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Saints Get Scammed?

Several members of the New Orleans Saints, whose stock portfolios likely took a major hit last year, also have lost money as part of an investment in a potentially failing film studio.

Per Robert Scott of the New Orleans Times-Picayune, more than two dozen people with ties to the Saints invested close to $2 million in Louisiana Film Studios.

And they apparently won’t be getting any of their money back.

The investors included coach Sean Payton, quarterback Drew Brees, and former Saints quarterback Archie Manning. 

Apparently, the thinking was that the investment was a safe one, because the company was participating in a “routine tax credit program.”  The only problem?  The company never received authorization for the credits.

“They weren’t approved — there was no reason to think they would not be,” Manning told the Times-Picayune.

Manning also claims that the FBI is investigating the situation.

There’s arguably a certain karma to the situation, however.  The investors were trying to flip their investments into a reduction in their state income taxes.  For example, Brees sank $100,000 into the endeavor, in the hopes of getting $133,000 in tax credits.

There’s little or no risk — as long as the company in which the money is invested qualifies for the credits.

And though it’s all legitimate, it’s yet another example of how the rich always (well, apparently not always) find ways to get richer.

The top losers were defensive end Charles Grant ($425,000), former punter Mitch Berger ($250,000), and Payton ($144,000).

But the first guy to bring the opportunity to the attention of the team was former long snapper Kevin Houser.  In fact, Houser told Archie Manning’s investment adviser about the situation, prompting Manning to plunk down $80,000.  (Manning said that neither Peyton nor Eli were involved, likely because they pay no Louisiana state income taxes.)

And here’s the kicker — there’s a rumor that Houser was recently cut not because of his skills, but in retaliation for his role in causing his head coach and teammates to lose so much money.

If that’s the case, it’ll be interesting to see whether Houser files a non-injury grievance as a result of his termination.

Then again, maybe it’s good that he’s gone.  If the Saints hadn’t cut Houser, he might have eventually filed an injury grievance — after guys like Grant and Brees pounded the crap out of him.

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15 Responses to “Saints Get Scammed?”
  1. Cleveland Sucks aka Philly Sewer Rat says: Jul 2, 2009 8:54 AM

    yeah they got scammed, they are still playing in that dump of a stadium.

  2. laxcoach says: Jul 2, 2009 9:11 AM

    And though it’s all legitimate, it’s yet another example of how the rich always (well, apparently not always) find ways to get richer.

    The political elite and those involved in the patronage system always find ways to get richer. They may be “rich” but there is a difference. They are scamming off of those of us who pay taxes to get gov’t funding, grants, contracts, tax credits none of us could get, etc.

    Political elite are rich. Rich aren’t necessarily political elite.

  3. swquintin says: Jul 2, 2009 9:12 AM

    I’m usually not accused of Schadenfreude, but in this case, it’s unavoidable. Muti-millionaires seeking tax credits that are subsidized from the middle class. Screw em.

  4. Hype says: Jul 2, 2009 9:44 AM

    Couldn’t have happened to a nicer crowd. Too bad this doesn’t happen more often.

  5. nissan says: Jul 2, 2009 9:45 AM

    Yeah and what the hell you got in Philly? How did it taste to get ya’ll ass handed to you in the Dome? Oh and by the way, have you seen the Dome lately douch!

  6. GeauxSaints53 says: Jul 2, 2009 10:02 AM

    “There’s arguably a certain karma to the situation, however.”
    Really, Florio? Really? I can’t believe I came back to this garbage…

  7. Kyle Gruber says: Jul 2, 2009 10:06 AM

    First Berger doesn’t get the MVP award, now this?

  8. eballa1 says: Jul 2, 2009 10:06 AM

    What do you mean dump of a stadium? There have been major upgrades to the Superdome in recent years with more to come. Sorry, every city doesn’t support some generic brand new billion dollar stadium. Some places like traditional, old stadiums and in New Orleans there no better location for a stadium than where the Superdome currently sits, just walking distance from the French Quarter.

  9. jimicos says: Jul 2, 2009 10:07 AM

    [i]If the Saints hadn’t cut Houser, he might have eventually filed an injury grievance — after guys like Grant and Brees pounded the crap out of him.[/i]
    I think the world of Drew Brees, but does anyone believe he’s going to “pound the crap” out of a long snapper?

  10. PFTdisabledMyID says: Jul 2, 2009 10:29 AM

    Even the lame assed Philly Sewer Rat got to keep is ID – what a steaming load of bullspit Florio!
    You’ve got plenty to say about all kinds of irrelavent things – yet you remain mum on this subject in spite of several emails.
    Having to create a new ID just to post on the new NBC site blows the hardest.
    WTF Florio?
    Why the lockout of any previous ID in the first place – it makes no sense.
    What R U and the NBC hampsters doing to fix thist? I know I’m not the only one with this issue.
    And I know you’re reading Florio – answer up already!

  11. Hungry N. Hadasnack says: Jul 2, 2009 10:47 AM

    Maybe they should have gone to Reggie for real estate advice…
    Seriously–it’s small seeds like this that can bloom into bigger distractions come season time…lingering resentments, rumors, grudges, et cetera.
    SOMETHING keeps disrupting the Saints playoff hopes…
    oh, wait, I forgot…it’s the BEARS.

  12. jgreen1570 says: Jul 2, 2009 11:31 AM

    @Cleveland Sucks aka Philly Sewer Rat
    I wouldn’t go that far, it’s a really nice place to see your team win. The Eagles should try it sometime instead of getting dumped out of the playoffs every time they visit.

  13. alewatcher says: Jul 2, 2009 12:00 PM

    When I saw the title of the article I though it was about the Shockey trade. Now, that was a scam.

  14. cantgetenough says: Jul 2, 2009 2:55 PM

    @alewatcher
    You beat me to it!

  15. jimicos says: Jul 2, 2009 3:57 PM

    Sounds like they ought to start pooping on cars.

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