Quote :

"A Michigan man who won $2 million in a state lottery game continues to collect food stamps 11 months after striking it rich. And there's nothing the state can do about it, at least for now. Leroy Fick, 59, of Auburn won $2 million in the state lottery TV show "Make Me Rich!" last June. But the state's Department of Human Services determined he was still eligible for food stamps, Fick's attorney, John Wilson of Midland, said Tuesday. Eligibility for food stamps is based on gross income and follows federal guidelines; lottery winnings are considered liquid assets and don't count as income. As long as Fick's gross income stays below the eligibility requirement for food stamps, he can receive them, even if he has a million dollars in the bank. Food stamps are paid for through tax dollars and are meant to help support low-income families. "If you're going to try to make me feel bad, you're not going to do it," Fick told WNEM-TV in Saginaw on Monday. Wilson said Fick told the DHS officials he'd won $2 million but was told he could keep using the Bridge Card issued to him to buy groceries. Fick could not be reached for comment Tuesday. Al Kimichik, director of the office of inspector general for DHS, said the department could not comment on individual cases but that it this week began the process of requesting a waiver from the federal government to close the lottery loophole. If it is granted, assets would be counted in determining food stamp eligibility. Though the food stamp program is federal and states must follow U.S. guidelines, states sometimes request waivers of rules. Michigan was granted a waiver recently to stop college students from qualifying for food stamps. "For Leroy Fick to continue to use a Bridge Card, paid for by the taxpayers, after winning the lottery, is obscene," said Sen. Rick Jones, R-Grand Ledge. "What a waste of taxpayer money." Jones contacted DHS officials Monday about Fick's case, and was told the department's hands were tied by federal regulations. "There is no liquid asset requirement for getting food stamps," Jones said. "The department is asking the federal government for an immediate change (in policy). They're hoping this case will help the federal government act." Until then, Fick can collect food stamps and keep his lottery winnings in the bank. "I am not going to sit and debate the ethics of this," Wilson said. "But from his standpoint, he did what he was supposed to do -- he informed the state, and the state said he could keep using the card. The problem is with the state." "

http://news.yahoo.com/s/yblog_localdtw/20110518/ts_yblog_localdtw/2m-michigan-lottery-winner-defends-use-of-food-stamps

5/18/2011 11:23:18 PM

But has he actually kept using the card??

5/18/2011 11:25:13 PM

Quote :

"FIRST WORLD PROBLEMS"

[Edited on May 18, 2011 at 11:29 PM. Reason : .]

5/18/2011 11:29:17 PM

I'd imagine so

5/18/2011 11:29:40 PM

http://www.myfoxphoenix.com/dpp/news/national/man-wins-2m-jackpot-receives-food-stamps-05182011

there is a video. what a douche.

5/18/2011 11:32:58 PM

hmm, I was expecting him to be black.

5/18/2011 11:50:34 PM

damn, I never hought about applying for food stamps while in college, that's pretty baller

5/18/2011 11:54:28 PM

^ Some grad schools on the west coast staff offices where their only job is to help grad students apply for welfare and food stamps since the cost of living is high and the value of research assistantship stipends is low.

5/19/2011 12:26:48 AM

I mean the IRS took a huge chunk of his winnings, guess he wants to get some back.

5/19/2011 12:31:57 AM

Actually he isn't a douche.


He's calling attention to the problem of the government and their shitty policies.

5/19/2011 12:34:07 AM

well the best thing to come out of something like this is that it spurred the government to close a loophole in the system, so even though he may have gotten a good chunk of money for 11 months, the government will more than make up for it by the money they'll save from others.

had he not done this, then there's a good chance it would have cost much more money for the government in the long run.

5/19/2011 12:35:11 AM

Fuck the government. If they'd use common sense in the first place, none of this would happen.

5/19/2011 12:41:52 AM

is this where you start blaming the government for your life failings?

