News: Dame Dash Addresses Tax Debt, "My [Accountant] Stole Some Money & Didn't Say Nothing" [Video]
Thursday, Nov 19, 2009 11:45AM
Roc-A-Fella co-founder Damon "Dame" Dash recently discussed his past financial problems and explained why his accountant was partially to blame for his tax debt.
Dame says he prefers to struggle and work his way up to the top when conducting his business.
"The first thing you gotta kick when you're an entrepreneur is your ego," Dame explained in an interview. "You can't look like you're doing good all the time. You gotta struggle and I don't mind grinding, I actually like it. I'm almost addicted to it. Even when the thing with all my taxes happened, I thought, you know I made a bunch of money and I thought my accountant paid my taxes instead he stole some money out my account and didn't say nothing. I look at that as a learning experience, it just won't happen again, you know what I mean? I don't regret nothing, I got too many healthy kids. You know, I got four of 'em so as long as they're around and they're cool, I'm good." (Mixtatape Monster)
Dash previously said his financial issues were in part due to looking after his associates before himself.
"My mistake was watching everyone else's careers and not watching mine," Dame explained. "After being able to settle my wife's company, I was able to start doing other things. My first approach was the music business and getting with Jim Jones. At first I wanted to help him because I've known him since he was young and me listening to the album and thinking it was really good. I thought it deserved to be heard outside of the urban market. So I spent the last six months doing research, trying to figure out how to use all my resources to blow this out...I'm not in the community like I used to be. I just know that good records sell. But I also know I don't depend so much on record sales; I depend on the brand." (Billboard)
The Harlem-based rap figure's recent financial problems have been publicized for the past few years.
An August 2008 lawsuit claims Dash and wife Rachel Roy have failed to pay due amounts on their luxury Tribeca condos from January to August totaling $7.8 million, which has resulted in the early steps of foreclosure proceedings. Eastern Savings Bank claims the couple agreed to make monthly payments of $78,500 on the properties. (Associated Press)
He made headlines last spring when reports of his wife Rachel Roy divorcing him came to light.
Rocawear co-founder Damon Dash has been slapped with divorce papers by wife Rachel Roy, the Daily News has learned. The stunning fashion designer piled onto Dash's already sizable stack of lawsuits when she filed for divorce from her husband of four years this month in Manhattan Supreme Court. Ed Hayes, a lawyer for Roy, declined comment, and a Dash spokeswoman did not return calls or e-mails. An electronic record of the case says the divorce is for "nonmonetary relief" and should be resolved by February. (New York Daily News)
Check out Damon Dash speaking on his business habits below: