Tom Martino...Bankrupt...Haha

[ghettodub]

Not sure why I find this so funny. Maybe because he gives so many people advice

http://www.denverpost.com/breakingnews/ci_18894403?utm_medium=facebook

[TFOGGER]

Not sure why I find this so funny. Maybe because he gives so many people advice

http://www.denverpost.com/breakingnews/ci_18894403?utm_medium=facebook

Because he's a sellout asshat shill, that will slap his name on anything for a buck?

[Omicron]

Never did make sense to me how he could be such a "consumer advocate" one moment, then hawking wares from some business or another the next. Always struck me as a conflict of interest.

[Elhuero]

those who can't do, teach.

[SuperiorDG]

It always pisses me off when a customer wants to know if I'm his list. I always say no, I don't have the $5,000 a month it takes to be on it. What a joke. What comes around goes around.

[JohnTRourke]

serious fraudster.
I applaud it finally happening. (now when buffet goes we can all celebrate)

seriously, did you read the article?

1.7mil in assets

79 MILLION in liabilities.

that's a 10x, as bad as the banksters.

[Monky]

Damn it you beat me to it!

Yeah the douche FINALLY got what was coming to him.. fuckin scam artist.

[trlcavscout]

Because he's a sellout asshat shill, that will slap his name on anything for a buck?

Exactly! The people that believe his crap are morons!

[rockhound]

not sure why everyone hates him so much. everyone seems to have it in for those who succeed.

I was a martino preferred contractor for 7 years when i ran my remodeling company.

he does not shill for just any company. you have to be approved and the process is not easy. we did good work and for a fair price. we never had a complaint filed against us, but if we had believe me we would have had to step in line to stay on his list. being on his list was well worth it. the phone rang for first time about an hour after being posted and never stopped. there was more than one stretch where I stopped giving estimates cause we were booked 8 months in advance.

he makes the contractors on his list a lot of money and it was only $500 per month, not $5000, best advertising i ever had.

i don't know him personally, but i have had clients call his show and brag about my company and the work we did. you cannot buy that kind of advertising anywhere.

the reason his portfolio is so upside down is because most of it was in real estate. anyone heavily invested on the real estate side was hurt with the economy this last few years. especially in the commercial side.

say what you will, but Tom puts a lot of people to work employs a lot of people, his land developments employ everyone in the construction trades. he make donations to needy families through his foundation and get a lot of people back their money when they get screwed by a bad contractor or other business.


from what i understand he made his money the old fashioned way through hard work. as someone who has been self employed for going on 23 years now, i have to admire him and what he has accomplished. when a man can get on the air and admit to the whole world that he is in the dumps financially that takes guts.

I don't see why you would take glee in seeing someone losing a life's work.

JMHO

[TS12000]

serious fraudster.
I applaud it finally happening. (now when buffet goes we can all celebrate)

seriously, did you read the article?

1.7mil in assets

79 MILLION in liabilities.

that's a 10x, as bad as the banksters.

I don't know if I'm just reading it wrong or what but I don't believe your math adds up

[tmleadr03]

not sure why everyone hates him so much. everyone seems to have it in for those who succeed.

I was a martino preferred contractor for 7 years when i ran my remodeling company.

he does not shill for just any company. you have to be approved and the process is not easy. we did good work and for a fair price. we never had a complaint filed against us, but if we had believe me we would have had to step in line to stay on his list. being on his list was well worth it. the phone rang for first time about an hour after being posted and never stopped. there was more than one stretch where I stopped giving estimates cause we were booked 8 months in advance.

he makes the contractors on his list a lot of money and it was only $500 per month, not $5000, best advertising i ever had.

i don't know him personally, but i have had clients call his show and brag about my company and the work we did. you cannot buy that kind of advertising anywhere.

the reason his portfolio is so upside down is because most of it was in real estate. anyone heavily invested on the real estate side was hurt with the economy this last few years. especially in the commercial side.

say what you will, but Tom puts a lot of people to work employs a lot of people, his land developments employ everyone in the construction trades. he make donations to needy families through his foundation and get a lot of people back their money when they get screwed by a bad contractor or other business.


from what i understand he made his money the old fashioned way through hard work. as someone who has been self employed for going on 23 years now, i have to admire him and what he has accomplished. when a man can get on the air and admit to the whole world that he is in the dumps financially that takes guts.

I don't see why you would take glee in seeing someone losing a life's work.

