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Federal judge orders Vick to pay Royal Bank $2.4-million

Associated Press

Latest comment posted at 3:22 PM EST 12/05/08

Imprisoned quarterback told to repay defaulted loan ...Read the full article

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  1. Michael Motorcycle from Thunder Bay, Canada writes: I don't get it. Why was Michael Vick borrowing money- especially from the royal bank of Canada? That's bizarre.
  2. B G from Toronto, Canada writes: Rich people borrow money too. Its called "leverage". Even the Royal Bank borrows money.

    RBC has a presence in the southern states, which is probably how he found them.
  3. Garry S from Canada, Canada writes: And if Vick doesn't pay, what are they going to do. Throw him in jail?
  4. Dwide Schrude from Canada writes: Ron Mexico strikes again!!
  5. wayne powers from saskatoon, writes: With a 30 million contract from Nike and a football contract of over 20 million, I don't see it either. What if you're some hotshot football player they pay you to take their money? The last thing I would be doing is paying interest on money when I have way more than that in a bank or investments that would not return more than the cost of borrowing.
    No wonder there is a credit problem in the US, they all must be fans of the Arrogant Worms song Put on Credit and then forget it. and don't let it bother you no more.
  6. David Gehring from Ottawa, Canada writes: BG from Toronto is right, he was probably leveraging the money. Vick (or his financial advisor) probably thought his business ventures (dogfighting operations?) would give him a higher return on investment than the interest rates of the loan. Plus, given that his football income was tied to the terms of the loan agreement, he was probably given a much lower borrowing rate. The fastest way to get rich is using other people's money, that's how banks operate.
  7. Larry Hill from Canada writes: Michael Motorcycle from Thunder Bay, Canada writes: I don't get it. Why was Michael Vick borrowing money- especially from the royal bank of Canada? That's bizarre

    I think that the other posters have answered the question very well of why Vick would be borrowing, but they missed why the RBC.

    Michael, The Royal Bank of Canada has numerous branches in the US. They are in a growth strategy targeting the wealthy growing areas. The other chartered banks are also making acquisitions down there but RBC seems to have the most complete strategy.

    I would suggest that they saw Vick as a "Star Client", one that could open doors to a younger demographic market.
  8. Larry Hill from Canada writes: Michael, if you look up the RBC Center in Raleigh North Carolina, you will see a familar looking lion peering back at you.

    RBC Center is home to the Carolina Huricanes and the North Carolina Wolfpack (basketball).

    I would venture to guess that most residents of NC would not guess that the "C" stands for Canada.
  9. The graying pundit from Canada writes: His career is over, permanently. He will never play in the NFL again. So I wonder if Vick has any money left at all. I hope he has a few million in the bank or he could go the way of Mike Tyson - over the hill, impoverished, scraping to make a living.
  10. g h from Canada writes: Chartered bank reason #362 why service charges are so high: The dirt bag felon we lent $10 million to, defaulted on his loan.
  11. Moose Lion from Canada writes: Chartered bank reason #1 of only 1 why service charges are too high: because people are too lazy to avoid them.

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