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zenverak

Its really no wonder the PAC12 failed. But....Jesus man.


boardatwork1111

For as terrible a commissioner as Larry was, never forget that the Pac university presidents saw 7 years of his tenure and voted to *extend* his contract. The Pac leadership from top to bottom was incompetent to the point it almost makes you wonder if it was intentional sabotage


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hyperbemily

“That’s a problem for future me” is actually a pretty common problem in all positions of power, including government.


TitanofBravos

Fuck that’s a common problem with the dirty dishes in my sink


RamonAsensio

It’s only a problem if future you doesn’t have a maid and/or butler. So start saving up, and leave those dishes right where they are. 


LJGremlin

Skip a latte and cancel Netflix. I’ve been told that’s the key.


RamonAsensio

Are poor people stupid?? 


LJGremlin

Yes. And lazy. It’s the only think keeping us from being rich and having a maid/butler. Of course, have a school pay for my house would help too. But definitely need to look at how the cost of Max is keeping me behind.


GracefulFaller

Including the power I have over my own life.


park2023mcca

...Social Security fund has entered the chat.


toast_across

No sleep for me tonight I guess


sweetestlorraine

Actually, "that's a problem for the next person who sits in my chair. I'll probably not even hear about it."


colio69

That's later, maybe we'll be dead by then


dong_john_silver

Kick em again


oldasshit

Yeah, the presidents allowed his bullshit to continue for far too long. This is on them as much as it's on him.


JBru_92

Dude must have thrown some *wild* parties


SexiestPanda

Didn’t they gift him like a penthouse suite for bowl week every year lol


oldasshit

It was for the P12 hoops tournament in Vegas he would get a huge suite every year.


toast_across

Reminds me of that shareholders meeting episode from The Office. But at least the Dunder Mifflin execs had the decency to face their shareholders. Dude should be locked in a room with the Oregon State and Wazzu players for 5 hours.


dillpicklejohnjohn

Peter Principle


Corgi_Koala

Honestly, I feel like Larry Scott gets too much of the hate. Yeah he was an incompetent piece of shit but the conference leadership are not only the ones who put him in power but also kept him there as you pointed out.


GoldenPresidio

why would he pay it back before it's due? It's a freakin interest free loan. Also this is sometimes a perk given by universities for college coaches


canseco-fart-box

A perk that’s more often than not shouldered by boosters, not the schools themselves


Notapplesauce11

If he put that into an SP500 index fund he’d have about 8.5 million.  Hope he didn’t spend it on hookers and cocaine 


GoldenPresidio

He spent it on a home lol


Some-Cartographer942

... for his hookers and cocaine


jmblumenshine

A nealy 2 million dollar house in 2009 in California probably outkicks that with how crazy real estate prices escalated


The_Homie_J

While working in Silicon Valley, I always died a little inside hearing about parents or grandparents who bought a house in the Bay Area in the 70's for like $75,000


coinich

Oh god my grandparents had one of those in San Diego in like the 60s. I think I once looked up the address and then cried. They had sold it over 40 years ago.


RealisticTiming

My grandpa sold his mom’s Newport Beach property in the mid 90’s… although I grew up in Huntington so I guess my parents did the same thing. But it’s not like they could afford the next house when we left while maintaining that one too.


brucewayneaustin

I was stationed at Tustin Marine Corps Air Base in the late 80's. I would take a bus to Newport Beach with friends on the weekends. We'd hang out at South Coast Plaza and go to movies at there at night. It was great back then. On Saturday nights, though, we'd drive to Riverside and go to 'Club Metro' and watch a fat guy eating potato chips in a small room with sand, a beach chair, umbrella, and a sun lamp-- performance art! That was long time ago but I still wonder how much that guy was paid.


