eiiakaakallaal wrote: the Post's allegations should be enough to raise some eyebrows with USATF members.
Who cannot vote Siegel out. It's not a Democratic organization in a strict sense. Members can vote on issues, but they don't affect the final decision in many matters.
Selfishness wrote:Siegal made it 20 years to get 20 years of commissions now for himself not to help us. That sucks.
Worse, Max took $25M up front - presumably to pay the commission and possibly accelerate his own bonuses - as a signing bonus. My guess is the $500M is half product value or other non cash like the value of TV time for the Pre meet. Let's be generous and say the $500M is really $300M cash which is 60% cash, not 50%. That $25M up front, now long gone, means 2017-2040 will each be $1M less per year. Does not sound like much ($12.5M versus $11.5M) but that is a lot if the elites are seriously looking for improvements year by year by year. Your #1 source is locked in, your operating costs will increase and you have shown little ability to generate other revenue.
I would counter the commission should be deferred like the payments and the money should gradually increase over time - not stay flat or decrease. But someone had to pay for the private jet and settlements with former employees.
I might be real late to the game here but this is hilarious
A few things.
On the Nike contract, first, I find the opinion that the Nike contract wasn't a good deal, that they should have competitive bid it, etc. are naive. Nike locked in for 20 years. Do you think Oiselle is going to do that? Hell, they probably won't be around in 5 years. For all we know, USATF did try to drum up interest from Adidas, Puma, Under Armour, etc, but none of them bit. \
What you write is not true. I wrote this last year, "I spoke to Spencer Nel of adidas earlier this year and he said adidas was very interested in sponsoring USATF, and "we made it clear" to USATF that adidas was interested. USATF then went and signed with Nike without bidding it out to adidas
http://www.letsrun.com/forum/flat_read.php?board=1&thread=6673399&id=6675854#6675854#ixzz4MipMlHOEknower of things squared wrote:
First, I don't like the tone which basically says that an exec shouldn't make a significant salary. I disagree. If you want to take the USATF to new heights, you need someone who's excellent. Not an existing member who's willing to fly coach and stay in the Super 8. Now, I'm not saying that MS is the answer, but if you want performance, you need to pay for it.
I agree you have to pay for performance. It is about reasonable compensation for the organization, a non-profit organization. If my church gets a new pastor and starts bringing in big bucks, is it ok for him to stay at the Ritz, fly private, etc?
I get it at World Indoors all the IAAF people are staying at the Nine's so maybe it's justifiable for Max to stay there.
USATF is a non-profit, don't forget that. A 501c3 non profit. Most people and the IRS would agree that non-profits should have different compensation packages than for profit businesses. There needs to be way more transparency for the organization and especially on the Nike deal. What are the dollar amounts per year?
agip wrote:
I might be real late to the game here but this is hilarious
https://twitter.com/StephenKersh/status/785590644974559233
Simply amazing. Is there some sort of program that can spit those out or did he do that by hand?
Is there hope ? wrote:
Selfishness wrote:Siegal made it 20 years to get 20 years of commissions now for himself not to help us. That sucks.Worse, Max took $25M up front - presumably to pay the commission and possibly accelerate his own bonuses - as a signing bonus. My guess is the $500M is half product value or other non cash like the value of TV time for the Pre meet. Let's be generous and say the $500M is really $300M cash which is 60% cash, not 50%. That $25M up front, now long gone, means 2017-2040 will each be $1M less per year. Does not sound like much ($12.5M versus $11.5M) but that is a lot if the elites are seriously looking for improvements year by year by year. Your #1 source is locked in, your operating costs will increase and you have shown little ability to generate other revenue.
I would counter the commission should be deferred like the payments and the money should gradually increase over time - not stay flat or decrease. But someone had to pay for the private jet and settlements with former employees.
Cry me an El Nino you idiot. Elites aren't from honky trailer parks in Oildale CA. Rather elites are spoiled rich kids with their post-collegiate career paid for by Mommy and Daddy Incorporated.
ruppandroll wrote:
I never realized he was black. Where have I been?
Of course he is. It makes everyone feel good to have a black "leader" even if he's terrible at his job. Ya know white liberal guilt and everything...
has siegel or usatf even responded to this? will they?
