Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can serve as money.
Money originated as commodity money, but nearly all contemporary money systems are based on fiat money.
Many cultures around the world eventually developed the use of commodity money. The shekel was originally a unit of weight, and referred to a specific weight of barley, which was used as currency. The first usage of the term came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, the shells of the money cowry (Cypraea moneta L. or C. annulus L.). According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins. It is thought by modern scholars that these first stamped coins were minted around 650–600 BC.
The system of commodity money eventually evolved into a system of representative money. This occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song Dynasty. These banknotes, known as "jiaozi", evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins. Banknotes were first issued in Europe by Stockholms Banco in 1661, and were again also used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard notes were made legal tender, and redemption into gold coins was discouraged. By the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold.
After World War II, at the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the US dollar. The US dollar was in turn fixed to gold. In 1971 the US government suspended the convertibility of the US dollar to gold. After this many countries de-pegged their currencies from the US dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment.
In the Western world, a prevalent term for coin-money has been , stemming from Latin in specie, meaning 'in kind'.
There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a medium of exchange is in conflict with its role as a store of value: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate. The term 'financial capital' is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.
When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the 'double coincidence of wants' problem.
A unit of account is a standard numerical unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. To function as a 'unit of account', whatever is being used as money must be:
To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. Some have argued that inflation, by reducing the value of money, diminishes the ability of the money to function as a store of value. Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or Price System economies. Use of commodity money is similar to barter, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money. Although some gold coins such as the Krugerrand are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content. American Eagles are imprinted with their gold content and legal tender face value.
Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins from a central bank, such as the Federal Reserve System in the U.S.) to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts, public and private.
Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).
Fiat money, if physically represented in the form of currency (paper or coins) can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U.S. government will replace mutilated Federal Reserve notes (U.S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed. By contrast, commodity money which has been lost or destroyed cannot be recovered.
Money in the form of currency has predominated throughout most of history. Usually (gold or silver) coins of intrinsic value (commodity money) have been the norm. However, nearly all contemporary money systems are based on fiat money – modern currency has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins issued by the central bank) to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts, public and private.
Commercial bank money is created through fractional-reserve banking, the banking practice where banks keep only a fraction of their deposits in reserve (as cash and other highly liquid assets) and lend out the remainder, while maintaining the simultaneous obligation to redeem all these deposits upon demand. Commercial bank money differs from commodity and fiat money in two ways, firstly it is non-physical, as its existence is only reflected in the account ledgers of banks and other financial institutions, and secondly, there is some element of risk that the claim will not be fulfilled if the financial institution becomes insolvent. The process of fractional-reserve banking has a cumulative effect of money creation by commercial banks, as it expands money supply (cash and demand deposits) beyond what it would otherwise be. Because of the prevalence of fractional reserve banking, the broad money supply of most countries is a multiple larger than the amount of base money created by the country's central bank. That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.
The money supply of a country is usually held to be the total amount of currency in circulation plus the total amount of checking and savings deposits in the commercial banks in the country. In modern economies, relatively little of the money supply is in physical currency. For example, in December 2010 in the U.S., of the $8853.4 billion in broad money supply (M2), only $915.7 billion (about 10%) consisted of physical coins and paper money.
When gold and silver are used as money, the money supply can grow only if the supply of these metals is increased by mining. This rate of increase will accelerate during periods of gold rushes and discoveries, such as when Columbus discovered the new world and brought back gold and silver to Spain, or when gold was discovered in California in 1848. This causes inflation, as the value of gold goes down. However, if the rate of gold mining cannot keep up with the growth of the economy, gold becomes relatively more valuable, and prices (denominated in gold) will drop, causing deflation. Deflation was the more typical situation for over a century when gold and paper money backed by gold were used as money in the 18th and 19th centuries.
Modern day monetary systems are based on fiat money and are no longer tied to the value of gold. The control of the amount of money in the economy is known as monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.