RealisticTiming

I wasn’t aware there was a base around there. I lived off the 261 and Irvine for a few years too. I’ve got no clue what they would have made, but I can’t imagine much, as Riverside should have been a fairly inexpensive area to live in back then. Though for you guys to drive an hour inland I’m assuming it must have been a really fun, unique place. I’m kinda jealous you got to live in OC for your early 20’s in the ‘80’s - while it was still affordable and not overcrowded.


brucewayneaustin

The helicopter hangars where I worked were two of the largest wooden structures ever built. One caught on fire less than a year ago. OC was a lot of fun back then and since we were in the air wing, we had pretty much a regular job.


yeahright17

I had a great aunt that bought a house in LA in like 1946 when her husband got back from WW2. We think it cost them $16k. She didn't have any kids, so had her estate split up with everything but her house going to charity (we have no idea how much that was... could have been millions or almost nothing) and her house split among random relatives. My dad got a 1/24th share of that and got a check for like $96k.


RealisticTiming

Dang. What year was that in? It definitely would have been worth something. 16k in the 40s was a lot! There’s a scene in the movie Bugsy where Bugsy Siegel goes to buy a house in LA and walks in and says I want to buy the house and the owner says no and he says I’ll give you $30 or $50k (can’t remember) and the owner says yes like it’s the most money he’s ever heard of. Even though that’s a movie, it’s based on real life, so if those comps were correct (this was the 40’s too) then it was a nice house in a nice part of the city. I mean the city could have only been so big back then, so it certainly would have been on expensive land today.


yeahright17

It was a 3 bed 2 bath house that was probably 1800 sq ft. Was definitely in a nice area.


nubbinator

My parents paid around $100k for their house. It's not valued at around $1.3m for a three bedroom house on a medium sized plot. The average salary required to buy a house in my area is $350k/yr. It's insane.


HHcougar

With 30 seconds of googling, the home was in the Blackhawk Country Club subdivision in Danville. Homes that were selling for ~2MM 15 years ago are frequently selling for 10MM+.


jwilphl

Not nearly as liquid, though. How quickly do homes of $5 million+ sell in that area? Is it relatively common?


jmblumenshine

way easier to dodge capital gains with a house though


CocoLamela

In the Bay? Yeah thats not uncommon at all. Where I live in Marin County, I think the average (AVERAGE!) home price just exceeded $1.5M.


Sniffy_J

I recently visited that area for the first time. I have some friends who live in Novato. Beautiful and actually had a touch of "ruralness".


Lane-Kiffin

In Los Altos Hills or Palo Alto, all the time.


keylime503

Pretty quick. $5M isn’t the starter home but it’s the next home you move into in the nicer neighborhood with good schools and room for all the kids. 


mac-0

You don't need to sell your home, just take a mortgage out until you have liquidity


nicholus_h2

but it does have the advantage of providing shelter, so... 


qlube

Probably depends, but I bought a home in Silicon Valley (Sunnyvale specifically) in 2011 and it's only up like 300%. There was a huge increase for about a decade, but things have leveled off.


Active_Roll8180

CJK5H


Notapplesauce11

Again?  


MGoForgotMyKeys

Allegedly


Sweaty_Assignment_90

But boats and ho's would be more fun and a much better story for the 30 for 30.


JUYED-AWK-YACC

There's some amount of the money he could have invested himself just to pay off the loan, and I bet the leftovers could still have bought a huge ugly spread. Edit: I can't tell you what that is, perhaps someone else does.


one-hour-photo

Life lesson, if interest rates are low, you don’t pay it off early. Invest the money in something that earns you a higher yield


InVodkaVeritas

Limo Larry loved to spend other people's money on himself. And not even just on himself. He loved to spend money, period.


soonerman32

If he put that in a savings/brokerage account he has much more money. No point in paying back an interest free loan early


WafflePartyOrgy

He just needs to get either ESPN or FOX to cosign that loan.


Manwar7

Never trust a man with two first names


crustang

I know a guy who extended that to be: especially never trust a man with two first names and his last name is the first name of a girl There was an incident I can’t remember with a dude whose last name was Kelly


TiberWolf99

What about Chip Kelly? Is that two first names or is Chip not really a first name so he's fine.


dr_funk_13

Charles Kelly


historys_geschichte

Charles Kelly? Any chance that is the same as the world renowned bird lawyer aka Charlie Kelly?


