedom around the world every day, even on the 4th of July.

©James Sharpensteen


Annie P.I   July 3rd, 2009 8:27 pm ET

I love Michael Jackson's music, he brought so much in this world through his music... And lot's of people love him although we heard all those false allegation against him, He was the great ever big donation of humanitarian all over the world, and people forget that.. HELLO.. Where are all your heart for him, so Please buried Michael in his home of peace never land..The home of Joy for all those children who had been there, and it will be a great investment to his kids too. Thank You


bobby Shaffer   July 3rd, 2009 10:48 pm ET

i really think m j was dead 1 to 2 hours before the 911 call was made because if it was an overdose on pills he would still have been breathing shallow but still breathing. i think the doctor and whoever else was with him were trying everything to bring him back but couldn't thats when the 911 call was made. as doctors have said deprivan does not stay in the body long after the I V has been removed so all of the time passed with them not knowing what to do or trying to cover something up.


Tony   July 4th, 2009 12:11 am ET

A handful of events have earned the kind of worldwide coverage to put the world on pause, if only for a moment. The 1963 assassination of John F. Kennedy "had the nation locked in a trance for two or three days," recalled TV critic Ed Bark.

The world audience for the Apollo 11 moon landing has been estimated in the hundreds of millions. The BBC estimated 2.5 billion people watched the 1997 funeral of Princess Diana.
"You have to go back to the Beatles, the death of John Lennon perhaps, and the death of Elvis Presley to find a comparable figure in, not just pop music, but pop culture," said Entertainment Weekly critic-at-large Ken Tucker. (EW, like CNN, is a unit of Time Warner.) "And Jackson so self-consciously turned himself into not just an American pop icon but a global pop icon. I think this does have worldwide implications and interest." See how interest in Jackson's music has skyrocketed »

The circumstances of Jackson's death have led to comparisons with Presley's in 1977, but in terms of coverage, the two can't compare. The news wasn't even the top story on CBS' "Evening News," Bark recalled, and there certainly wasn't wall-to-wall nationwide live coverage of his funeral. A public viewing drew about 30,000 fans; the funeral, two days after his death, was held in Graceland's living room.

But Bark said there are parallels, at least in terms of coverage, with the Kennedy assassination.


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