Governments and central banks have taken both regulatory and free market approaches to monetary policy. Some of the tools used to control the money supply include:
In the US, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the European Central Bank. Other central banks with significant impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England.
For many years much of monetary policy was influenced by an economic theory known as monetarism. Monetarism is an economic theory which argues that management of the money supply should be the primary means of regulating economic activity. The stability of the demand for money prior to the 1980s was a key finding of Milton Friedman and Anna Schwartz supported by the work of David Laidler, and many others. The nature of the demand for money changed during the 1980s owing to technical, institutional, and legal factors and the influence of monetarism has since decreased.
This text is licensed under the Creative Commons CC-BY-SA License. This text was originally published on Wikipedia and was developed by the Wikipedia community.
Coordinates | 37°46′45.48″N122°25′9.12″N |
---|---|
Name | Floyd Mayweather, Jr. |
Realname | Floyd Joy Mayweather, Jr. |
Nickname | Pretty BoyMoney |
Weight | Super FeatherweightLightweightLight WelterweightWelterweightSuper Welterweight |
Height | |
Reach | |
Nationality | American |
Birth date | February 24, 1977 |
Birth place | Grand Rapids, Michigan, USA |
Home | |
Style | Orthodox |
Total | 41 |
Wins | 41 |
Ko | 25 |
Losses | 0 |
Draws | 0 |
Floyd Joy Mayweather, Jr. (born Floyd Sinclair; February 24, 1977), is an American professional boxer. He is a five-division world champion, where he has won ten world titles, including the lineal championship in two different weight classes. He is a two-time The Ring "Fighter of the Year" winning the award in 1998 and 2007, and also Boxing Writers Association of America (BWAA) "Fighter of the Year" in 2007. He is undefeated as a professional boxer.
Currently, Mayweather is the WBC Emeritus World Super Welterweight Champion. He was formerly rated as the "number one" pound-for-pound best boxer in the world by most sporting news and boxing websites, including The Ring, BoxRec.com, Sports Illustrated, ESPN, BBC Sports and Yahoo! Sports but was removed from the rankings due to retirement and currently due to inactivity.
At the 1996 Olympics in Atlanta, Mayweather won a bronze medal by reaching the semi-finals of the featherweight (57 kg) division.
In the opening round, Mayweather led 10–1 on points over Bakhtiyar Tileganov of Kazakhstan before he won in Round 2 by referee stoppage. In the second round, Mayweather outpointed Artur Gevorgyan of Armenia 16–3. In the quarterfinals, the 19 year old Mayweather, narrowingly defeated the 22 year old, Lorenzo Aragon of Cuba in an all-action bout to win 12–11, becoming the first U.S boxer to defeat a Cuban in 20 years. The last time this had occurred, was at 1976 Summer Olympics when the U.S Olympic boxing team, captured five gold medals, among its recipients was boxing great Sugar Ray Leonard. In his semifinal bout against the eventual silver medalist, Serafim Todorov of Bulgaria, Mayweather lost by a controversial decision similarly to the Roy Jones Jr.'s decision.
The U.S team filed a protest over the Mayweather bout, claiming the judges were intimated by Bulgaria's Emil Jetchev, head of the boxing officials, into favoring Bulgarian Serafim Todorov by a 10-9 decision in the 125-pound semifinal bout. Three of Jetchev's countrymen were in gold medal bouts. Judge Bill Waeckerle, one of the four U.S judges working the games for the International Amateur Boxing Federation, quit both as an Olympic judge and as a federation judge after Mayweather lost a decision loudly booed by the crowd at the Alexander Memorial Coliseum. "I refuse to be part of an organisation that continues to conduct its officiating in this manner," Waeckerle wrote in a letter of resignation to federation President Anwar Chowdhry.
Even the referee, Hamad Hafaz Shouman of Egypt, thought Mayweather has won, mistakenly raising his hand as the decision was announced giving the bout to the Bulgarian. In the official protest, U.S team manager Gerald Smith said Mayweather landed punches that were not counted, while Todorov was given points without landing a punch. "The judging was totally incompetent," Waeckerle said. The judges failed to impose a mandatory two-point deduction against Todorov after he was warned five times by the referee for slapping.
