Money

A Deplorable by Any Other Name

Oh, look. The puke who used his money to spread filth about Hillary Clinton is now out of a gig:

According to a report in Upload VR, Palmer Luckey, the co-founder of Oculus and the Rift creator, is leaving the company which he sold to Facebook three years ago. This will allegedly be Luckey’s last week with the company. “Palmer will be dearly missed," a statement from Facebook read. "Palmer’s legacy extends far beyond Oculus. His inventive spirit helped kickstart the modern VR revolution and helped build an industry. We’re thankful for everything he did for Oculus and VR, and we wish him all the best.” The Daily Beast has reached out to Facebook to confirm this information. 

Last September, The Daily Beast revealed that Luckey had been involved in funding a pro-Trump political organization called Nimble America, a self-described “social welfare 501(c)4 non-profit." It was intended for the purposes of shitposting about Hillary Clinton and circulating offensive memes about her. Luckey got involved in the project after meeting Milo Yiannopoulos. Shortly after the story, Luckey essentially disappeared and skipped the Oculus Connect (OC3) developer conference. He has kept a low profile over the past few months with no posts to his Twitter or Facebook accounts since September. 

In this country, he gets to keep his money and go on about his business. In Russia, he would have been imprisoned for being mentally ill and corrupt months ago. That's how it works now. You can be wealthy, powerful, and do whatever you want without any consequences until the people you're working for decide that you're too much of a liability to keep around.

I love the part about how he amscrayed from social media, though. If you have such popular ideas, why not share them with the rest of us? Are you afraid that the marketplace of ideas is going to reject you?

Too late for that now.

Good to Know

banana-tree.jpg

In the midst of the worst banking scandal since the worldwide crash of 2008, you have this little nugget of wisdom:

The CEO of Austrian bank Hypo Landesbank Vorarlberg resigned Thursday, following the release of 11.5 million documents from a Panama law firm accused of setting up secret offshore accounts to evade scrutiny. According to local news, the bank was one of the many institutions around the globe named in the documents released. Executive Michael Grahammer said he was “100 percent convinced that the bank broke no laws or violated sanctions” but that he was still leaving the company, due to an alleged misrepresentation in the media. Prime Minister Sigmundur Gunnlaugsson of Iceland stepped away—but did not resign—from his post on Tuesday following protests over allegations that he and his wife own an undisclosed tax haven-based company with large claims on some of the country’s collapsed banks. In a new interview with The Wall Street Journal, Mossack Fonseca partner Jürgen Mossack also denied wrongdoing and said the controversy wouldn’t change its business model. “We’re not going to stop the services and go plant bananas or something,” he said.

That's good to know, but can you make money with a banana tree plantation nowadays? And don't you think that the shareholders of Mossack Fonseca are feeling a little nervous when they hear flip answers from the man in charge?

Erin Andrews Deserves Every Penny


I have to admit, I'm shocked that this wasn't settled out of court years ago in favor of Erin Andrews:
Erin Andrews' $75 million stalking lawsuit goes to court
Court proceedings are getting underway in a $75 million lawsuit filed by sports reporter Erin Andrews against a peeping Tom who recorded her naked, as well as the hotel she blames for allowing it to happen. NBC's Janet Shamlian reports from Nashville.
It was a Marriott Hotel, and I cannot for the life of me figure out why they didn't make this go away when they had the chance. What benefit is there for the Marriott chain to be dragged through the mud like this? Whoever was working at the front desk on the day in question opened up the entire company to a massive lawsuit that was going to be filed and pursued through the courts no matter what.

Here's the gist of what happened--Erin Andrews checks into the hotel. A man calls up and uses basic social engineering to get the front desk to assign him the room next to her without notifying Andrews or her employer at the time, ESPN. He checks in to the room next to her and uses that proximity to film her through the peep hole. This same asshole puts the video on the Internet, gets caught, and spends time in jail.

As in, he was criminally convicted of invading her privacy.

The company in question now faces this lawsuit. And they're fighting it? Really?

Give Andrews every penny. Every single penny. What a disgrace--to make the business decision to fight her in court and thereby hope to save some money by gaming the jury system. Their strategy has to be to get the award knocked down some how by trying to prove that this did not hurt her career. Well, to hell with the career--it violated her privacy and safety. Isn't that enough? Apparently not.

