Powerball and pot: A peek behind the scenes at Slabbed

I always get a kick when one of a cadre of posts here gets renewed traffic based on a national news event.  My experience moderating Slabbed is the two biggest traffic generators are sex (the kinkier the better) with money being a distant second.

That said last week it was one of my old money posts about Powerball winner Chris Shaw that got a heck of a workout including certain national media outlets last week as the topic of Sudden Wealth Syndrome again came to the fore of the news cycle.  I thought this AP story from last week on the broad topic was excellent.

Next up is a tongue in cheek post I did on a lark on former hedge fund manager Andrew Lahde from April 2010 that to this day generates high quality traffic (think hedge funds and investment banks) and for the second time this year it has experienced a traffic spike.  Unlike March, 2012 though I figured out the reason for the traffic spike as evidently today marks the decriminalization of marijuana in Washington State.  This AP story giving a history of cannabis in the US is very good though given Lahde’s experience with cannabis I am dubious of the following statement of fact that crazed Mexicans were committing senseless acts of violence while stoned:

In the 1890s, the first English-language newspaper opened in Mexico and, through the wire service, tales of marijuana-induced violence that were common in Mexican papers began to appear north of the border – helping to shape public perceptions that would later form the basis of pot prohibition, Campos says.

There is no doubt violence associated with the drug trade itself and we’ve covered that a time or two but Mexican stoners lighting up and trashing the town circa 1890? Sounds like that old English language newspaper must have belonged to the old Hearst chain given what Satchmo himself had to say in a letter to President Dwight Eisenhower on the subject: Continue reading “Powerball and pot: A peek behind the scenes at Slabbed”

From the sudden wealth syndrome files I offer Powerball winner Christopher Shaw: Slabbed by too much of a good thing?

Christopher Shaw / AP Photo

It is said a picture is worth a thousand words and I think that is the case today as I get a chance to indulge one of my intellectual passions in behavioral finance and its kissing cousin behavioral economics and introduce Missourian Chris Shaw to the Slabbed Nation. Chris, hit the last powerball jackpot catapulting him to the ranks of the hectomillionaires and the top 1% of this nations wealthy. Chris is truly blessed right? Probably not due to a phenomenon termed Sudden Wealth Syndrome but first lets start with the Sarah Wire’s AP report courtesy of Yahoo:  

A Missouri man who won a $258 million Powerball jackpot and plans to use some of the money to pay bills and take his children to Disney World says he hasn’t decided yet if he’ll quit his job at the convenience store where he bought the winning ticket.  

Chris Shaw — a 29-year-old tattooed father of three who was raised by his grandparents in rural southern Missouri — came forward Thursday as the winner of the 10th-largest Powerball jackpot ever. Shaw said he had just $28.96 in his bank account and recently bought a 1998 Ford Ranger from a friend who agreed to let him pay off the $1,000 price $100 at a time. Now, he said, he no longer has to worry about how he’ll pay his friend — or his utility bills.  

“We didn’t come from money. For us it’s just going to be a huge relief to know I’m going to be able to pay my electric bill, my gas bill,” Shaw told the Associated Press. “It’s like a weight lifted. I had bills at home I didn’t know how they were going to be paid.”  

Continue reading “From the sudden wealth syndrome files I offer Powerball winner Christopher Shaw: Slabbed by too much of a good thing?”