"Everybody knows Floyd Mayweather is the gold-medal favorite at 57 kilograms," Mayweather said afterward. "In America, it's known as 125 pounds. You know and I know I wasn't getting hit. They say he's the world champion. Now you all know who the real world champion is."Qualification as a Featherweight for the United States Olympic Team.
Olympic Results
On October 3, 1998, Mayweather won his first world title, the WBC Super Featherweight championship, when the corner of Genaro Hernandez stopped the fight after round 8. The official scorecards at the time of stoppage had Mayweather ahead 80-72, 79-73, and 79-73. Hernandez had never been defeated at the weight class, and his only loss had come to Oscar De La Hoya three years earlier.
In his first title defense, Mayweather would challenge top Super Featherweight contender Angel Manfredy. Manfredy was viewed as one of boxings top contenders. He hadn't lost a fight in over 4 years and was coming off a big win over Arturo Gatti 11 months earlier. The bout took place on December 19, 1998. Mayweather won the fight by technical knockout in the second round.
Mayweather would then defend his title against top contenders Carlos Rios, Justin Juuko, and Carlos Gerena. Before he fought against former WBC featherweight champion Gregorio Vargas in early 2000, Mayweather fired his father as his manager and replaced him with James Prince. A few months after the fight, the rift between the father and son became wide enough that Mayweather, Jr. fired Mayweather, Sr. as his trainer as well. Roger Mayweather returned to his role as Mayweather, Jr.'s trainer in his next bout—a non-title fight against Emanuel Burton. In an interview in 2004, Mayweather, Jr. said that he loves Mayweather, Sr. as his father but feels that he has better chemistry with Roger, and his father had put too much pressure on him to be perfect.
Mayweather's biggest fight as a super featherweight was on January 20, 2001, against unbeaten Diego Corrales. At the time, neither fighter had been defeated or knocked down. In the bout, Mayweather won every round and knocked down Corrales five times (three times in round 7 and twice in round 10). After the fifth knockdown, Corrales' cornermen climbed onto the apron and stopped the fight, thereby establishing Mayweather as one of the claimants to boxing's mythical pound-for-pound title. At the time of the stoppage, Mayweather was way ahead on the scorecards, leading by the official tallies of 89–79, 90–79, and 90–78.
In Mayweather's next bout, on May 26, 2001, future IBF champion Carlos "Famoso" Hernández knocked down Mayweather for the first time. Mayweather entered the bout with injured hands. When Mayweather hit Hernández with a left hook in round 6, the pain caused Mayweather to drop his left hand to the canvas, and the referee called it a knockdown. Nonetheless, Mayweather won the fight by unanimous decision. The official scorecards read 119-109, 117-109, and 116-111, all in favor of Mayweather. In the award-winning documentary film More Than Famous, Hernández's bout against Mayweather was prominently featured.
Mayweather's last fight in the super featherweight division was against future super featherweight and lightweight champion Jesús Chávez, on November 10, 2001. It was Mayweather's eighth defense of the WBC Super Featherweight title, which he had held for more than three years. He won when Chávez's corner stopped the fight after round 9. Official scorecards had Mayweather ahead 89-82, 88-83, and 87-84. Mayweather had such difficulty making weight for this fight that he did not eat for four days before the weigh-in.
In 2002, Mayweather moved up to the lightweight division. Mayweather fought only four bouts at this weight, but they were all world championship fights. Mayweather's first two bouts at Lightweight were against WBC Lightweight Champion José Luis Castillo.
Mayweather and Castillo would fight a rematch on December 7, 2002. In the fight, Mayweather used his quick footwork, combinations, and jab to coast to another unanimous decision victory, this time with no controversy. The smaller Mayweather was outweighed by Castillo on the night of the fight, as Castillo weighed 147 and Mayweather weighed 138. Official scorecards read 115-113, 116-113, and 115-113, in favor of Mayweather.