Just because Spencer Nel said that they didn't competitive bid doesn't mean that adidas wasn't consulted. I've done deals larger than the Nike deal that weren't bid out. But, you better believe that I consulted other suitors and, when it became clear that they couldn't come close to the terms that were proffered by another party, they were out.
If I did that to Spencer Nel, I'm sure he'd say what he said to you re: USATF and Nike.
Happens all the time.
Doesn't mean that USATF didn't negotiate the best deal.
But, you'd have to be privy to the details to know.
Again, I'm not saying that MS and USTAF did a good job here. I don't know if they did. I'm just saying that they could've done a good job without competitive bidding and with adidas, puma, UA, etc. griping that 'they didn't get a chance to bid' etc.
In equatorial regions of the world, half-whites are considered white or semitic.
Can we get a copy of the 'contract' and the minutes of the USATf Boad of Directors meeting discussing the 'contract' terms.
I don't necessarily have a problem with the 1st class travel or staying at luxury hotels. When I was a young lawyer many years ago, the Managing Partner of the law firm for whom I worked made it very clear to firm clients that if he was to travel for business, he would be staying in luxury hotels and eating in fine restaurants at the client's expense. His theory was that if he was leaving the comfort of his luxury home, he shouldn't have to downgrade his lifestyle.
Futhermore, the cost of a luxury hotel is sometimes not that much more $ than staying at a standard hotel.
This is an easy court case for investigators. It's quite common is small towns across America for city managers, mayors, alderman, etc. to get caught overcompensating, Quid Pro Quos, siphoning funds, buying capital equipment for personal use, etc. It looks run-of-the-mil to me. No problem prosecuting and recovering funds, real estate, and assets here. I'd file a request immediately to confiscate the passports of Miller, Geer, Siegal, Board members, executives, CFO, etc. and to sieze computers, computer server accounts, etc.
Buck Owens is the GOAT wrote:
Is there hope ? wrote:Worse, Max took $25M up front - presumably to pay the commission and possibly accelerate his own bonuses - as a signing bonus. My guess is the $500M is half product value or other non cash like the value of TV time for the Pre meet. Let's be generous and say the $500M is really $300M cash which is 60% cash, not 50%. That $25M up front, now long gone, means 2017-2040 will each be $1M less per year. Does not sound like much ($12.5M versus $11.5M) but that is a lot if the elites are seriously looking for improvements year by year by year. Your #1 source is locked in, your operating costs will increase and you have shown little ability to generate other revenue.
I would counter the commission should be deferred like the payments and the money should gradually increase over time - not stay flat or decrease. But someone had to pay for the private jet and settlements with former employees.
Cry me an El Nino you idiot. Elites aren't from honky trailer parks in Oildale CA. Rather elites are spoiled rich kids with their post-collegiate career paid for by Mommy and Daddy Incorporated.
The average Track and Field Athletes Association member makes less that $15,000 a year in their event.
People like Felix and Gatlin don't need to care. I think Brittney Reese doesn't even bother with a sponsor as she knows she can clean up in the DL every year. And there are sprinters like me who will go to Europe on a whim, enter some lower tier meets in Greece or Switzerland or something, and if we don't make some kind of breakthrough--you normally can't come out ahead financially this way--at least we had a nice vacation.
But kids who can't afford to vacation in Europe, didn't make top 1-3 in NCAAs in an event that people care about, and really need to make money just to be able to afford to train or travel to meets really struggle to make it. Those are the people that Siegel (and you) are stealing from. Not everybody is an Olympic Finalist or even an Olympian. And instead of lining the pockets of crooks like Max Siegel, that money should be helping some kids stay in the sport.
I would counter the commission should be deferred like the payments and the money should gradually increase over time - not stay flat or decrease. But someone had to pay for the private jet and settlements with former employees.
$12.5M in 2040 is worth less than $4M today (discounted at 5%). I wonder if the broker commission was really paid upfront or will be paid with future dollars.
coach d wrote:
Buck Owens is the GOAT wrote:Cry me an El Nino you idiot. Elites aren't from honky trailer parks in Oildale CA. Rather elites are spoiled rich kids with their post-collegiate career paid for by Mommy and Daddy Incorporated.
The average Track and Field Athletes Association member makes less that $15,000 a year in their event.
People like Felix and Gatlin don't need to care. I think Brittney Reese doesn't even bother with a sponsor as she knows she can clean up in the DL every year. And there are sprinters like me who will go to Europe on a whim, enter some lower tier meets in Greece or Switzerland or something, and if we don't make some kind of breakthrough--you normally can't come out ahead financially this way--at least we had a nice vacation.
