Just A Bad Idea
This story is just a glimpse into the type of quotes we’re going to see if/when the proposed A.S.A. Sports Exchange opens up. The A.S.A.S.E. is going to be a futures market, trading on the future earnings of pro athletes. (Originally found on The 700 Level) In a nutshell, athletes will sell 20% of all future sports-related earnings for a set amount, the earnings will be placed in a trust, and shares of that trust will be bought and sold. Michael Lewis, who wrote Moneyball, Liar’s Poker, etc. wrote the story for Portfolio Magazine and it’s worth a read. Before you call your broker to try to buy Alex Rodriguez, it’s worth noting that established stars don’t really have a reason to sell off future earnings, if this exchange takes off it’s going to be marginal players and/or young guys heading into the draft or lingering in the minors who sell their souls. They could use the money a one-time payoff on their future earnings would bring. There are so many problems with trading on human beings on so many different levels that I don’t really want to get into all of them, but here are a couple.
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