On April 19, 2003, Mayweather dominated the Dominican Victoriano Sosa and won by unanimous decision. Mayweather's next fight (on November 1, 2003) was in his hometown of Grand Rapids, Michigan. He fought against the promising South African knockout specialist Phillip Ndou, whose record was 31–1 with 30 KOs. Uncharacteristically, Mayweather was offensively oriented from the beginning of the fight. Round 5 was one of 2003's most action-packed. In the middle of the round, Mayweather landed a barrage of powerful punches. Ndou endured and threw wild punches that forced Mayweather into the ropes, but Mayweather demonstrated his rhythmic defensive technique and let Ndou wear himself out further. In round 6, Ndou wobbled and was pushed down. In round 7, a combination of three straight right hands knocked down Ndou and caused a TKO, when N'Dou's trainers – Nick Durandt and Tommy Brooks – contemplated throwing in the towel. However, the ref stopped the fight as Ndou did not move forward (as part of a test to ensure he was okay from the knockdown).
On January 22, 2005, Mayweather fought against Henry Bruseles of Puerto Rico in a WBC junior welterweight title eliminator bout. Mayweather easily outclassed Bruseles throughout the first seven rounds. In round 8, Mayweather knocked down Bruseles twice, and the fight was stopped. The win over Bruseles made Mayweather the mandatory challenger for Arturo Gatti's WBC Super Lightweight Championship.
Before the fight, Mayweather was supremely confident. He described Gatti with terms such as "a C+ fighter", "a fake", and "a blown-up club fighter." The pay-per-view fight occurred on June 25, 2005 in Atlantic City, New Jersey, where the fans heavily supported Gatti. Near the end of round 1, Mayweather pushed Gatti's head down in close and the referee instructed the fighters to "Stop punching." Gatti broke and left himself vulnerable while Mayweather either deliberately or indeliberately disobeyed the referee's command and continued to land punches. Gatti turned to the referee to complain and Mayweather capitalised, sending Gatti to the canvas with more shots for what was scored a knockdown, despite Gatti's complaints. Throughout the next five rounds, the much faster Mayweather landed with nearly every big shot against Gatti, who had no offense with which he could return fire. Gatti's corner stopped the fight after round 6—giving Mayweather his third world title. Mayweather was ahead 60-52, 60-53, and 60-52 on all three scorecards at the time of stoppage. It was one of the most one-sided and most impressive contests in boxing history. In the post-fight interview, Mayweather praised Gatti and claimed that his pre-fight comments "were just to sell tickets." Among many boxing experts, Mayweather's one-sided dominance over Gatti solidified his position as one of the best pound-for-pound fighter in the world. Compubox had Mayweather outlanding Gatti by a total of 168 to 41.
One month after the Gatti fight, Mayweather went to trial for a domestic violence charge. He faced a minimum of one year in prison if he was convicted. Mayweather had been accused of violence against his former girlfriend, Josie Harris. Harris had claimed that Mayweather had punched and kicked her during an argument in Mayweather's Bentley, outside a Las Vegas nightclub in 2003. During the trial, however, Harris admitted that she had lied on the initial police report and testified that Mayweather never hit her. The jury acquitted Mayweather.
On April 8, 2006, Mayweather defeated Zab Judah for the IBF and vacant IBO world welterweight titles by unanimous decision. Beforehand, the fight had been jeopardized after Judah lost the WBA, WBC and Ring Magazine welterweight titles to Carlos Manuel Baldomir on January 7, 2006, but Mayweather's and Judah's camps reworked the contract and decided that the fight would go on. In the fight, Mayweather stayed calm during Judah's aggressive early rounds. Mayweather began to dominate Judah in round 5, and Judah eventually bled. Near the conclusion of the tenth round, Judah hit Mayweather with a left hand that was clearly below the belt and followed up with a right-handed rabbit punch. After referee Richard Steele called time with five seconds remaining in the round, Roger Mayweather entered the ring and approached Judah, but Steele restrained him. Judah's father and trainer, Yoel Judah, entered the ring as well. Floyd remained in the neutral corner while both Yoel and Zab scuffled with Roger (and others who had entered the ring) until police and security managed to restore order. Roger was thrown out, but the fight continued and went the scheduled 12 rounds. Mayweather won by the official scores of 116–112, 117–111, and 119–109. Compubox statistics showed Mayweather as landing 188 punches to 82 for Judah.