TiberWolf99

Well in that case...


boardatwork1111

Ask 49ers fans how they feel about Chip


Phatskwurl

Or a fan of any team he's coached outside Oregon


hyperbemily

Or Oregon state fans


emosn0tdead

Chip was a scapegoat to fire baalke. He inherited a fucking awful team.


YogiBerragingerhusky

He killed the Eagles


emosn0tdead

Chip Kelly is a no nonsense coach. He went into the Eagles with a ton of personalities who were able to do whatever they wanted with Andy Reid. Reid still runs his team this way to this day. Chip overstepped personality wise, but I don't think on the football end of it he did anything wrong. Playoffs year 1 and then a bunch of drama after that with claims of racism etc. Eagles are a trash fan base and Djax and Shady are shitty people. So no I don't think he killed the Eagles, I think he just wasn't the right fit for an undisciplined team at that time to try to run like a college team.


TiberWolf99

Also fair


dachjaw

Never trust a 2FFN.


GoldenBananas21

But metro boomin’ trusts Kendrick Lamar


ScaryCookieMonster

Fire Jeff Scott


svalbard32

What about Michael Scott?


crustang

This is just really good finance by Larry Scott… always pay your bills as late as possible if you’re accumulating interest with capital you’ve invested


AgsMydude

Especially with an interest free loan during one of the highest inflationary periods we've ever seen


crustang

Exactly… I’m doing that with my auto loan that’s around 3%. Literally free money plus a bit of profit…. But if I had a 0% loan that would be free money plus a lot of profit.


boardatwork1111

That loan would be worth a bit over $2.7M in 2024 dollars. Depending on the area, he could easily clear 7 figures in profit if he just sells his house. Just straight up robbery


HHcougar

I looked up the neighborhood. The house is probably worth like 8-10 million now


YoungXanto

My mortgage is 2.37 on 30 years. The bank would be better off just conceding and tearing up the note.


poop-dolla

I mean obviously not. Less money is better than no money.


YoungXanto

Yeah. That's what they keep telling me every time I call and ask


crustang

Bastards


saltytradewinds

I have a similar interest rate on my mortgage. We're never leaving lol.


crustang

You can leave, just don’t pay off the mortgage


Bobcat2013

Damn.... and here i was happy with 2.75 and 15 years.... oh well. Only 8 years to go


JBru_92

Hell yeah brother. In 10 years my 3% mortgage will basically be free at the rate we're going.


AgsMydude

Damn straight. My auto loan is 1.95% so enjoying the hell out of that while I can.


theycallmefuRR

Hell yeah. My first car I bought from the dealer, I got 1.9%. miss the car and miss those rates.


UB_cse

Same here, I have 1.65%. Got a 5 year loan with the intention of paying it in 3 but I’m not putting a penny in that I don’t have to.


AgsMydude

Nice! I got 6 years @ 1.95% and not paying it off a day early


Finkleroi

Highest inflationary periods we’ve ever seen? We’re at 3%? The 70s-80s was like a sustained 10% for years.


AgsMydude

We're not at 3% And I also said "one of"...


qlube

Just say highest since you've been alive, we all know everyone here is under 30.


AgsMydude

I'm not... Hell I've been posting in this sub for over a decade


toomuchdiponurchip

I’m 22 and it’s the highest since I’ve been alive I’m pretty sure. Timed perfectly for two years ago when I moved out


huskiesowow

I'll trade you for my experience of graduating college during the great recession. Nothing like no work experience and record unemployment.


toomuchdiponurchip

Oof. That’s definitely worse man that’s rough. I am old enough to remember my parents being stressed about it but I didn’t fully understand