JMHO

He had something others did not have. The drive to make money and success that brought that money. Jealousy is an ugly thing.

I catch his show on a regular basis and he has been saying he is bankrupt for a while. He has been totally up front about how and why it happened and been warning others to avoid his path. I don't think he is a bad guy. Just made a few bad choices with his money.

[roberth]

He had something others did not have. The drive to make money and success that brought that money. Jealousy is an ugly thing.

I catch his show on a regular basis and he has been saying he is bankrupt for a while. He has been totally up front about how and why it happened and been warning others to avoid his path. I don't think he is a bad guy. Just made a few bad choices with his money.

Winner, winner. Envy is green like baby shit.

I listen to Tom rarely, he's been teaming up with Pete around 9am for a little while now and they take calls and stuff for 10 or 20 minutes. I find Tom entertaining when he is with Pete.

[tmleadr03]

Winner, winner. Envy is green like baby shit.

I listen to Tom rarely, he's been teaming up with Pete around 9am for a little while now and they take calls and stuff for 10 or 20 minutes. I find Tom entertaining when he is with Pete.

What I find interesting (and I am not saying it is happening here) are the that the same people who complain about there not being any jobs are the same who cheer when someone who made money and employed lots of people crashes...

Take Buffet. He goes under is going to do what to the jobs market? You think openings are just going to start popping up? More people out of work.

[Mtn.man]

Hey ya'll are a bunch O' younguns the guy is a dick and I cheer the fact he has problems.
We been here for many years and he has always been a DICK.

[ghettodub]

I actually enjoy Tom Martino, and I like how he tears in to people and shitty companies some times.

My issue with him, and you can throw the BBB in there as well, is that you can pay either of them and then you're considered a better company. And I do look at BBB and Tom Martino quite a bit when selecting businesses, even knowing that, because sometimes I do believe that companies that spend that extra money do care about their business. But again, I don't think that they are accurate in which companies are "better." As an advertising tool, it's really a great idea.

just my .02

[mevshooter]

I actually met the guy after we delivered the second tub he got from a specific company for free, and he IS a dick. Someone had to wake him up at noon so I could show him how to use his hot tub. That's not my justification for calling him a dick, it was somewhat amusing. He was just a dick in general.

I have no comment as to his financial situation, because I try not to speak that kind of evil... that crap can come back on you.

But like I said, since I HAVE ACTUALLY MET HIM, he is a dick.

However, whitest teeth I've ever seen.

And he's about the size of an oompa loompa.

[BPTactical]

I've not met him but I did have occasion to sit near him at a Rockies game when my wife worked at Hugh M Woods.
Arrogant prick to be sure. You could tell he just didn't think his shat stank.

I do enjoy listening. Between him calling folks out and some of the callers it is entertainment plus once in a while ya learn something.

As far as his economics it really puts "Rich" in perspective. It is a fleeting thing and win big-lose big.


I'd rather be broke and have few financial obligations than a shitton of green and the tremendous liabilities.
I can make my mortgage and truck payment.
Can he?

[Mtn.man]

He needs a good BITCH Slapping.

[tmleadr03]

I've not met him but I did have occasion to sit near him at a Rockies game when my wife worked at Hugh M Woods.
Arrogant prick to be sure. You could tell he just didn't think his shat stank.

I do enjoy listening. Between him calling folks out and some of the callers it is entertainment plus once in a while ya learn something.

As far as his economics it really puts "Rich" in perspective. It is a fleeting thing and win big-lose big.


I'd rather be broke and have few financial obligations than a shitton of green and the tremendous liabilities.
I can make my mortgage and truck payment.
Can he?

One of the things he said on the show about the whole mess is if you have the money to pay off a house, it is better to get a loan and keep the money in fluid funds. Then if you want to you can pay it off, otherwise you have the money on hand for other things.

[Mtn.man]

The dude is an IDIOT, you wanna listen to him then you fall in the same catagory.

[JohnTRourke]

What I find interesting (and I am not saying it is happening here) are the that the same people who complain about there not being any jobs are the same who cheer when someone who made money and employed lots of people crashes...

Take Buffet. He goes under is going to do what to the jobs market? You think openings are just going to start popping up? More people out of work.

buffet employs almost nobody (something like a 100 people work at berkshire)
he's just a robber baron.
fuck him
fuck his everybody should pay more in taxes but me
fuck his i get special deals that aren't available to anyone else cuz I'm Warren.
fuck his laws don't apply to me or berkshire.

