Michael Jackson has hit back at claims his financial troubles are the result of outlandish spending sprees. In a legal deposition written by the singer and obtained by American newspaper NY Daily News, Jackson said his cash problems are actually a result of his money-hungry family and friends. "It's full of sharks, charlatans and impostors," he wrote about the music industry. "Because there's a lot of money involved, there's a bunch of schmucks in there." Recalling a deal with his brother Randy and a mutual friend, Jackson said he was almost swindled out of millions. "I vehemently told them, 'No, I am not signing this'. And I just remember how angry… the intensity of the anger in the room. And so they marched out."