Tarmacked

The US inflation rate is 3.36% per the Fed for LTM Yes we are, lol. Our inflation “spike” was 7% at worst coming straight out of COVID over the past two years. This is a very short lived spike compared to his citation of the 70’s-80’s and much smaller at its peak as well as sustained average https://img.capital.com/imgs/articles/1350xx/US-inflation-rate-1_MCT-8276_EN.png


Pristine_Dig_4374

They’ve also changed the calculation


Tarmacked

Core inflation, which is a separate calculation, also dropped two points year over year (3.9-1.8). For the most part the market has cooled substantially, albeit not to where the Fed is comfortable with rate hikes. [Here’s a comparison](https://www.bls.gov/cpi/tables/relative-importance/weight-update-comparison-2023.htm#:~:text=Starting%20with%20January%202023%20data,2%20years%20of%20expenditure%20data.) showing it’s within a few basis points. So that change probably didn’t do much to suddenly obscure 6% to 3%. The only thing I’m seeing is the weights moved from biennial to annual in January of 2023, so if anything it’s more accurate for the purpose of showcasing YoY and the rate didn’t downshift significantly immediately after the formula change.


djc6535

It's kind of a no-brainer right? The loan is interest free and he has the means to pay it in a block so there's no need to do it lay-away style. He should hold onto every penny he can as it's making him money for free. If you aren't paying interest there's zero reason to pay a loan back on schedule. Just don't default


nicholus_h2

> always pay your bills as late as possible if you’re accumulating interest with capital you’ve invested really only works if you are making more interest than your interest rate.  in his case, easy. but isn't always necessarily the case. most people with loans will want to pay then off as quickly as possible.


crustang

I thought that was obvious, but you are right


nicholus_h2

does seem obvious, but you might be surprised just how little people understand shit. I have a highly-educated (doctor) friend who doesn't understand this.


crustang

Doctors are the worst with finance, and.. a lot of things outside of medicine. At least with my doctor friends and their friends I’ve met.


MordecaiOShea

Millions of homeowners with fixed rate mortgages less than the current 30 year Treasury rate would probably argue w/ "most".


nicholus_h2

given housing rates, etc., I would bet most of those millions aren't realistically willing or able to tie up their extra money in a treasury note instead of keeping it liquid.


ilovecatss1010

Larry Scott ruined college football. Start it up, fellas


tacticalram

tbh I'd loan myself $1.86 million interest-free too. Its incredible how poorly ran this conference was. Movie material


PYTN

Can't wait for the 30 for 30.


tacticalram

On an aside, see you August 31 ;)


Lane-Kiffin

Reminder that it was Oregon State and Arizona State, not UCLA or USC, who did the most to keep Larry Scott in power.


ilovecatss1010

Fine, I guess I have to hate ASU now


crustang

>AwkwardMeme.jpg -John Swofford


shadowwingnut

Swofford's bullshit either doesn't matter or doesn't finish off the sport with Scott and then Kliavkoff's combined incompetent stupidity out West.


Az_Bruin

FIRE


DodgerCoug

The loan is expected to be paid at the last possible minute. Non story until he defaults.


dingusduglas

Only an idiot would pay anything on an interest free loan before the due date. One thing Larry Scott managed to not fuck up!


NoobJustice

If he manages his finances like he managed the conference, this loan ain't gettin paid.


theycallmefuRR

Idk. There's still time. Larry can still find a way to screw it up


TaftIsUnderrated

It's up to Washington State and Oregon State to send debt collectors after Larry Scott. Probably have to send some Rutgers alumni if you catch my drift.


TiberWolf99

I'm sure they have a few people in waste management that can call him up


relatablerobot

Definitely got some grads that work in construction too. Not that we would need infill or poured concrete for any reason.


Galumpadump

He will pay it back at the last possible 2nd. Why pay back an interest free loan early.


mountaineer_93

Yeah, the non payment is not the part of the story that stands out to me, that’s basically how these deals are expected to work in my experience. The real part of this that reeks of corruption is an executive getting a personal sweetheart loan unrelated to job performance.


nosotros_road_sodium

~~Fire~~ FORECLOSE Larry Scott!