[mevshooter]

Hey ya'll are a bunch O' younguns the guy is a dick and I cheer the fact he has problems.
We been here for many years and he has always been a DICK.


He needs a good BITCH Slapping.


The dude is an IDIOT, you wanna listen to him then you fall in the same catagory.

Okay... I'm not quite sure how you feel about Tom Martino... could you make it a little more clear? You're being a little wishy washy right now.

[ROFL1]

[Mtn.man]

OK he's a POS sellout pay me to promote you, wannabe MoFo ass kissing SOB TV ass.
The companies he does promote pay him a huge fee even if they are a POS service company.
I hope he sinks onto the dark sea and never resurfaces.

[DOC]

I seen him eating at Jack n' Grill once. I wanted to get a picture with him. Next time for sure.

[mevshooter]

OK he's a POS sellout pay me to promote you, wannabe MoFo ass kissing SOB TV ass.
The companies he does promote pay him a huge fee even if they are a POS service company.
I hope he sinks onto the dark sea and never resurfaces.

Okay, so you DON'T like him.

I get it now.

[Mtn.man]

Yes.

[palepainter]

I could go either way with Martino. But I do not like the way he shops bankruptcy to the listerners. He never gets to, what got them there in the first place. I am sure with the press coverage, there will be more on the subject. Worth the listen just to hear him get his balls busted.

Remember... 303 MARTINO. :)

[tmleadr03]

buffet employs almost nobody (something like a 100 people work at berkshire)
he's just a robber baron.
fuck him
fuck his everybody should pay more in taxes but me
fuck his i get special deals that aren't available to anyone else cuz I'm Warren.
fuck his laws don't apply to me or berkshire.

Only 100. Really. Try over a quarter of a million people.

[Robby30-06]

OK he's a POS sellout pay me to promote you, wannabe MoFo ass kissing SOB TV ass.
The companies he does promote pay him a huge fee even if they are a POS service company.
I hope he sinks onto the dark sea and never resurfaces.

Big +1. He is a loud mouthed asshole. Tells uninformed radio listeners that my competitors are awesome even if they are as crooked as a question mark.......all because they pay him. You think if you called his show with a complaint about one of the companys who sponsored him you would get on his show???????? I think not.

Good riddance

[BPTactical]

Mtn I wish you could be a little more clear in your post's. Your true intent is elusive. [Tooth]

[tmleadr03]

Big +1. He is a loud mouthed asshole. Tells uninformed radio listeners that my competitors are awesome even if they are as crooked as a question mark.......all because they pay him. You think if you called his show with a complaint about one of the companys who sponsored him you would get on his show???????? I think not.

Good riddance

I have heard people do just that, and he called the company up on the spot and grilled them on the air.

[Robby30-06]

I have heard people do just that, and he called the company up on the spot and grilled them on the air.

That could be, i sure hope so. Never could listen to him long enough to find out.

[Mtn.man]

I try to hold back and be PC but it ain't in my blood.
I call em as I see em, experience em etc.

[tmleadr03]

What is amazing is that with the income he has from the list he is hurting. I know he has a few employees and such but man. If it is 6K a year to be on the list, how many are on the list? If 1000 that is 600K a year. If 10k are on the list then you have 60 Mil a year. Probably somewhere in between. But wow, good business if you can swing it.

[JohnTRourke]

Only 100. Really. Try over a quarter of a million people.

no
for berkshire proper, which is just a holding company, something like a 100

all the companies that he controls, yes, they have a lot of employees, but directly employed? no
but those companies aren't going bust when he does when his stock market derivative bets go sour in a few years. of course that wrinkley old prune fuck will be dead by then adn he won't give a shit.
hell, he never has given a shit about anyone but himself and his money.
which is fine and dandy, until you act like you don't.

[tmleadr03]

no
for berkshire proper, which is just a holding company, something like a 100

all the companies that he controls, yes, they have a lot of employees, but directly employed? no
but those companies aren't going bust when he does when his stock market derivative bets go sour in a few years. of course that wrinkley old prune fuck will be dead by then adn he won't give a shit.
hell, he never has given a shit about anyone but himself and his money.
which is fine and dandy, until you act like you don't.

Berkshire Hathaway Inc?

[Mtn.man]

Maybe he can stick a Tom Martino approved Dildo up his ass...

