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10.14.

Yankees Pay A-Rod $130k Per Day to Ride the Bench

Earlier this morning, Yankees manager Joe Girardi announced that he is benching Alex Rodriguez for Game 5 of the American League division series. The news is particularly shocking when you recall that A-Rod is the highest paid baseball player in history with an annual salary of $30 million. In case you were wondering, the Yankees are paying Rodriguez $128,000 PER DAY to be a bench warmer. How do I get that job?

A-Rod, who has struck out in 27% of his career postseason at-bats, has played particularly poorly in this year’s ALDS. Before today’s benching, Rodriguez had just two hits out of twelve at-bats with nine strikeouts and zero RBIs. He is 0-11 against right handed pitchers and Baltimore’s right handed starter Jason Hammel completely shut-out Rodriguez in Game 1.

The benching comes after an embarrassing Game 4 which saw pinch hitter Rual Ibanez hit a game winning walk off home run in Alex Rodriguez’s spot. It was actually Ibanez’ second home run of the game and kept the Yankees alive for Game 5. The walk off homer may have also been the final nail in A-Rod’s career coffin. But with $118 million left on his record setting $275 million contract, the Yankees are in for at least five more years of having the most expensive bench warmer in sports history. That number grows to $120 million if A-Rod hits just 13 home runs next season to tie Willie Mays with 660 career HRs. In comparison, A-Rod’s replacement Eric Chavez makes just $900,000 per year.

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10.10.

Vegas Cab Driver Returns $220 Grand Left In Car

Earlier this month, Las Vegas cab driver Adam Woldemarim was cleaning his car at 2am after a long day of shuttling people back and forth between hotels on the strip and McCarran airport. After a full shift, Woldemarim is used to finding some trash and the occasional phone, purse or wallet in the back of his cab but nothing that really raises his eyebrows. On this night however, the Ethiopian immigrant came across a black laptop bag wedged between his backseat. A laptop would be unusual for the lost and found but definitely not a first. Imagine Woldemarim’s shock when he opened the laptop case and discovered $221,510 in cash!

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10.05.

Campbell’s Soup Heiress’ $15.8M Rhode Island Estate comes with a private dock

Picturesquely sited on a rocky outcropping at the ocean’s edge, Wildacre, an iconic oceanfront property in Newport, Rhode Island, which is architecturally renowned for both its residence and landscape has now been listed for whopping $15.75 million. Sited on the most sought-after and dramatic stretch of Ocean Drive at affluent price’s Neck Cove, this single family shingle-style colonial home actually belongs to Dorrance ‘Dodo’ Hamilton, the heiress to the renowned Campbell Soup Company fortune with a net worth of $1.1 billion, who has always enjoyed a splendid life of wealth and glamor.

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10.03.

$180 Investment in 1935 Turns into $7 Million Secret Fortune

A recently departed Michigan woman, who wore secondhand clothes, didn’t own a car and lived in a modest one bedroom house, has left a local college the surprise of a lifetime. Grace Groner of Lake Forest Michigan was known around town as a nice old lady who did not have any children or grandchildren but had lots of friends and loved her alma mater, Lake Forest College. Groner, who was over 100 when she died, was a fixture at football games and pledged to make a contribution to the school upon her death. To the absolute shock of Lake Forest College’s president and the community at large, that contribution turned out to be $7 million, the result of a brilliant $180 investment made by Ms. Groner in 1935…

Grace Groner was born on April 4th, 1909, in the rural farm town of Lake Forest Michigan. By the time she was 12 years old, both her parents had died. Grace and her and twin sister Gladys were adopted by a prominent local businessman and family friend named George Anderson. Anderson paid for both girls to attend Lake Forest College where they graduated in 1931. Upon graduation Grace Groner got a job as a secretary at pharmaceutical firm Abbott Laboratories. Grace would go on to work at Abbott for 43 years.

In 1935 Grace made what might be one of the wisest investments in history when she purchased three $60 shares of Abbott preferred stock. FYI, $180 in 1935 is worth roughly $3000 in 2012 inflation adjusted dollars. Over the next 75 years Abbott Laboratories’ stock would split dozens of times. When a stock splits, you get twice the number of shares for half the price so for example three $60 shares become six $30 shares and so on… Today, Abbott Labs has grown into one of the largest pharmaceutical and health care conglomerates in the world with over 90,000 employees and nearly $40 billion in annual revenue and $60 billion in assets.

Meanwhile, Grace Groner never sold her modest $180 investment which at the time of her death had ballooned to an astounding $7 million!!! That’s an unbelievable 39,000 times her original investment. For some perspective, if she had invested that same $180 in the S&P 500 in 1935,her account would be worth just $27,360 today.

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