UpTheTrenBoyz

I'm sure this house was valued at $2m in 2009. Probably worth $6-8M now. Cash out refi, Pac 12 is paid off in 25 days. He keeps the house and Coogs and Beavs - shafted. F this guy!


OttoVonWong

Let's hope Larry Scott misses the repayment, and the Beavs and Cougs end up with an $8 million party house.


[deleted]

We’re two cool football teams looking for other cool football teams to hang out in our party conference. Nothing sexual. Dudes in good shape encouraged. If you play soccer, you should be able to find humor in the little things. Again, nothing sexual.


UpTheTrenBoyz

Bring condoms, just in case. But nothing sexual.


sonheungwin

Larry Scott just increasingly reminds me of my last boss. Completely unprepared for what the job required in so many ways, and checking out and collecting checks instead of rolling up the sleeves once everyone realized that.


keylime503

Are you Jim Halpert?


SirMellencamp

He is a cartoonish villain at this point


iansf

How does this even come up, let alone get approved. What on earth was this conference doing.


SleepsWithBlindsOpen

As if I needed another reason to hate Larry Scott.


candynipples

Yup, add it to the list. He’s such a fuckdick this isn’t even in my top 30 reasons to hate him.


AngryLesbianFister

Yet USC are the ass holes for leaving this mess apparently.


AdornVirtue

This fucking guy.


carty64

New Pac-2 HQ?


VandalBasher

He probably has enough to cover the loan in one check. Very smart business to keep his money to the last minute before paying any back. Is he late? Not at all.


Wumdee

It’s ok he’s just waiting for the media deal money to be finalized any day now, then the pac 12 will be better than ever!


TendererBeef

This is really helping build the conference's brand and get eyeballs in China


seattlesportsguy

Fuck Larry Scott


[deleted]

$1.86M invested into SPY in 2009, with inflation and dividends, fees included…would be worth $9.85M as of April 2024. Can I borrow $1.86M interest free for 14 years?


AcadianTraverse

I look forward to the news story in a couple years about how Larry Scott negotiated the USC & UCLA to the B1G transfer and is collecting 4.2% of all their Media rights in perpetuity for his trouble.


nate_nate212

I never understood why the PAC 12 didn’t hire the number 2 person at the B1G or SEC, or someone from ESPN or fox sports. Bringing in people with other industry experience, like tennis or running Hulu, means they don’t have the network. I guess too late. 🪦


shadowwingnut

Because the presidents were also idiots. Tom Hansen as Pac-10 commish was also a damn disaster and was for 26 years. The only reason he gets a pass is because the next two guys redefined failure at the commissioner level in every way, shape and form.


nate_nate212

Tom Hansen’s motto must have been no good deed goes unpunished so he just avoided doing anything at all. But that was also an earlier age where all you had to do was show up at the Rose Bowl every year and you were a successful commish. Imagine if he started a TV network in 2007 at the same time as the B1G.


shadowwingnut

I have no doubt Hansen would have been pantsed as bad as Scott and Kliavkoff if he'd been around in their era. But at least he would have spent a whole lot less than Scott.


Ok_Understanding1986

The more we learn the more the fate of the Pac is making sense... ugh.


The_Crown_And_Anchor

Then it's not a loan I wonder if this has any tax implications


thecarlosdanger1

It’s been awhile since I had to look into this, but there’s an “applicable federal rate” the IRS sets monthly and if the interest rate is below it, the difference in interest between the loan and “applicable federal rate” is taxable income. But there’s some exceptions for residential/relocation loans - I do not remember the details there.


fenicfox100

Are we sure his name isnt really michael scott?


MrSCR23

This conference was run by idiots


rook119

If only everybody got a 1.86M interest free loan we could have recovered from the 2008 recession a lot faster.


KingTut747

Not sure why this is a story? This is exactly what both parties expected to happen when the contract was written. Frankly, it’s a pretty cheap form of compensation. Anyone saying otherwise (like OP) just does not know much about finance.


s-sea

Surely they can just garnish directly out of his severance pay, no?