[tmleadr03]

Maybe he can stick a Tom Martino approved Dildo up his ass...

At least we know he has a line or two on a bankruptcy lawyer.

[DOC]

Berkshire Hathaway Inc?
There is 2 companies Berkshire Hathaway A and B. Each share of A cost $100K plus. B can be had for under a $100.

[tmleadr03]

There is 2 companies Berkshire Hathaway A and B. Each share of A cost $100K plus. B can be had for under a $100.

According to this over a quarter of a million people are employed at that company.

http://en.wikipedia.org/wiki/Berkshire_Hathaway

Can't seem to find a smaller Berkshire Hathaway.

[rocktot]

How do you loose 70 million dollars in property? Really, how did he make that much and yet be so unsavy to loose it all? Thats pretty weird. Sounds like more to the story than meets the eyes.

[Mtn.man]

I think everyone should take advice from him.

[DOC]

According to this over a quarter of a million people are employed at that company.

http://en.wikipedia.org/wiki/Berkshire_Hathaway

Can't seem to find a smaller Berkshire Hathaway.
http://www.updown.com/BERKSHIRE-HATHAWAY-STOCK/stock-tip/28157

[rockhound]

never said he wasn't a dick, he may very well be

point being his investments and the properties that he developed include apartments, shopping malls, large subdivisions,

he put a lot of people to work, everyone involved in a deal like that from the real estate professional to the janitor that cleans the place now, we need more people like him these days or have you not seen the unemployment numbers. if more people like him have this trouble more common people will also have trouble.

I cannot fault him for being a business man, most millionaires have gone belly up at one time or another.

you don't get ahead without the risk, win some lose some.

even trump went belly up.

I will say it again, I am not going to relish in his loss anymore than i would relish in MTN man going broke. it is a shame for anyone. to work for a lifetime and have it slip away. i dont mean cause you were a dick at work and got fired, but to make something from nothing and have it slip away.

Hate him if you want, but he had to work hard to get even close to having the success he has had.

Money won't make you a better person, but as one who has never had a thing handed to him i know what it takes to start businesses from scratch and have even a little success.

[SAnd]

What about all the people he is hurting by not paying his debts? You can't have a bankruptcy that doesn't hurt someone. Other people could be losing their homes because of him. Or losing there retirement because he risked too much. I have no sympathy for someone with that much income going bankrupt because he couldn't run a business. You can't default on 70 million without someone taking it in the shorts. He borrowed the money he lost.

[SuperiorDG]

Big +1. He is a loud mouthed asshole. Tells uninformed radio listeners that my competitors are awesome even if they are as crooked as a question mark.......all because they pay him. You think if you called his show with a complaint about one of the companys who sponsored him you would get on his show???????? I think not.

Good riddance

This^^^

The biggest hypocrite is one who takes money for it. He (is or was) profiting off the the steeple thinking he did it for them in reality he did it for $$$$.

[rockhound]

What about all the people he is hurting by not paying his debts? You can't have a bankruptcy that doesn't hurt someone. Other people could be losing their homes because of him. Or losing there retirement because he risked too much. I have no sympathy for someone with that much income going bankrupt because he couldn't run a business. You can't default on 70 million without someone taking it in the shorts. He borrowed the money he lost.


thrue the investor is losing money, most likely a bank, not to defend it but the bank made the loan and took the risk. that is what they are in business for.

[Mtn.man]

He charges 5k just to get on his list, he married his second wife and then ruined her ex's successful business thru negative dissing of his business.
He will screw you if you don't pay your monthly fees to him,,, etc. etc.

[roberth]

Tom is on Pete's show right now talking about his bankruptcy. He explained about the loans and the property devaluation and how that impacted the loans, he also said he had a spending lifestyle and nothing much to show for it. Tom is a human just like the rest of us.

If you want to direct your animosity toward something, direct it to Congress, Dodd and Frank to be specific and the Community Reinvestment Act. The CRA forced banks to make home loans to poor people who would never be able to make a house payment and the government backed these loans with your tax dollars. Now all those properties are in trouble thanks to the liberal idea that everyone is entitled to a home. The CRA is a huge part of the residential real estate problem this country is in now and the government caused it.

How many of you have homes that aren't worth what you took the loan out for? I'm just starting to come even after a couple of years of being underwater by upwards of 15k, the reason I still have my home is because I can make the payments and I have been able to ride it out so far. Now if the economy continues to lag my home value will probably drop again and I'll be underwater again, hopefully I'll be able to keep my job.

