Not sure why, but everyone seems to think I'm going to have an opinion regarding the Philadelphia Eagles signing Michael Vick. I've been told it's because I had some knowledgable insight on FOX News discussing the Don Imus situation as it unfolded. Well, my immediate comment about the Vick situation can be broken into two segments:
1) Isn't it great to live in America?? I mean, here's a guy who is convicted of dog fighting--think about that for a second--dog fighting!! In America! I love dogs, and according to the $300+ billion plus Americans spend on their "best" friends, I'm not alone. But, that's what he was charged with, and convicted on. He spent time in a Federal Prison, vilified in this country, nearly bankrupt--yet, he has a chance to recover and redeem himself. Nowhere else in the world would you experience this kind of forgiveness. We can debate this all day, but bottom line is Michael Vick has been given a second chance!
2) Have the Philadelphia Eagles devalued their product with the Michael Vick acquisition? No, absolutely not! As a matter of fact, they'll probably get at least one of the flex games on NBC now--especially if Vick is scheduled to start. All eyes will be on the franchise, which will lead to an increase in merchandise sales. The Eagles should be setting up kiosks around the Philly region today getting ready to sell the jersey. Philly fans have a chip on their shoulders and will be happy to embrace--and purchases--a number 7 jersey.
And, please don't misunderstand me--I'm not at all happy with this guy. And, my comments surround the business implications for the Eagles--not whether or not Vick should be given a second chance. I saw the Dennis Kneale show last night on CNBC and he had a lame attempt to make an excuse for Vick by saying he did what he did because he lives in the South. I suppose anyone south of the Hudson is considered "living in the south". It was a stupid comment, just like Vick's actions.
More on the markets after the bell.
Todd M. Schoenberger, Managing Director
LandColt Trading, Inc.