Five days after the fight, the Nevada State Athletic Commission decided not to overturn the result of the bout, but Roger Mayweather was fined US$200,000 and suspended for one year. The suspension entails that Roger can train Mayweather, Jr. in the gym but cannot work the corner during fights. On April 17, 2006, the IBF ordered a rematch between Mayweather and Judah, but the NSAC suspended Judah for one year on May 8, 2006. Mayweather vacated the IBF title on June 20, 2006.
After his fight against Judah, it was reported that Mayweather rejected an offer of US$8 million to fight Antonio Margarito, citing his split with promoter Bob Arum as the reason. Oscar De la Hoya, however, postponed his decision until 2007, leaving Mayweather to choose his next opponent. Mayweather considered moving up in weight again to fight junior middleweight champion Cory Spinks, but because of negative publicity and Spinks' impending mandatory defense of his title, he finally decided to face WBC and The Ring welterweight champion Carlos Baldomir on November 4, 2006 in Las Vegas.
The bout took place on November 4, 2006. Despite having not lost in over 8 years, Baldomir was seen as a heavy underdog in the fight. Mayweather would ultimately defeat Baldomir by unanimous decision for both titles. Ringside punch statistics showed Mayweather landing 199 of 458 punches, while Baldomir landed just 79 of 670. Mayweather earned $8 million for the fight, while Baldomir was paid $1.6 million. Both were career highs in earnings for each fighter at the time.
During the fight, Baldomir chased Mayweather, unable to land any meaningful shots but trying to remain the busier fighter, while Mayweather picked away with sharp jabs and hooks, even managing to cut Baldomir over his left eye in the first round. This pattern continued throughout the fight. The defensive-minded Mayweather put on what many witnesses and Mayweather himself called a "boxing clinic" to take Baldomir's WBC and Ring welterweight titles in a lopsided 12 round decision. Two judges had Mayweather winning all 12 rounds, with the other giving all but two rounds to Mayweather. After the fight Mayweather called out for a fight with Oscar De la Hoya.
Mayweather's next match was the long-anticipated superfight against six-division champion and current WBC Super Welterweight titleholder Oscar De La Hoya on May 5, 2007. De La Hoya's belt was on the line, which required Mayweather to move up in weight from 147 pounds to 154. However, Mayweather was outweight by more than 10 pounds on the night of the fight, coming in at only 150 pounds. Despite De La Hoya's insistence that money was not a factor, the Mayweather-De La Hoya bout set the record for most PPV buys for a boxing match with 2.7 million households, shattering the record of 1.95 million for Evander Holyfield-Mike Tyson II. Around $120 million in revenue was generated by the PPV, which set another record. With the percentages factored in, Oscar De La Hoya ended up earning $58 million for the bout, the highest purse ever for a fighter. The previous record was $35 million, held by Tyson and Holyfield. Floyd Mayweather earned about $25 million for the fight.