You Should be Able to Refinance Your Student Loan Debt


It took me a while to figure this out, so bear with me. Megan McArdle tries to pooh-pooh a very good question asked by Bernie Sanders:
The day after Christmas, Bernie Sanders asked a question on Twitter: “You have families out there paying 6, 8, 10 percent on student debt but you can refinance your homes at 3 percent. What sense is that?”
Finance types may snicker. But I’ve seen this question asked fairly often, and it seems worth answering, respectfully, for people whose expertise and interest lie outside the realm of economics.
The short answer is: “Loans are not priced in real life the way they are in Sunday School stories.” In a Sunday School story, the cheapest loans would go to the nicest people with the noblest use for the money: single mothers who need money to buy their kids a Christmas present, say.

That’s splendid for the recipient. But what about the lender? Let’s say you had $150 that you really needed to have at the end of the month, say to pay your rent. Would you want to lend it to the single mother whose income is stretched so tight that she needs to borrow money for Christmas presents, or would you want to lend it to some heartless leech of a securities litigator with an 800 credit rating who happens to have left his wallet at home? C’mon. You know the answer; you just don’t want to say it. If you really need the money -- if you cannot afford to turn your loan into a gift -- then you lend it to the better credit risk with the higher income, not the person who may find themselves too short to pay you when the loan comes due.
In aggregate, most of the money in your savings account is loaned out using this cold calculus, and unless you could afford to have that contents of that account suddenly vanish, you want it to be. That’s why poor people, on top of all the other unfairness heaped upon them, pay higher interest rates. And that is why secured loans, like mortgages, get lower interest rates than unsecured loans, like credit card balances and student loans.
Student loans are two-for-one in terms of risk: They are frequently made to people with no income, no credit history, and somewhat imperfect prospects; and they carry no guarantee of payment other than the borrower’s signature. If someone fails to pay their auto loan, you can take their car away. This ensures repayment in two ways: first, you can auction the car and recover some of the money that you lent out; and second, people need their car, and will scrimp on other things in order to keep it from losing it. The immediate personal costs of failing to pay your student loans, on the other hand, are pretty minimal, and people are going to take that into account when they decide whether to pay you or the auto finance company. That’s why the government has to guarantee these loans; the low-fixed-rate, take-any-course-of-study-you-want-at-any-accredited-institution, interest-deferred-in-school is probably not a financial product that would exist in the wild.
Secured loans have thus always carried lower interest rates than unsecured loans, and will do so until the heat death of the universe renders moot such questions.
And so on, and so forth. McArdle tries to demonstrate competence and knowledge here, but let's go back to the question that kicked off this discussion:
Bernie Sanders asked a question on Twitter: “You have families out there paying 6, 8, 10 percent on student debt but you can refinance your homes at 3 percent. What sense is that?”
Let's ignore McArdle and really answer the question. Let's say a family, who refinances their home, takes a look at their student debt and makes an honest effort to refinance that debt. They can't! And that's why the question needs to be answered from the viewpoint of a family with student loan debt as opposed to a recently graduated student with student loan debt.

McArdle is basically right about why a student who just gets out of college is charged a higher interest rate--they're a riskier proposition. But the family, with their home as an asset, is a much lower risk. Why wouldn't you allow them to use their home as collateral so that they could refinance their existing student loan debt?

That's the part that makes no sense. You have two people who are married and, if they're at a point where they own a home and refinance it, let's say they're also ten years into the thirty year process of paying back their student loans. They've been making ten years of payments on that debt at 7 or 8 percent while their home is financed at 3 percent. You could say that the only reason why they own their own home is because of the degrees they earned. 

As a condition of refinancing their student loan debt, you could minimize the risk and reduce the interest rate on their student loan debt by using the equity in their home as collateral. You're telling me that someone who has paid off a third of their mortgage is the same risk as a kid just out of college? Hell, no. They're a damned good risk and they deserve an interest rate cut. That would mean huge savings for the family and bring them greater financial stability in the long run, making it more likely that not only would they pay back their mortgage but that they would pay back their student loan debt.

And wouldn't that help bring down interest rates? Or am I being an idiot on purpose?

These are the kinds of scenarios that Sanders is really pushing--common sense changes to how we do things so that Americans can get out from under crushing levels of debt. And no one currently self-identifying as a Republican would even dream of such a thing--it runs against the economic self-interest of their primary voters as well as their donors.

