Tuesday, September 29, 2009

Unlucky Winners

I have mixed feelings about the lottery. On one hand I worked for a brief period in the lottery business and am sure that the revenue it generates for state governments has benefited millions across the U.S. On the other hand, I also think it's a regressive and exploitive tax that weighs largely on those who can least afford it.

For a few unlucky folks, winning the lottery has been a complete nightmare.

MSNBC profiles eight unlucky winners...
William "Bud" Post won $16.2 million in the Pennsylvania lottery in 1988 but now lives on his Social Security.

"I wish it never happened. It was totally a nightmare," says Post.

A former girlfriend successfully sued him for a share of his winnings. It wasn't his only lawsuit. A brother was arrested for hiring a hit man to kill him, hoping to inherit a share of the winnings. Other siblings pestered him until he agreed to invest in a car business and a restaurant in Sarasota, Fla., -- two ventures that brought no money back and further strained his relationship with his siblings.

Post even spent time in jail for firing a gun over the head of a bill collector. Within a year, he was $1 million in debt.

Post admitted he was both careless and foolish, trying to please his family. He eventually declared bankruptcy.

Now he lives quietly on $450 a month and food stamps.

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