At one time, Floyd Mayweather, Sr., Mayweather, Jr.'s father, was in talks to train Oscar De La Hoya and be in his corner during the fight but he decided to train with Freddie Roach. Mayweather won the fight by split decision in 12 rounds, capturing the World Boxing Council (WBC) title. However, many analysts and ringside observers felt Mayweather should have won the clear unanimous decision. In the early rounds, De La Hoya had some success cutting off the ring, attempting to pound Mayweather on the inside. Despite being very active on the inside, many of De La Hoya's punches were ineffective and landed on Mayweathers arms or shoulders. By the middle of the fight, it was seen as an even bout by the announcers. However, Mayweather turned the tide in the middle and late rounds, often hitting De La Hoya at will. Offical scorecards read 116-112, 115-113 (Mayweather), and 115-113 (De La Hoya). Compubox had Mayweather out landing De La Hoya 207 to 122 in total punches and 134 to 82 in power punches, as well as having better accuracy in the entire fight. After the bout, Mayweather contemplated retirement, saying he had nothing left to prove in the boxing world.
After his fight with De La Hoya, Mayweather decided to relinquish his WBC junior middleweight championship and kept his WBC welterweight championship. On July 28, 2007, it was announced that Mayweather would come out of his short retirement to fight light welterweight champion Ricky Hatton which was promoted by Oscar De La Hoya's promotion company Golden Boy Promotions and Floyd Mayweather's "Mayweather Promotions." The bout was labelled "Undefeated" and took place on December 8, 2007, at the MGM Grand Garden Arena, Las Vegas, Nevada, in a fight which was the biggest welterweight showdown of two undefeated fighters since Oscar De La Hoya and Félix Trinidad met in their 1999 superfight. In the build up to their fight, Mayweather claimed that he was the greatest boxer ever, saying: "I respect what Robinson and Ali did for the sport. But I am the greatest, and this is my time."
Mayweather controlled the fight from the start and knocked Hatton out in the 10th round to retain the welterweight championship. Hatton suffered a cut over his right eye in round three from the punches of Mayweather, and it seemed that it was at this point that his pace and movement began to slow. In round six Hatton lost a point for punching the back of Floyd's head as he was caught draped on the ropes. Mayweather had a huge eighth round, landing a number of clean, effective power shots.
In the 10th round Hatton was caught with a check left hook thrown from Mayweather's hip, and as a result he fell forward head first into the turnbuckle and hit the deck. Hatton managed to make it to his feet, but was clearly dazed. Two more big lefts in a flurry put Ricky down again and Cortez stopped it at 1:35 of round 10. Offical scorecards read 88-82, 89-81, and 89-81, at the time of stoppage, all in favor of Mayweather.
After the fight, Mayweather said that Hatton was one of the toughest fighters he had ever fought, that he just kept coming and coming, and that he wants to promote fights, with Hatton being his first client. Mayweather announced his retirement from boxing to concentrate on his promotional company.
Negotiations for a proposed matchup between Mayweather and Shane Mosley immediately began after Andre Berto pulled out of his scheduled January 30 unification bout with the latter, due to the 2010 Haiti earthquake. Both sides eventually agreed to fight on May 1, 2010 for Mosley's WBA World Welterweight title. It was later revealed that Floyd Mayweather refused to pay sanctioning fees required by WBA, Mayweather said "all belts do is collect dust". However, the belt was only on the line for Mosley to defend against Mayweather. Both Mayweather and Mosley agreed to Olympic-style testing for this bout. Mosley started the fight well, landing two solid right hands in Round 2 which caused Mayweather's knees to buckle. Mayweather recovered well, and went on to dominate the remainder of the fight, soundly outboxing Mosley and showing more aggression than in his recent fights. Mayweather eventually won a unanimous decision, with the judges scoring the fight 119–109, 119–109, and 118–110. In round 4, Compubox picked up Mosley throwing seven power punches without landing any, making Mayweather the second boxer after Roy Jones Jr. to go an entire round without being hit by a power punch. After the fight, the president of Golden Boy Promotions, Oscar De La Hoya, stated that he believes Mayweather is the best in the game right now.
The fight was the second highest selling non heavyweight pay-per-view bout in the history of boxing, with 1.4 million buys. HBO officially released that the fight generated $78.3 million in revenue. After the fight Mayweather expressed interest in moving up in weight to capture a world title in six different weight classes and to challenge newly crowned middleweight champion Sergio Martinez.
