American Greed-CNBC

[1952boyntoncollector]

I think the point about the $500 garage sale buyer is he is a victim of karma... a illegal thief stealing from a 'legal' thief is not as sympathetic... versus just a regular guy selling cards....moral judgments i guess on that guy... it is interesting that the guy did say 'i only saw 4 of the cards' when i made the offer....which is a moral justification if true...but we all know thats a lie, had to have seen more.. so its his character we have a problem with even though he appears to have been a huge victim of fraud.

I have to say it..but out of all the american greed episodes this one appeared to be one of the worst ones.....if i wasnt into baseball cards i dont know if i would of watched the whole thing...there wasnt any running from the law or big court room drama.....no fake kidnappings for fake deaths......the wagner being trimmed was already discussed a lot on tv shows like espn 30 for 30...also we dont hear any comments from the fraudsters.. we also dont hear that much about the luxurious lifestyles...no siberian tigers in the lawn etc..

[Orioles1954]

Originally Posted by 1952boyntoncollector

I have to say it..but out of all the american greed episodes this one appeared to be one of the worst ones.....if i wasnt into baseball cards i dont know if i would of watched the whole thing...there wasnt any running from the law or big court room drama.....no fake kidnappings for fake deaths......the wagner being trimmed was already discussed a lot on tv shows like espn 30 for 30...also we dont hear any comments from the fraudsters.. we also dont hear that much about the luxurious lifestyles...no siberian tigers in the lawn etc..

+1.

[aconte]

Originally Posted by Orioles1954

I have to say it..but out of all the american greed episodes this one appeared to be one of the worst ones.....if i wasnt into baseball cards i dont know if i would of watched the whole thing...there wasnt any running from the law or big court room drama.....no fake kidnappings for fake deaths......the wagner being trimmed was already discussed a lot on tv shows like espn 30 for 30...also we dont hear any comments from the fraudsters.. we also dont hear that much about the luxurious lifestyles...no siberian tigers in the lawn etc..

+1.

+2

I was bored and actually fell asleep with twenty minutes to go. I had to
rewind on the DVR.

[Bicem]

Tough crowd. Thought it was great, but I'll watch anything on TV relating to the hobby and starring people I know.

[Fballguy]

Originally Posted by 1952boyntoncollector

I think the point about the $500 garage sale buyer is he is a victim of karma... a illegal thief stealing from a 'legal' thief is not as sympathetic... versus just a regular guy selling cards....moral judgments i guess on that guy... it is interesting that the guy did say 'i only saw 4 of the cards' when i made the offer....which is a moral justification if true...but we all know thats a lie, had to have seen more.. so its his character we have a problem with even though he appears to have been a huge victim of fraud.

Just curious...What are the tax implications of a score like that? Turning $500 into $49K. Does the gov't get half? That story inspired me to go tag saling this weekend and I want to be prepared.

[Paul S]

Never watched American Greed before. Although I know almost all of the story and knew the ending would be anticlimactic, I assume most non-hobby viewers felt the same. I could believe much of the Evers story except I don't know any collector, even new to the hobby, who wouldn't be thumbing through that box and hence some sort of ballpark value. Is it just me or did '58 Topps get more visual airtime than any other card- even the Wagner? Must be those garish colors

[birdman42]

Originally Posted by Fballguy

Just curious...What are the tax implications of a score like that? Turning $500 into $49K. Does the gov't get half? That story inspired me to go tag saling this weekend and I want to be prepared.

Nope. Gain from the sale of collectibles is a special category of capital gains. Assuming the collectible had been held for more than one year, the gain is taxed at ordinary income rates with a cap of 28%. So if you're in the 15% marginal bracket, the tax on the gain is 15%. If you're in the 33% marginal bracket, your tax is 28%. Note that many states don't distinguish much between sources of income (like MD, where I am), so income is income and there's no special treatment for capital gains.

If the gain is from a quick flip, like Mr Evans apparently, then it's short-term and it's all at ordinary income tax rate with no cap. (Though the highest bracket is currently 39.6%, plus the 3.8% NIIT on investment income.)

Bill

[bnorth]

Finally watched it today. I though it was very well done for the maybe 40 minutes of actual content.

[mark evans]

I finally saw the show as well and would like to sign on to the compliments paid to Jeff and Ryan.