But kids who can't afford to vacation in Europe, didn't make top 1-3 in NCAAs in an event that people care about, and really need to make money just to be able to afford to train or travel to meets really struggle to make it. Those are the people that Siegel (and you) are stealing from. Not everybody is an Olympic Finalist or even an Olympian. And instead of lining the pockets of crooks like Max Siegel, that money should be helping some kids stay in the sport.
Why should Max not expect to be treated the same as CEOs of. other leagues and federations. If so-called elites can't get a sponsor and/or parental support does that mean Max should give up the money he deserves? Who would do that? The CEO of the NBA? NCAA? Nike? Red Cross? New York RR? No they would not.
That is hysterical. And technically very impressive.
dougruns26 wrote:
I don't necessarily have a problem with the 1st class travel or staying at luxury hotels. When I was a young lawyer many years ago, the Managing Partner of the law firm for whom I worked made it very clear to firm clients that if he was to travel for business, he would be staying in luxury hotels and eating in fine restaurants at the client's expense. His theory was that if he was leaving the comfort of his luxury home, he shouldn't have to downgrade his lifestyle.
Futhermore, the cost of a luxury hotel is sometimes not that much more $ than staying at a standard hotel.
Except that the obvious difference in your bad analogy is that your former partner had clients paying the bill to a for-profit entity and the clients could say no or switch firms. The USATF is a non-profit with no clients (just federal grants and sponsors) that have expressly agreed to these expenses and that can leave.
The private jet is the most ridiculous expense of all of them. You can maybe justify some of the hotels and maybe he has status and was upgraded on commercial flights but there is absolutely ZERO reason for Max to have chartered a private jet to fly across the country. A private jet is exponentially more expensive than commercial travel and there is absolutely nothing involved with the sleepy USATF that was so time sensitive that flying commercial would have been detrimental. That expense was a gross waste of USATF's assets.
You effin ANTI-SEMITE wrote:
coach d wrote:The average Track and Field Athletes Association member makes less that $15,000 a year in their event.
People like Felix and Gatlin don't need to care. I think Brittney Reese doesn't even bother with a sponsor as she knows she can clean up in the DL every year. And there are sprinters like me who will go to Europe on a whim, enter some lower tier meets in Greece or Switzerland or something, and if we don't make some kind of breakthrough--you normally can't come out ahead financially this way--at least we had a nice vacation.
But kids who can't afford to vacation in Europe, didn't make top 1-3 in NCAAs in an event that people care about, and really need to make money just to be able to afford to train or travel to meets really struggle to make it. Those are the people that Siegel (and you) are stealing from. Not everybody is an Olympic Finalist or even an Olympian. And instead of lining the pockets of crooks like Max Siegel, that money should be helping some kids stay in the sport.
Why should Max not expect to be treated the same as CEOs of. other leagues and federations. If so-called elites can't get a sponsor and/or parental support does that mean Max should give up the money he deserves? Who would do that? The CEO of the NBA? NCAA? Nike? Red Cross? New York RR? No they would not.
Because most of the entities that you listed are FOR PROFIT entities. In any event, USATF is microscopic compared to most of these entities. The NBA had $4.64 BILLION in revenue last year. Nike had revenue of $32.4 BILLION last year. The NCAA had revenue of $913 million last year. USATF had the massive revenue of $20.0 million in 2014 (it is delinquent in filing its 990 for 2015 so we don't have 2015 numbers).
So, yeah, if he wants to turn USATF into a multiple billion dollar entity, then, sure, his comp sounds about right. However, as the CEO of a tiny non-profit with a legal monopoly, his compensation is completely preposterous and I have to assume criminally excessive.
Federal Bureau Investigation wrote:
Can we get a copy of the 'contract' and the minutes of the USATf Boad of Directors meeting discussing the 'contract' terms.
No. The contract is top secret and contract discussions are held during executive session and do not appear in the minutes.
polevaultpower wrote:
Federal Bureau Investigation wrote:Can we get a copy of the 'contract' and the minutes of the USATf Boad of Directors meeting discussing the 'contract' terms.
No. The contract is top secret and contract discussions are held during executive session and do not appear in the minutes.
I sent an email to Drew Griffin of CNN about this corruption.