It was also reported that Golden Boy Promotions CEO Richard Schaefer and Top Rank Chief Bob Arum were trying to work out the failed negotiation for a fight between Mayweather and Manny Pacquiao. Mayweather has asked Pacquiao to undergo random blood and urine testing up until the fight day. Pacquiao finally than agreed to give blood up until 14 days before the fight, which is closer to the fight day than the 18-day cut-off in Mayweather's previous bout against Mosley. Pacquiao said that giving blood too close to the fight day will weaken him, and also stating that he has a fear of needles, despite having tattoo's on his body. On June 12, 2010, the President of Golden Boy Promotions, Oscar De La Hoya, stated during an interview with a Spanish network that the deal for the fight was very close and the negotiation process has been very difficult. On June 30, 2010, Arum announced that the management of both sides had agreed to terms, that all points had been settled (including Pacquiao agreeing to submit to both blood and urine testing) and only the signature of Floyd Mayweather, Jr. was needed to seal the deal that could have earned both fighters at least $40 million each. Arum also announced that Pacquiao accepted the terms of the random drug testing, blood and urine, leading up to the fight. Mayweather was then given a two-week deadline for the fight contract to be signed.
On July 15, 2010, Mayweather was given until Friday midnight to sign the fight. The next day the Top Rank website embedded a countdown clock on their website with the heading "Money" Time: Mayweather's Decision. On July 17, 2010, Arum announced that there was no word from Mayweather's camp and the deal for a November 13, 2010 fight with Mayweather was not reached.
On July 19, 2010, after waiting for Mayweather's response, Leonard Ellerbe, one of Floyd Mayweather Jr.'s closest advisers, denied that negotiations for a super fight between Mayweather and Pacquiao had ever taken place. Ellerbe stated that Bob Arum was not telling the truth, and that Pacquiao never once agreed to testing up until the fight. Bob Arum later criticized Oscar De La Hoya and his Golden Boy Promotions CEO Richard Schaefer for denying that negotiations took place, when De La Hoya himself had previously stated that they were "very, very close in finalizing the contracts". Arum revealed that HBO Sports President Ross Greenburg acted as the mediator between Mayweather’s handlers and those of Pacquiao’s from Top Rank Promotions. On July 26, 2010, Ross Greenburg said in a statement that he has been negotiating with a representative from each side since May 2, 2010, carefully trying to put the fight together and he did in fact act as a go-between in negotiations with the two sides, but they were unable to come to an agreement at all, contradicting what Arum and Top Rank had previously said. Floyd Mayweather Jr., after the second negotiation had been officially declared off, told the Associated Press that he had fought sixty days ago, and that he was in no rush to fight Pacquiao and was not really thinking about boxing at the moment. Almost a year later, on July 8, 2011, Manny Pacquiao's top adviser Michael Koncz confirmed that Pacquiao had in fact never agreed to testing up until fight day, which contradicted what Bob Arum and the Pacquiao camp had been saying for well over a year.
On June 7, 2011, Mayweather announced via Twitter that he is set to fight WBC Welterweight Champion Victor Ortiz on September 17, 2011. Ortiz will be Mayweather's first challenger in 16 months.
As part of the hype leading up to the fight, both fighters will be featured in another installment of the award-winning sports reality series 24/7 on HBO. This will be the fifth installment featuring Mayweather.
Lineal Championship titles:
Mayweather was the guest host for WWE Raw in Las Vegas on August 24, 2009. He interfered with a tag team match that resulted in a loss for the Big Show (now heel again) and his partner Chris Jericho as Mayweather gave Montel Vontavious Porter brass knuckles to use to knock Jericho out, giving Porter and his new tag team partner Mark Henry the win and a shot at the Unified WWE Tag Team Titles at WWE Breaking Point against Big Show and Jericho. He then celebrated with Henry and Porter, thus turning face. Later on in the night he was involved in a backstage segment with Mr. McMahon, D-Generation X, and Carlito where he helped Mr. McMahon get ready for his 6 Man Tag Team Match against Legacy along with DX. During the segment, McMahon knocked out Carlito.