5/19/2011 12:44:57 AM

5/19/2011 2:15:58 AM

Quote :

"Actually he isn't a douche."

In that video interview he is a douche.

5/19/2011 7:38:56 AM

Yeah every interview I've seen weigh him he's been a raging douche.

5/19/2011 8:01:35 AM

The only reason he should have kept using his card is to buy food that he'd donate to charities/homeless shelters. This man doesn't need any govt assistance

5/19/2011 8:16:32 AM

Quote :

"Michigan was granted a waiver recently to stop college students from qualifying for food stamps"

wtf is this shit about??

5/19/2011 10:21:14 AM

Rick Synder for President!

5/19/2011 10:26:54 AM

I honestly dont see the problem here. The gobment took half of it, so he still has less than a mil in the bank. Thats not necessarily a "life changing" amount of money...he's still gotta survive.

So what happens after that mil is gone? What's he supposed to do then?

5/19/2011 10:34:04 AM

I'm assuming that's sarcasm, but just in case...

At 5% interest he's making 50k/year. That's easily enough for a single man to live pretty well. Shit even if he sticks it under his mattress and spends 40k/year he can go 25 years before he runs out. That's working no job of any kind, not investing anything, etc.

5/19/2011 10:42:16 AM

not taking sides on the overall issue, where can one get 5% interest?

5/19/2011 11:12:06 AM

^
Yes plz. Literally 100x what I get from Wells Fargo.

5/19/2011 11:13:42 AM

^^

5/19/2011 11:16:15 AM

I thought we were assuming he invested the million in stocks and bonds, as any 59 year old on welfare should be well versed in the market.

[Edited on May 19, 2011 at 11:19 AM. Reason : x]

5/19/2011 11:19:01 AM

^
lol

5/19/2011 11:19:33 AM

Quote :

"wtf is this shit about??"

Why exactly should they qualify for food stamps?

5/19/2011 11:24:39 AM

I dunno, any number of mutual funds return that much or more on a 5 year average. Hell, at 1 million dollars liquid you can actually start playing around with hedge funds and see a hell of a lot better than 5%.

As slave pointed out, shit for brains who won this thing would never even think of doing something like hiring a financial planner to do the smart thing though. So we can probably assume it's all in mayonnaise jars buried throughout his back yard.

[Edited on May 19, 2011 at 11:27 AM. Reason : afsd]

5/19/2011 11:25:50 AM

lol my parents get close to 10%

http://www.indiapost.gov.in/netscape/Banking.html

5/19/2011 11:26:44 AM

I pay my investors between 6-10%.

5/19/2011 11:27:58 AM

Hedge funds are for high net worth individuals. Winning a local lottery and grossing six figures doesn't put you in that club.

5/19/2011 11:28:06 AM

It's up to the individual fund for the most part. If you've got assets of at least $1 million most hedge funds will allow you to invest since you are then considered an accredited investor. At least that's how I've heard it.

[Edited on May 19, 2011 at 11:31 AM. Reason : adfas]

5/19/2011 11:29:57 AM

I don't think any reputable hedge fund would take on an investor's entire net worth. That's just begging for headaches and complications down the road. But you never know.

[Edited on May 19, 2011 at 11:34 AM. Reason : x]

5/19/2011 11:34:26 AM

Not all hedges require an investment of $1m, a lot will go significantly lower, in the 500k+ range.

Ooops, never mind, you also need an annual income of at least 200k in most cases, although apparently hedge funds are allowed to accept investments from up to 35 non-accredited investors. Interesting...

5/19/2011 11:38:38 AM

The screening process is actually pretty arduous. We've turned away people who have even slight discrepancies in their financial records. The goal is to find a good fit for the individual and the firm; not just someone who is willing to give the firm money.

5/19/2011 11:42:10 AM

Why the hell aren't liquid assets considered when determining eligibility for food stamps?

5/19/2011 11:45:31 AM