Posts Tagged ‘Bankruptcy’

DeVito, Giuliani and Good Timing

Thursday, December 21st, 2023

By Bob Gaydos

Tommy DeVito in action.

Tommy DeVito in action.

  Timing, they say, is everything. Whoever “they” are, I tend to agree with them. And I’m also the first to admit that my timing on this column is terrible, from a journalistic viewpoint.

   But I don’t write to a deadline anymore and, well, a story is still a story, especially in these days of no more local newspapers.

    So, two stories that got my attention a while back involved a couple of guys who you could say are living, breathing examples of a certain type often referred to as stereotypical inhabitants of the North Jersey/New York City axis: Tommy DeVito and Rudy Giuliani.

     DeVito, for those who don’t follow sports, is a quarterback in the National Football League. That statement alone is testament to the fact that, when it comes to timing, DeVito’s has turned out to be almost mystical.

        DeVito is the starting quarterback for the New York Giants because the quarterback who started the season as number one suffered a serious injury and was replaced by the backup quarterback, who also was seriously injured. The team was also not playing well.

          Some might say right place, right time and, yes, that’s true, but DeVito, a 23-year-old graduate of  North Jersey’s famed Don Bosco High, had to put himself in that position.

           His football career at Syracuse and Illinois was unremarkable and he was not drafted as a quarterback by any NFL team. Time to look for a career that doesn’t require good downfield vision and a willingness to be slammed to the ground by 260-pound linemen?

          No, DeVito asked the Giants for a tryout and someone liked what he saw and DeVito got a walk-on spot as the team’s third (only in emergencies!) quarterback.

           Badaboom, badabing, and there’s the North Jersey kid who still lives with his parents playing quarterback as the moribund Giants suddenly win three straight games and lift all of North Jersey and much of New York City out of the football doldrums.

         Turns out the kid’s got guts, can take lots of hits and can throw the ball. And he’s got a confident attitude as demonstrated by an Italian hand gesture he made famous after his first three wins. Kind of an in-your-face don’t mess with us message folks from the area would recognize and the rest of the U.S. was introduced to via TV. 

  I mentioned first three wins because, as you may know, the honeymoon ended last weekend at the hands of the Saints, who tossed Devito’s hand gesture back at him.

     No bigee. He’s still the Giants starting quarterback, his teammates support him, he has an agent out of central casting for “Goodfellas,” a cousin named Danny DeVito (not that one) who throws a mean tailgate party and, yes, good timing.

    A story broke recently that his agent raised DeVito’s appearance fee to $20,000 from $10,000, because of his client’s sudden celebrity, and a pizza restaurant canceled the gig, saying they couldn’t afford it. DeVito didn’t miss a beat. He showed up free of charge, probably ordered a chicken parm and undoubtedly said the Giants will take care of the Eagles in their next game. The coach says he’s still the starting quarterback, for now.

     And Rudy? Last I heard, a jury in Atlanta had ordered him to pay two poll workers $148 million for defaming them as part of the Trump team’s efforts to steal the  2020 election.

       Giuliani also, of course, is charged with Trump and others of various crimes in trying to change the election results in Georgia. In fact, he is guilty of lying about the election across the country as Trump’s mouthpiece.

       I wondered if he had the money to pay the two poll workers, but then it turns out he filed for bankruptcy right after the verdict. Maybe he had the presence of mind to recognize that “billionaire” Trump wouldn’t care a whit about Giuliani’s problems when the ex-president has got more than enough of his own.

        How did “America’s Mayor” get here? Bad timing. After 9/11, when he was the dominant political figure in the country, a mayor leading a bloodied and angry New York City out of the rubble of the terrorist attack with courage and pride, he could have run for president and won.

   He did run, in 2008, but not with any sense of purpose and urgency or platform. He skipped the traditional GOP Iowa and New Hampshire primaries and got buried in Florida. Bad timing. He dropped out. He never acted like it was his place and time, which it might well have been. Then he disappeared until he went to work as Trump’s mouthpiece because, well, the allure of power was always there.

    Time, a fondness for power, many bad decisions and, reportedly, a problem with alcohol and Giuliani’s now, at 79, facing bankruptcy and prison. His time has run out.

     Meanwhile, Tommy DeVito hired a new agent to handle his public appearances. Good timing.

rjgaydos@gmail.com

 

Cryptocurrency’s Cryptic Rise and Fall

Tuesday, December 6th, 2022

By Bob Gaydos

The original cryptocurrency.

The original cryptocurrency.

   I admit it. I’m a crypto cynic. I didn’t get it from the start. Still don’t.

       Who created it? Why? What was the point? What was the need? I could already spend money in a flash on my phone. My bank and various other accounts were always urging me to access my money electronically. Cash was still cash, whether I folded it or used PayPal.

        Then there was the obvious question: How do I get some Bitcoin (the original cryptocurrency) and how do I know what it’s worth? There was all this “mining” of currency, basically some computer geeks spending thousands of hours on computers typing in digital codes to create algorithms that other geeks accepted as currency to conduct a transaction. To play a video game maybe or buy some cool electronic stuff.

      If you didn’t have the patience or skill to create your own currency and protect the codes, you could, eventually, “buy” some crypto. From a “bank” or “exchange” with, you know, hard cash. Money.

        Crypto turned into a major commodity, something to invest in, rather than an alternative monetary system.

         Why? Greed apparently. Having “invented” some kind of cool, alternative “money,” the geniuses behind crypto apparently figured that convincing people with a lot of real money that owning a lot of too-complicated and shakily supported “crypto” money was too good an investment to pass up.

      In other words, it was something to have, not to spend. The IRS, of course, had figured that out quickly, taxing crypto as a commodity, not income.

      Anyway, a lot of not-so-rich people have also been victimized by the current crypto meltdown and it all turns around trust, an important thing when you’re talking about money. Can you trust the bank that your money is there and available when you want it? Pretty much, yes. No real problems of late. The government keeps a watch.

       But who was watching crypto? And, more to the point, if it was supposed to be a one-to-one point of sale exchange program, as created, how did all the other people get involved?

      Again, greed.

      Cryptocurrency grew as an investment with no one really watching over it and, dare I say, with most people never really understanding it. It was “money” that was, in a practical sense, not really good for anything but having. Gold at least has some intrinsic recognized value.

      Perhaps not surprisingly, like a magic trick, as mysteriously as it was created, crypto started disappearing, along with the real cash money people had invested in it. But it wasn’t through some modern computer wizardry. Rather, apparently through some good, old-fashioned larceny.

        The folks who created one of the unregulated exchanges to buy and sell crypto apparently just stole their customers’ real cash (reportedly billions) to invest in some other stuff. Apparently they couldn’t use crypto to do it. You know, to get around the banks and all those annoying regulations. They’ve filed for bankruptcy. So the real money is gone, the astronomical price of cryptocurrency has fallen and no one apparently knows whom to trust in a field that relies entirely on trust.

       What’s the message here? I don’t know. Maybe to make sure there’s a need for something before inventing it. Maybe to make sure what you invent isn’t too complicated for most people to use. Maybe to make sure you can trust someone to whom you are giving lots of your money to invest and you understand what you’re investing in. Maybe, that greed finds its way into pretty much any enterprise that involves money, real or imaginary. Or just maybe that was the idea all along.

     Whatever, I still don’t get it.

rjgaydos@gmail.com

 Bob Gaydos is writer-in-residence at zestoforange.com.