Media Claim Ed McMahon Victim of 'Subprime Mess'
Ed McMahon has gone from spokesman for a sweepstakes company to spokesman for foreclosure victims. McMahon and his mansion have been in the news because he is âthe latest celebrity to fall victim to the housing crisis,â said Chris Cuomo on ABCâs June 6 âGood Morning
McMahonâs âsubprimeâ problem wasnât anything of the kind. The actor and TV celebrity even admitted he had created his own financial problems, but Cuomoâs report made no mention of any personal mistakes.
The former âTonight Showâ sidekick appeared on âLarry King Liveâ on June 5 admitting that, âif you spend more money than you make, you know what happens.â He cited his divorces and an injury. His wife admitted, âWe didnât keep our eye on the ball. We made mistakes,â reported The Los Angeles Times that same day.
Yet, McMahon still didnât take full responsibility for his foreclosure and the media let him link his misery to those who havenât overspent by millions of dollars. âYou know, thereâs a lot of people that are hard workers, did everything right, didnât do anything wrong, and all of a sudden theyâre in this boat. And I speak for all of them,â McMahon told Larry King.
Earlier in the day, the âToday Showâ made that precise connection. NBCâs Al Roker linked McMahonâs problems to the economy. âI think it does speak to the fact that this subprime mess, this whole thing is spread out,â he said.
This comment followed another attempt by Roker to hold McMahon blameless. â[McMahon] may be the victim of some unscrupulous financial advisors.â Kathie Lee Gifford later suggested that âBrad and Angelina should pay his mortgage.â
According to some in the media, it is not McMahonâs fault his house is being foreclosed. Los Angeles Times writer Peter Hong referred to McMahon being âcaught up n the nationwide real estate downturn and mortgage crunch,â on June 4.
Instead, blame lenders. âFederal regulators have been urging lenders to ease loan terms, but it wasnât clear if that would happen in McMahonâs case,â wrote Hong.