Tom is taking questions.

[roberth]

How do you loose 70 million dollars in property? Really, how did he make that much and yet be so unsavy to loose it all? Thats pretty weird. Sounds like more to the story than meets the eyes.

He's not 70M under, he is 40M under. The reporter doesn't know how credit works AND they are trying to sensationalize the story. So much for due diligence by the reporter.

You have to remember property values were much higher when Tom took these loans and now those property values are much lower.

The banks want the money they loaned back naturally but the property values don't match the loan value currently, now the banks can wait and see if the values go up or they can recall the loans. The banks chose to recall the loans so Tom has to declare bankruptcy.

[ghettodub]

Whew, only 40 mil. I could cover that for him easy [LOL]

[roberth]

Whew, only 40 mil. I could cover that for him easy [LOL]

Did you read or comprehend anything else I wrote?

[ghettodub]

Did you read or comprehend anything else I wrote?

I read and comprehended your post just fine. Just kidding around... I really have no desire to have serious discussions around Tom Martino, because really, I could care less about it

[Ranger]

I have mixed emotions about Tom. On one hand I applaud his consumer advocacy and I think he has helped some people out - but then he got a name for it and used it to make money on his website. When he did that he gave up a lot of credibility I think and became a sellout. Of course, I might too if I could make a few million a year! But, he is a prick and I have met him and can say without any doubt that he is the most pompous self centered prick I have ever met (and I know quite a few). Before I met him I ran into him at some peoples fair, he was one of those douche's with a double wide stroller who LITERALLY ran into people who didn't get out of his way. When I met him I figured, "stressed out dad was probably all", I was wrong, he's a prick through and through.

That being said, I'm not happy he went bust. He had a right to make and spend a buck like anyone, and you would think HE would do it right, but he didn't and he's broke. That being said, I don't think it's a grand idea to get $40M in debt making just $2M a year (just, I'd take it).

[roberth]

I read and comprehended your post just fine. Just kidding around... I really have no desire to have serious discussions around Tom Martino, because really, I could care less about it

I see.

If you don't care about Tom why did you open this thread?

[ghettodub]

I see.

If you don't care about Tom why did you open this thread?

It's just random news I found entertaining. Why are you taking it so seriously? That's my question. Doesn't seem worth it IMO

[Mtn.man]

Either roberth is related or has a luv crush on him.

[roberth]

It's just random news I found entertaining. Why are you taking it so seriously? That's my question. Doesn't seem worth it IMO

I'm just busting on you a little now. :)

Actually I'm glad you opened it because it helped me learn a little more about real estate and finance.

[roberth]

Either roberth is related or has a luv crush on him.

[ROFL1] Nope, I've never met him and I don't swing that way.

[ghettodub]

I'm just busting on you a little now. :)

Actually I'm glad you opened it because it helped me learn a little more about real estate and finance.

Cool, I was like "damn, someone needs a hug, or just REALLY loves Tom Martino" [Coffee]

I do understand your points about investment and how it works. Regardless, I think he invested waaay outside of his means.

[roberth]

Cool, I was like "damn, someone needs a hug, or just REALLY loves Tom Martino" [Coffee]

I do understand your points about investment and how it works. Regardless, I think he invested waaay outside of his means.

A hug? Are you a female mountain biker, 'bout 5'7", 34C-32-34? [Flower]

The loan situation was way different back then. The banks took no risk since their investment is backed by our tax dollars through the federal reserve. Things just didn't pan out for Tom and whole bunch of other folks.

[glock74]

I don't feel bad for him. Tom Martino has made a lot of money and is now broke.

[Ronin13]

I feel no sorrow or remorse for Tom... I have friends who met him, also agree, he's a big prick! Also, I have a friend who is a small business owner- wait, was until Tom got his teeth on him, now he's working in the something-teenth floor of a building downtown and has to commute from Golden instead of a nice office with a view of the mountains in Lakewood. No, I don't feel sorry for someone who promotes those who pay and kills those who don't (it's a looong story). I get by, and I don't take on customers who listen to Tom- although I don't think he really deals with my line of work, if someone asks "How do I know if my insurance agent is good?" I tell them "Either he's me, or a good bet is a member of PIIAC."

[tmleadr03]

He started a blog about why it happened to him here:

http://www.troubleshooter.com/whyiwentbroke.html