|- |- |- |- |- |- |- |- |- |- |- |- |- |-
Category:Boxers from Michigan Category:African American boxers Category:People from Grand Rapids, Michigan Category:Light-welterweight boxers Category:Welterweight boxers Category:Super-featherweight boxers Category:Lightweight boxers Category:World Boxing Council Champions Category:International Boxing Federation Champions Category:Boxers at the 1996 Summer Olympics Category:Olympic bronze medalists for the United States Category:Olympic boxers of the United States Category:Participants in American reality television series Category:American boxers Category:1977 births Category:Living people Category:Olympic medalists in boxing
This text is licensed under the Creative Commons CC-BY-SA License. This text was originally published on Wikipedia and was developed by the Wikipedia community.
The World News (WN) Network, has created this privacy statement in order to demonstrate our firm commitment to user privacy. The following discloses our information gathering and dissemination practices for wn.com, as well as e-mail newsletters.
We do not collect personally identifiable information about you, except when you provide it to us. For example, if you submit an inquiry to us or sign up for our newsletter, you may be asked to provide certain information such as your contact details (name, e-mail address, mailing address, etc.).
When you submit your personally identifiable information through wn.com, you are giving your consent to the collection, use and disclosure of your personal information as set forth in this Privacy Policy. If you would prefer that we not collect any personally identifiable information from you, please do not provide us with any such information. We will not sell or rent your personally identifiable information to third parties without your consent, except as otherwise disclosed in this Privacy Policy.
Except as otherwise disclosed in this Privacy Policy, we will use the information you provide us only for the purpose of responding to your inquiry or in connection with the service for which you provided such information. We may forward your contact information and inquiry to our affiliates and other divisions of our company that we feel can best address your inquiry or provide you with the requested service. We may also use the information you provide in aggregate form for internal business purposes, such as generating statistics and developing marketing plans. We may share or transfer such non-personally identifiable information with or to our affiliates, licensees, agents and partners.
We may retain other companies and individuals to perform functions on our behalf. Such third parties may be provided with access to personally identifiable information needed to perform their functions, but may not use such information for any other purpose.
In addition, we may disclose any information, including personally identifiable information, we deem necessary, in our sole discretion, to comply with any applicable law, regulation, legal proceeding or governmental request.
We do not want you to receive unwanted e-mail from us. We try to make it easy to opt-out of any service you have asked to receive. If you sign-up to our e-mail newsletters we do not sell, exchange or give your e-mail address to a third party.
E-mail addresses are collected via the wn.com web site. Users have to physically opt-in to receive the wn.com newsletter and a verification e-mail is sent. wn.com is clearly and conspicuously named at the point of
collection.If you no longer wish to receive our newsletter and promotional communications, you may opt-out of receiving them by following the instructions included in each newsletter or communication or by e-mailing us at michaelw(at)wn.com
The security of your personal information is important to us. We follow generally accepted industry standards to protect the personal information submitted to us, both during registration and once we receive it. No method of transmission over the Internet, or method of electronic storage, is 100 percent secure, however. Therefore, though we strive to use commercially acceptable means to protect your personal information, we cannot guarantee its absolute security.
If we decide to change our e-mail practices, we will post those changes to this privacy statement, the homepage, and other places we think appropriate so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it.
If we make material changes to our e-mail practices, we will notify you here, by e-mail, and by means of a notice on our home page.
The advertising banners and other forms of advertising appearing on this Web site are sometimes delivered to you, on our behalf, by a third party. In the course of serving advertisements to this site, the third party may place or recognize a unique cookie on your browser. For more information on cookies, you can visit www.cookiecentral.com.
As we continue to develop our business, we might sell certain aspects of our entities or assets. In such transactions, user information, including personally identifiable information, generally is one of the transferred business assets, and by submitting your personal information on Wn.com you agree that your data may be transferred to such parties in these circumstances.