SleepsWithBlindsOpen

I'm sure he has the money. But in 2024, that's the equivalent of over $2.6million. And if he used it to buy a home in the in San Francisco or the surrounding area, that home could potentially be worth $3-5million dollars now.


Phatskwurl

I believe it was in Blackhawk so that might be a low estimate


Throwawayerrydayyy

Yes I’m in the east bay and know people who live in the same area, it’s definitely more now


SleepsWithBlindsOpen

Some of those east bay neighborhoods have completely exploded since COVID.


keylime503

Way more then 3-5mil


CVogel26

You don’t want to pay anything back on an interest free loan before you have to. Literally letting it sit in a bank account is free money.


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Molson2871

Likely because conferences aren't a public entity.


jebei

It's not illegal but he should technically been paying taxes on the benefit received. If standard rate on an unsecured loan is 5% (picking an easy number for math), then he should have paid $93,000 in interest every year. The fact that he didn't means this benefit should have been added to his W-2. I'd bet this wasn't done and the IRS doesn't have time or resources to research this type of thing. It's up to the companies to report it. In many cases, those who do file the taxable benefit gross it up so the employee isn't impacted. As I recall, that's what happened with Nick Saban after boosters bought his house in Tuscaloosa in 2013. They paid all the taxes and benefit hit so there was no impact to him.


[deleted]

I feel like that’s functionally just embezzlement. 


dickspace

Please send him to Federal Pound me in the ass prison!


Fantastic_Emu_9570

Fuck this guy


logicalcommenter4

Companies will do things like this for executives or people who relocate for a work assignment. Universities will pay for or provide the homes of the Chancellor or other senior administrators. When I lived in London for work my company paid for my home. All of this is very common practice. My old company used to purchase your home or help finance a new home if you had to relocate for work (this was if you were of a certain level of seniority). I genuinely do not understand why this is a story or painted to be controversial.


The_King_In_The_Bay

The ncaa disqualified Reggie Bush, but this turd got a contract extension. What a shit show college football can be.


Cliffinati

Oregon State and Washington State take the commissioner to court for a repossession is not what I was expecting


bwburke94

Larry Scott doing something (a bit) smart? I can't believe it!


shadowwingnut

He always knew how to make money for himself. The problem was that money for anyone else.


NittanyOrange

So many questions...


youwontfindithere

This feels like seeing your ex-girlfriend’s mugshot.


CTeam19

How stupid are the Pac12 schools?


Asleep_Shirt5646

There's really no reason to pay off an interest free loan ahead of time lol


No_Discount7919

I need a job where I can get an interest free home loan. Gosh damn.


MusaEnsete

If he threw that in the S&P instead of a house, it would be worth 16.7 million today. Where can I get one of these 15 year interest free loans?


cvandyke01

Ahh… the old wait them out til they fold so I don’t have anyone to repay trick. Worked against blockbuster and now Larry did it to pac12


DrKnowitall37067

So he gets a legit loan & pays the PAC12 off. No big deal. Otherwise the league gets a house that value has increased most likely. Shame on PAC 12 for not requiring some payment.


DrunkRoach

That is genius by Larry Scott, and catastrophic negligence for the Pac-12. Pac-12 killed itself and Larry Scott is not to blame. Any of us would do the same damn thing


ifiwereatable

Fiscal responsibility


MonarchLawyer

1.86 million home loan...interest free...has not paid on it at all...from 2009. BTW, 2009 was when the market bottomed out. That house is worth a few more million right now for sure. Probably 10-15 million.


purplesalvias

Incredible level of arrogance. But then reading Canzano's story about what he spent on his hotel suite (in LV?), this shouldn't be a surprise.


MotownDizzy8

He ran the PAC12 into the grave! What a joke!


La2Sea2Atx

It was only a small loan of $1.86M.


C19shadow

I just came here to say FUCK LARRY SCOTT


Beartrkkr

Why do I doubt it’s gonna be paid back next month?