How is This Even Legal?


Damn, life is so inconvenient:
Pam McGonigal, who began using Uber last year to ferry her 14-year-old daughter from dance class in Silver Spring, Md., back home to Chevy Chase when she got stuck at work in the District, said she had never considered a taxi for the job.

“I just have reservations about my pretty little girl going out and hailing a cab,” she said.
But Uber’s competitors question whether that trust is misplaced.
Dave Sutton, spokesman for the Rockville-based Taxicab, Limousine & Paratransit Association, noted that officials in Los Angeles and San Francisco have questioned the company’s methods for screening drivers. He said unlike the taxi industry, Uber’s background checks don’t include fingerprinting. Uber officials said the company does not use fingerprinting as part of its background checks, but said they think the process they use is more comprehensive.

“Obviously, everybody loves their kids, but the idea of placing a young person with someone who hasn’t received a criminal background check is terrifying,” Sutton said. “We’re working to make sure that people understand that.”
Oh, yeah--that screening process for cab drivers is embedded in the psyche of the American consumer. Did that cab driver pass his background check, no one has ever asked, ever. Why not just admit you're a shill for the cab companies and Uber made you crap yourself for days at a time?

Some people love their kids more than other people love their kids, and Uber is proof of that? 

No, the proof of that is found in exactly how much of your life you are willing to surrender to the idea that the safe transportation of your children from one place to the other is kinda your own damn responsibility. We are now in an age where it's okay to outsource the schlepping of your offspring to someone who has a car and needs money. No judgment, please. Life is such a pain in the ass for busy people who want to live somewhere nice and do everything all of the time without thinking of the consequences.

They're your kids. You had them. They want to do activity stuff. You're busy. It's easier to put them in a car with a complete stranger and hope like hell everything works out for the best. Yay! No guilt necessary. Don't be a shamer. Be a sharer of space in a car. Get with the program, grampa. 

Jeebus.

Time to Get the Blood Out of the Stone


Do you really think Lance Armstrong is going to pay back the money?
A Texas arbitration panel gave a $10 million judgment for SCA Promotions in its suit against disgraced American cyclist Lance Armstrong for bonuses it paid for his Tour de France championships.
"We are very pleased with this result," SCA president and founder Bob Hamman said in a statement, per Brent Schrotenboer of USA Today. "It is hard to describe how much harm Lance Armstrong's web of lies caused SCA but this is a good first start towards repairing that damage."

The arbitration panel, which voted 2-1 in SCA's favor, will now turn its ruling over to a judge, who must give a final approval. SCA asked the panel to do so out of fear Armstrong would refuse to pay it the $10 million.
Armstrong can default on these judgments and no one would care. How bad can the public image of a man stripped of seven Tour de France victories get before people notice he's a sleaze?

Money is easy to hide. He can divest himself of property and fortune and tell the government to go pound sand. Token payments and tales of hard luck go a long way. He can live out his life free from accountability, albeit with limited potential to earn money and absolutely no dignity whatsoever.

I'm thinking he doesn't care. This is America. A wealthy man can do whatever he wants and reinvent himself when public furor subsides. Armstrong is little more than an afterthought now.

Supplements Made From Nothing


Health supplements are made out of nothing?

And they don't benefit the health and well being of anyone?

What the hell?

You would think that, in a just society, the outright quackery and for-profit bullshit of supplement companies--Herbalife, I am staring right at you, you sons of bitches--would lead to regulation and common sense rules protecting consumers.

Guess again.

We need real reform for consumer protection in this country, and as long as we're stuck in the politics of stupid, we'll never get it. We have grown men leading state governments and men who hold elected office who are unafraid to tell us their expert opinions on how vaccines are dangerous, but we can't get anything done about snake oil salesmen who prey on consumers and sell them garbage.

Another Billionaire Hypocrite


The people running things don't seem to have any idea how economics work. The media should ignore the pronouncements of such people in the future. They won't, but they should call David Siegel on his bullshit the next time he threatens to fire a lot of his workers because they don't want to vote for Mitt Romney.

One thing I can guarantee you about American politics--anyone who has money has a voice that the poor will never have.

How Can You Stop Capitalism?


