Friday, January 19, 2007

Record Lottery Jackpot

It was a record payout back in Christmas 2002 for Jack Whittaker who took a lump sum payment of US$113 million after taxes from his winning prize of US$315 million from the Powerball jackpot.

Thereafter, the following incidents happened to him:-
1) granddaughter's death by drug overdose;
2) sued for bouncing checks at Atlantic City, N.J., casinos;
3) went for rehab after being arrested on drunken driving charges;
his vehicles and business have been burglarized;
4) sued by the father of an 18-year-old boy, a friend of his granddaughter's, who was found dead in Whittaker's house; and
5) "a team of crooks" cashed checks in September at City National Bank branches and "got all his money".

What a waste, Jack. How could you lose US$113 millions in 4 years? With that amount of money, I could have generated a 15% return annually on some major investments. Sometimes, if the money is yours it's yours but when it's not yours it can just fly off. Some people are not ready for such richness out of a sudden. I have heard of rich people having problems with having too much (talking about in millions) as they do not know where to invest, what to buy, where to go and how to save.
Tags: Powerball, Jackpot, Lottery, Lotto, Jack Whittaker , Investment



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