Mark

[Robert_Lifson]

I was very surprised to find extra Mastro Auction episode video clips on the American Greed website. These were listed as "web exclusive" videos on the official CNBC American Greed website and obviously represent footage that could have easily made it onto the show but just couldn't make the final cut due to editing and time constraints. There is great commentary and very interesting stories presented by FBI SA Brian Brusokas and former federal prosecutor Steven Grimes in these clips and I thought anyone not aware of them (which I assume is most as I just happened to trip over them by chance and don't recall anyone mentioning) might really like to see them too.

https://www.cnbc.com/video/2017/08/2...ke-a-buck.html

https://www.cnbc.com/video/2017/08/2...nce-faked.html

https://www.cnbc.com/video/2017/08/2...ally-stop.html

[Leon]

Originally Posted by Robert_Lifson

I was very surprised to find extra Mastro Auction episode video clips on the American Greed website. These were listed as "web exclusive" videos on the official CNBC American Greed website and obviously represent footage that could have easily made it onto the show but just couldn't make the final cut due to editing and time constraints. There is great commentary and very interesting stories presented by FBI SA Brian Brusokas and former federal prosecutor Steven Grimes in these clips and I thought anyone not aware of them (which I assume is most as I just happened to trip over them by chance and don't recall anyone mentioning) might really like to see them too.

https://www.cnbc.com/video/2017/08/2...ke-a-buck.html

https://www.cnbc.com/video/2017/08/2...nce-faked.html

https://www.cnbc.com/video/2017/08/2...ally-stop.html

Thanks Rob. More good clips and SA Brusokas unraveling the Mastro/Legendary Fraud scandal.....Too bad those didn't make the show...

[hshrimps]

So which t206 Plank was re-backed?

[Peter_Spaeth]

Originally Posted by hshrimps

So which t206 Plank was re-backed?

I believe it was a psa 6.

[Robert_Lifson]

The re-backed Plank referred to was offered in Mastro Auctions April 22, 2004 sale and sold for $51,519. The PSA certification number was 11731735.

Here is the catalog description:

High Grade 1909-11 T206 White Border Key Rarity - Eddie Plank

Graded EX-MT 6 by PSA, with only three examples in the world graded higher. Of the 26 copies of this card encapsulated by PSA (a total that's only a few more than the hobby's premier service has holdered of the famed T206 Honus Wagner card), the offered specimen is head-and-shoulders above nearly all of them in terms of refinement and preservation. Forever compared to the Wagner in terms of rarity, it can be stated definitively that the white-bordered tobacco insert card of Eddie Plank is the second most valuable baseball card in our hobby. Many theories have been advanced in the ongoing effort to explain its scarcity, but none has ever been proven. We do know that approximately the same number of Planks exist as Wagners, and that very few additional specimens of either Hall of Famer seem poised to surface. The offered example delivers outstanding, radiant quality in its blue-backgrounded portrait illustration. Its caption is clear and undisturbed, and its centering reinforces the viewer's overall impressions of satisfaction and awe. Although corners reflect minor evidence of handling befitting the item's grade, they do not for a moment threaten its superior and warm overall aesthetic. This scarcer-backed version of the sought-after card (with a "Sweet Caporal - 350 subjects" advertisement adorning the reverse instead of the more routine "150" variety) boasts wonderful clarity in its back's discreet red inking and perfectly toned surround. This enviable collectible has combined highly appealing visual elements with the merest vestiges of circulation to provide a marvelous entry for a worthy and advanced T206 assembly. This is an exemplary, EX/MT example of the White Border issue's key Plank rarity (with a center illustration of NM character), and a singular card that merits the admiration of an entire memorabilia industry.

[mechanicalman]

Originally Posted by 1952boyntoncollector

I have to say it..but out of all the american greed episodes this one appeared to be one of the worst ones.....if i wasnt into baseball cards i dont know if i would of watched the whole thing...there wasnt any running from the law or big court room drama.....no fake kidnappings for fake deaths......the wagner being trimmed was already discussed a lot on tv shows like espn 30 for 30...also we dont hear any comments from the fraudsters.. we also dont hear that much about the luxurious lifestyles...no siberian tigers in the lawn etc..

It's funny, I actually agree with this 100%. Last week's episode, I believe, was about a couple who blew up a whole neighborhood by rigging a gas leak explosion for the insurance. If I wasn't head over heals for baseball cards, I would have found this episode devoid of relevance or sympathy for any "victims."