I do not live in fancy digs, nor do I use Uber or Airbnb, but I cannot understand why there is a growing backlash against basic capitalism:
A woman has been “profiteering” from her government-subsidized, rent-controlled Central Park duplex by renting out bedrooms through Airbnb, a Manhattan judge said, ordering her to stop immediately.
Manhattan Supreme Court Justice Carol Edmead issued a temporary injunction against Noelle Penraat, who, as The Post reported in October, was sued by her landlord.
In her ruling made public Tuesday, Edmead said records show Penraat made $61,000 off her rent-controlled Central Park duplex in just nine months. Penraat’s “own records indicate that she has been profiteering from a rent-controlled apartment partially subsidized by another government program,” Edmead wrote.
The apartment is hers, right? And all she is doing is a form of subletting, which used to be legal. And it's not even subletting. It's called renting out a room, which was done extensively during the Depression. The fear-mongering against the "traffic" in and out of the building is absurd and elitist.
The landlord claimed Penraat has had 135 rentals since February 2012, with guests logging three- to 21-night stays.

The landlord estimated that Penraat could make up to $118,300 a year if she rented the apartment on a nightly, year-round basis.
Penraat advertised her “Gorgeous master bed/bath on the park,” a “Lovely small bedroom in a huge apartment” and a “Sunny bedroom, Central Park view” for between $75 and $150 a night until the case was filed.


Honestly, where's the crime here?  If this was Colorado or Georgia, she'd be unable to charge that much and no one would want to stay in her apartment (emphasis on her apartment). She's using the marketplace to make money. She isn't forcing anyone to overpay her. She's charging what people want to pay. Someone has found a way to undercut the profit margins of the people who are really ripping people off. Imagine that.

Making money by giving people something they want to pay for is illegal now?

An Ethics-Free Congress



You can tell the Republicans are in charge because ethics no longer matter. Michael Grimm was re-elected with a felony indictment hanging over his head and, thanks to a safely Gerrymandered district, he won his race going away.

And yes, there is a precedent here. William Jefferson was a corrupt Congressman from Louisiana who stuffed the money in his freezer and told everyone to go pound sand when they politely asked him to resign from Congress. You can read about that here and then do a comparison and contrast with how the GOP leadership has basically thrown their hands in the air over a convicted felon like Grimm. Reading that old story was like stepping into a time machine.

Ethics in Congress? Really? And people actually cared about that stuff? Wow.


The Russian Ruble is Collapsing


Couldn't have happened to a nicer kleptocracy:
The ruble tumbled the most since 1998, sliding past 60 for the first time, as traders tested Russia’s willingness to defend the currency amid an oil slump that’s pushing the economy toward recession.
The ruble weakened 9.1 percent to 64.0005 per dollar at 7:57 p.m. in Moscow, the steepest slide on a closing basis since the year Russia defaulted on local-currency debt. The 10-year government bond yield rose 23 basis points to 13.23 percent. Three-month implied volatility for the ruble climbed to a six-year high as the rout triggered the Bank of Russia to sell foreign exchange, according to BCS Financial Group and MDM Bank.
Traders are pressing the central bank to buy more rubles to limit a selloff that has wiped out 22 percent of the currency’s value this month. Oil’s slide toward $60 a barrel in London and sanctions over the conflict in Ukraine are undermining confidence in Russian assets as evidence mounts that the economy is entering a recession. Industrial output fell the most in more than a year in November, data showed today.

Everyone who bet on oil being expensive is losing money right now. And I think that this is largely driven by the fact that alternative forms of energy are making inroads and so there's a glut of oil on the world market. I don't want to be around (but I will be) when the major producers scale back--the price will shoot up, no doubt.

Is it time to get that electric car and invest in solar panels? It's always time to get the electric car and put solar panels everywhere.

The decision made by the Western nations (The U.S. and Europe) to put a shiv into the side of Russia's economy is paying off. The price for all of this has to be for Russia to give up two things: Eastern and Southern Ukraine and Edward Snowden.

The Nightly News No Longer Matters


Are you relieved that Brian Williams isn't going anywhere? Or did you, like me, yawn and look for other news:
Brian Williams is staying put as NBC Nightly News anchor, the network announced Monday. Saying that he's "renewed his commitment" to the network's news division, NBC News presidentDeborah Turness said in a staff memo that he will continue to serve as anchor and managing editor of the nightly broadcast "for years to come."
The news comes as Williams recently celebrated his 10th anniversary as NBC Nightly News anchor and ABC News recently replaced longtime World News anchor Diane Sawyer with David Muir.
People no longer wish to be informed. They wish to be entertained. I hope Williams can continue to dance around the fact that the job he holds isn't worth what it used to be. In the 1980s, this kind of an announcement would be huge because the nightly news mattered back then, The revenue generated by those programs floated these huge, bloated news divisions. Now, the only thing keeping them alive are the morning shows.

