Published: Tuesday - August 14, 2007
Words by Paulie Soprano
Wow, looks like the self-proclaimed "cake-a-holic," Damon Dash, is running low on cake.
Jay-Z and Dame when they were friends.
Rumors are swirling around that the Roc-A-Fella empire founder is in the mist of financial disaster. MediaTakeOut is claiming that a source close to the outspoken entrepreneur says he has lost millions, thanks to several failed business ventures including his wife's fashion line, and his lavish spending habits.
According to the rumors, Dash found out recently that he owes in upwards of $5 million in back taxes and has to cough up the loot, or do jail time for tax evasion.
Well, apparently, he didn't even have that. He is rumored to have ran to his former partner Jay-Z to keep him out of jail, and Jay bailed him out without blinking an eye (that's good to hear).
Crazy, right? I wondered for years what Dame Dash does to live the lifestyle he portrays in the media. After he sold off his stake in Roc-A-Fella and Rocawear, sure, he got $10 mill plus, but the way he lives that doesn't seem like it is enough to sustain his lifestyle.
Then I thought, well, he's got America Magazine, Armadale Vodka, Dash Management, PRO-KEDS, Team Roc, Tiret Watches and his CEO Clothing line. But honestly, I see nobody rocking Pro-Keds, no one drinking Armadale Vodka, nor have I even seen one t-shirt for CEO Clothing. These must be the failed business ventures.
He also had the Damon Dash Music Group, but that's an obvious failure. There has yet to be one release from the label. The much hyped last album from Ol' Dirty Bastard has yet to see the light of day -- the only project with any buzz at all. So, is he broke? Seems that way.
My question is, how do you go from having millions to being almost broke? Is it that important to live a lifestyle you can only sustain for so long? And another thing, when you make that much money, why would you not pay the IRS? They see you and you'll have to pay one day. Looks like they caught up to Dame.
If this rumor is true, this should be a lesson to all you young business minded individuals. Live within your means and be smart about your money. It's not about making it rain, nor is it about trying to live how rap videos look. It's about establishing yourself for the future because at the end of the day, why front? Let's not repeat what MC Hammer did, ok?
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