The Financial Times of Rappers

The Financial Times of Rappers
Virtues: financial responsibility, planning, guidance 

Let’s see how the ‘Greatest Rapper Alive’ handles his money:

Here’s a snippet from The Smoking Gun:
According to a lawsuit filed last month by businessman LeMarck deAndre, Lil Wayne (real name: Dwayne Carter) agreed to pay at least $120,000 for the repair and refurbishment of a 1999 Bentley, which is pictured below. However, after the 25-year-old rapper belatedly paid $78,000 for work on his ride, deAndre contends, Carter refused any further payments. deAndre’s December 18 Alameda Superior Court complaint, which you’ll find here, charges that Carter owes nearly $80,000 in fees for the storage of the burgundy Bentley, which apparently was going to be shipped from northern California to Louisiana, home to Carter and Cash Money Records, the label Carter headed until last year.

So what’s Wayne’s reason for not paying? deAndre says he never gave him one and people in Cash Money stopped answering his calls. But interestingly enough, Wayne was negotiating a publishing deal for several hundred thousand dollars around the same time he had this $120k+ worth of work done to this car. So, in typical Lil Wayne behavior, he was spending money he didn’t have yet. And it backfired. Peep the 7 page complaint for damages here. Interestingly enough, I’m also told that the Bentley was originally a gift from his “Daddy” Baby and was signed over in Dwayne Carter’s name. Why Baby gave Wayne a Bentley he had to pay the bills on himself is beyond me…but not surprising. Meanwhile, Lil Wayne is threatening to blame this whole incident on his managers, but his managers say Wayne frequently ignored their advice and/or just didn’t tell them about his purchases.

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d.b says:
Well, if this claim is true, it will just be another example of how the young, rich, and powerful are not financially astute. It could also say that these artists’ have a circle around them that are not looking out for their best interests. Or, it could be that these artists’ are just stupid and even though they are presented with the education and skills to manage their money, they are mentally unequipped to handle such a capacity.

The ‘Best Rapper Alive’ may need the best ‘Debt Consolidation’ Agent alive.

.:: d.b ::.

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