The evening news is merely a hole for the schedulers to work around.

Bill Cosby and Serial Rape


It would appear that Bill Cosby has a problem with being accused of committing serial rape in this country. Did he commit any crimes overseas? Is there any way to bring him to justice in another jurisdiction? Why is he getting away with it?

The statute of limitations has rendered Cosby untouchable. He will likely go the way of Joe Paterno, disgraced but wealthy and confused about his status.

This country can forgive a lot of things. Cosby raped his way through a lot of lives, it would appear.

Norman Rogers is a horrible, horrible man. He was said, in effect, that an adult male can use the $300 hooker to solve a lot of problems.

"A fifty dollar whore is good in a pinch, but she is desperate and sometimes unattractive. If you pay $300 for the services of a professional working girl, you can expect that she will be reasonably attractive and unwilling to turn on you. Bill Cosby could have hired a $300 girl every week of the year. That's $15,600 per calendar year, including your Christmas Ham Boning or whatever you want to call it. Over the course of forty years, that's a grand total of $624,000 spent on discreet, professional sex workers."

As Norman horribly explains, this would save many men a great deal of grief.

"Bill Cosby could have spent a mere $15,600 per year playing hide the baloney and all he would be guilty of is being a horndog. I am not condoning legalized prostitution--I think what they have in Las Vegas is a good model for what we should have in every state. We need special economic zones where regulated adult behavior is tolerated and controlled. Stephen Hawking uses professional women and people consider him a saintly genius. If Cosby were a mere whoremonger, he would likely be making over $10 million a year right now. Contrast that with a controlled budget for getting some ass on the side."

"What an old fool. He reminds me of Tiger Woods, who lost over a hundred million dollars for sex that would have cost him, at best, a few hundred thousand dollars."

It should be pointed out that Norman Rogers is a horrible man and his views are neither condoned nor understood.

This is How You End up Broke


Jack Johnson of the Columbus Blue Jackets let his parents "manage" his affairs. Here's what they did to him:
Miller was the first lender, extending a $1.56 million loan on March 9, 2011, that Johnson’s parents used to buy the home in Manhattan Beach, a third of a mile from their son’s residence, while he played for the Kings.
Johnson, a source said, believed that his parents took out a mortgage using money left to them in the will of a relative who had recently died.
The loan — which carried a 12 percent interest rate, almost three times the market rate — quickly went into default because it called for an initial payment of more than $1 million. (The contract extension Johnson signed with the Kings didn’t kick in until the following season, and he didn’t have that much in the bank.)
One day after the home loan was signed, on March 10, 2011, the Johnsons borrowed $2 million at an interest rate of 12 percent from a software developer in Iowa named Rodney L. Blum, who this month won a seat in the U.S. House.
Blum’s office did not respond to interview requests left with Blum’s spokesman by The Dispatch. It’s unclear how Johnson’s family came to know him or why he was making a personal loan at a high interest rate.
Barely a month later, on April 14, 2011, the Johnsons borrowed $3 million — at 24 percent — from Pro Player Funding in upstate New York, a company that “monetized” several NFL players’ contracts during a work stoppage. Former NFL stars Vince Young, who went bankrupt, and Bryant McKinnie, who was sued for default, were among the company’s clients.
Johnson was sued by both Blum and Pro Player Funding within a month of the loans being signed. He signed settlements, according to court documents, without appearing in court to contest the lawsuits.
To settle Blum’s suit, Johnson had $41,800 — or 25 percent — garnisheed from his bimonthly Blue Jackets paychecks over much of the past two seasons.
The next two years brought additional loans and additional defaults, sources said, but the next loan that ended up in the court system was extended on Sept. 13, 2013: a $400,000 loan at 18 percent from EOT Advisors in Tarrant County, Texas.
They essentially used Johnson's future earnings as collateral and "monetized" his contract, which has bankrupted him. When you're borrowing money at an interest rate of 24%, you've essentially entered a financial zone reserved for Rent-a-Center customers and payday lenders. They could have each taken a million dollars and that would have left Johnson solvent and in great shape. Instead, they used a series of loan schemes to take everything this kid had, and then some.

In other words, a professional hockey player who signed a contract worth $30 million dollars in 2011 has about $50 grand in the bank, if that.

Johnson has severed himself from his family, by the way, and has no idea if his 16 year-old brother is being taken care of by his parents. Now that the gravy train has stopped, hopefully they've been able to get jobs and start paying back their son.

Yeah, right.

A Student of the Game


Attendance at college football games is declining rapidly in this country. It may have something to do with the fact that college football programs are in decline as well:
Despite the ready availability of tickets at University of Michigan's “The Big House”—the largest college football stadium with the capacity to hold 109,901 Wolverine fans—sales have dropped precipitously in their student section. In 2013, the Michigan student section had about 19,000. This season, that number is somewhere between 13,000 and 14,000. In response to declining student attendance, athletic director Dave Brandon announced a decrease in student season ticket prices by 37.5 percent for next year.
That was published today. Michigan football is in the toilet--the team sucks, Dave Brandon is already history, and kids are paying way too much for an education that won't get them decent jobs.

When you have student loan debt through the roof, nobody is going to reach deep in their pocket and give to an alumni association. That's because they're broke paying back loans.

The "duh" factor in this story is incredible.

Wal-Mart Gives Itself a Tax Cut


Did you know that Wal-Mart can give itself a tax cut?

The act of dropping health care coverage for 30,000 workers amounts to a savings of $500 million dollars per year. I think that that number is low because Wal-Mart is going to make a whole lot more of their employees fall into that category in order to boost their savings (which are not needed, of course, because Wal-Mart is an insanely profitable business).

Your taxes will have to cover that difference because those workers will now have to rely on government benefits or emergency room services or some other form of funding for their health care costs. In many cases, they'll just pay more out of pocket, thereby receiving a pay cut on top of the tax increase you'll get in order to help make up the difference.

Wal-Mart takes the savings and passes them on to you. Only you're not making more money, either.

What I don't understand is, how much longer can we continue to pretend that Wal-Mart has been good for America in any way, shape or form? We're now addicted to cheap consumer goods made elsewhere. We're used to covering the costs of feeding and sheltering people who work for Wal-Mart and receive low pay and can't make ends meet. Now we're going to be handed another segment of the gainfully-employed population that will require health care coverage.

It's awful.

And, what's more, Wal-Mart managers are going to be under pressure to arbitrarily and unfairly cut hours and put more people in the cohort that is losing health care coverage. They'll do that by quietly reducing hours for people who are already on the bubble. Shopping there is already more of a nightmare than it was twenty years ago precisely because they cut the hours of the very same people who are there to help customers and get them through the check stands. The very definition of hell is Wal-Mart on a Friday night at 10:30.

The margins are incredibly thin now--disaster awaits anyone who is unlucky enough to lose a few hours a week or a little bit of insurance.

A one billion dollar a year tax increase on Wal-Mart would be welcome. Good luck ever seeing that in your lifetime.

The Reason Why the Seattle Seahawks Will Not Repeat as NFL Champions


There's a problem with this idea that Seattle, which was the better team and deserved to win the Super Bowl this year, won't win it next year.

Parity.

The NFL thrives on competition. The dynasties of old are gone. When a sad franchise like Seattle, which has had rare moments of brilliance over the last thirty years, can win a Super Bowl the year after Baltimore did it and the year after New York did it, you have to come down on the side of parity. Some teams, like New York and New England, return to the Super Bowl and win it. Others, like Baltimore, have to tear their teams down and rebuild them.

If Seattle can come back in a few years and win it, great. But they're going to have to struggle to do that. A repeat is rare--a three-peat is all but impossible. Thank the salary cap for that.

Worst NFL Franchise Ever


The team that plays in Washington D.C. and enjoys elite status as a billion dollar NFL franchise? It's the worst ever.

It was Daniel Snyder's idea to fire the last coach--and the five or six coaches before that--and bring in the Shanahans. It was an idea and a move entirely his own. And now what?

The new coach of the team will be Lane Kiffin. If not Kiffin, then someone else will parachute in and sign a deal worth millions. This will lead to losses, griping, failure and high draft picks that won't pan out. A lot of NFL players base their career moves on arriving in Washington just so they can get paid and do nothing.

Worst franchise ever.